Cardinal Capital Management Has $2.68 Million Stake in Graco Inc. (NYSE:GGG)

Cardinal Capital Management grew its stake in Graco Inc. (NYSE:GGG) by 2.1% in the third quarter, Holdings Channel.com reports. The institutional investor owned 30,567 shares of the industrial products company’s stock after buying an additional 626 shares during the quarter. Cardinal Capital Management’s holdings in Graco were worth $2,675,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. PineStone Asset Management Inc. boosted its position in Graco by 134.4% during the second quarter. PineStone Asset Management Inc. now owns 4,169,176 shares of the industrial products company’s stock worth $330,532,000 after purchasing an additional 2,390,602 shares during the period. Flossbach Von Storch AG bought a new position in shares of Graco in the first quarter valued at approximately $111,428,000. M&G Plc acquired a new stake in shares of Graco in the first quarter worth $44,069,000. Renaissance Technologies LLC bought a new stake in shares of Graco during the 2nd quarter worth $27,502,000. Finally, Hsbc Holdings PLC grew its stake in Graco by 54.2% in the 2nd quarter. Hsbc Holdings PLC now owns 814,321 shares of the industrial products company’s stock valued at $64,502,000 after buying an additional 286,212 shares during the last quarter. Institutional investors own 93.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on GGG. DA Davidson reiterated a “neutral” rating and issued a $79.00 target price on shares of Graco in a report on Friday, September 27th. Robert W. Baird dropped their price objective on Graco from $87.00 to $86.00 and set a “neutral” rating on the stock in a research note on Friday, July 26th. Finally, Royal Bank of Canada decreased their target price on Graco from $99.00 to $96.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $90.25.

Graco Price Performance

Shares of Graco stock opened at $85.89 on Friday. The company has a market cap of $14.53 billion, a PE ratio of 29.62, a price-to-earnings-growth ratio of 2.88 and a beta of 0.81. The firm has a fifty day moving average price of $83.52 and a two-hundred day moving average price of $83.06. Graco Inc. has a fifty-two week low of $69.78 and a fifty-two week high of $94.77.

Graco (NYSE:GGG) last released its earnings results on Wednesday, July 24th. The industrial products company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.01. The business had revenue of $553.20 million during the quarter, compared to analysts’ expectations of $562.27 million. Graco had a net margin of 23.16% and a return on equity of 22.40%. The firm’s revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the company earned $0.75 earnings per share. Analysts expect that Graco Inc. will post 2.98 earnings per share for the current fiscal year.

Graco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 6th. Shareholders of record on Monday, October 21st will be paid a dividend of $0.255 per share. The ex-dividend date of this dividend is Monday, October 21st. This represents a $1.02 dividend on an annualized basis and a yield of 1.19%. Graco’s dividend payout ratio is currently 35.17%.

Graco Company Profile

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.