Cinctive Capital Management LP Acquires New Shares in Graco Inc. (NYSE:GGG)

Cinctive Capital Management LP bought a new position in shares of Graco Inc. (NYSE:GGG) in the 3rd quarter, HoldingsChannel.com reports. The fund bought 10,129 shares of the industrial products company’s stock, valued at approximately $886,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in GGG. Ascent Group LLC acquired a new position in Graco during the 3rd quarter worth approximately $1,527,000. Benjamin Edwards Inc. increased its holdings in shares of Graco by 5,832.2% during the third quarter. Benjamin Edwards Inc. now owns 84,830 shares of the industrial products company’s stock worth $7,424,000 after buying an additional 83,400 shares in the last quarter. Atom Investors LP acquired a new position in shares of Graco during the third quarter worth $6,932,000. Paloma Partners Management Co lifted its stake in shares of Graco by 59.7% in the 3rd quarter. Paloma Partners Management Co now owns 4,843 shares of the industrial products company’s stock valued at $424,000 after acquiring an additional 1,810 shares during the last quarter. Finally, Kestra Investment Management LLC acquired a new stake in shares of Graco during the 3rd quarter valued at $221,000. Institutional investors own 93.88% of the company’s stock.

Graco Trading Up 0.3 %

Shares of GGG stock opened at $91.02 on Wednesday. Graco Inc. has a 1-year low of $77.49 and a 1-year high of $94.77. The stock has a market cap of $15.37 billion, a price-to-earnings ratio of 32.16, a PEG ratio of 3.14 and a beta of 0.83. The stock has a 50-day moving average of $86.62 and a 200-day moving average of $83.05.

Graco (NYSE:GGG) last released its earnings results on Wednesday, October 23rd. The industrial products company reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.05). The firm had revenue of $519.21 million for the quarter, compared to analyst estimates of $538.19 million. Graco had a net margin of 22.87% and a return on equity of 21.24%. The business’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.76 EPS. Sell-side analysts forecast that Graco Inc. will post 2.89 earnings per share for the current year.

Graco Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 6th. Investors of record on Monday, October 21st were paid a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date was Monday, October 21st. Graco’s dividend payout ratio is presently 36.04%.

Insider Activity at Graco

In other news, insider Caroline M. Chambers sold 8,280 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $90.57, for a total value of $749,919.60. Following the transaction, the insider now directly owns 57,612 shares of the company’s stock, valued at $5,217,918.84. The trade was a 12.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider David J. Thompson sold 3,216 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $88.31, for a total value of $284,004.96. Following the sale, the insider now directly owns 27,246 shares of the company’s stock, valued at $2,406,094.26. This represents a 10.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,098 shares of company stock worth $2,776,150 over the last quarter. Company insiders own 2.63% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. DA Davidson reaffirmed a “neutral” rating and issued a $79.00 target price on shares of Graco in a report on Friday, September 27th. Royal Bank of Canada lowered their price objective on Graco from $96.00 to $93.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, Robert W. Baird cut their target price on shares of Graco from $88.00 to $85.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Graco presently has a consensus rating of “Hold” and a consensus target price of $89.25.

About Graco

Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The Contractor segment offers sprayers to apply paint to walls and other structures; two-component proportioning systems that are used to spray polyurethane foam and polyurea coatings; and viscous coatings to roofs, as well as markings on roads, parking lots, athletic fields, and floors.