Skandinaviska Enskilda Banken AB has expanded its holdings in Graco Inc. (NYSE: GGG) by acquiring an additional 3,600 shares during the first quarter, resulting in a total of 190,845 shares. As of the latest reporting period, these holdings are valued at approximately $15,937,000, according to HoldingsChannel.
The move reflects a broader trend among institutional investors, with several firms adjusting their positions in Graco recently. Notably, Wood Tarver Financial Group LLC purchased a new stake in Graco in the fourth quarter for $46,000. Golden State Wealth Management LLC increased its investment by 128.9% in the first quarter, now owning 689 shares valued at $58,000. Other notable transactions include Sit Investment Associates Inc. acquiring a new position worth $80,000 and USA Financial Formulas boosting its stake by 43.6% to a total of 1,057 shares valued at $88,000.
Overall, institutional investors now control 93.88% of Graco’s stock, underscoring significant confidence in the company’s performance.
Graco’s Stock Performance and Market Position
On the trading floor, Graco Inc. shares opened at $84.54. The company has experienced a 52-week low of $72.06 and a high of $92.86. Its market capitalization stands at $14.01 billion, with a price-to-earnings (P/E) ratio of 29.98 and a price-to-earnings-growth (PEG) ratio of 2.87. Graco’s beta is recorded at 1.06, indicating moderate volatility compared to the market.
Additionally, Graco recently announced a quarterly dividend of $0.275 per share, payable on August 6, 2024. Shareholders on record as of July 21, 2024, will benefit from this distribution, which translates to an annualized dividend of $1.10 and a yield of 1.30%. The company’s payout ratio stands at 38.87%, indicating a sustainable dividend policy.
Insider Transactions and Analyst Insights
In other developments, insider David J. Thompson sold 3,588 shares at an average price of $86.23 on May 13, 2024, totaling $309,393.24. Following this transaction, Thompson retains 27,520 shares, valued at approximately $2,373,049.60, reflecting an 11.53% reduction in ownership. This transaction was disclosed in a filing with the SEC.
Analysts have recently provided updates on Graco’s stock. Robert W. Baird raised its target price from $88.00 to $91.00 while maintaining a “neutral” rating. Wolfe Research initiated coverage with an “outperform” rating. Currently, Graco holds an average rating of “Moderate Buy” with a consensus target price of $94.50 according to MarketBeat.com.
Graco Inc. specializes in designing, manufacturing, and marketing systems and equipment utilized in the movement, measurement, control, dispensing, and spraying of fluid and powder materials globally. Its Contractor segment focuses on providing sprayers for paint applications and two-component proportioning systems for polyurethane foam and polyurea coatings, among other products.
For those interested in tracking hedge fund activities related to Graco, more information can be found at HoldingsChannel.com, which provides the latest 13F filings and insider trades.
