Cibc World Markets Corp Reduces Stock Position in Graco Inc. (NYSE:GGG)

Cibc World Markets Corp lowered its stake in shares of Graco Inc. (NYSE:GGG) by 22.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,645 shares of the industrial products company’s stock after selling 2,211 shares during the period. Cibc World Markets Corp’s holdings in Graco were worth $644,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Golden State Wealth Management LLC purchased a new stake in shares of Graco in the fourth quarter worth $25,000. Brooklyn Investment Group purchased a new stake in shares of Graco in the third quarter worth $30,000. National Pension Service purchased a new stake in shares of Graco in the fourth quarter worth $34,000. Whipplewood Advisors LLC purchased a new stake in shares of Graco in the fourth quarter worth $37,000. Finally, Catalyst Capital Advisors LLC purchased a new stake in shares of Graco in the fourth quarter worth $61,000. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Wall Street Analyst Weigh In

GGG has been the topic of a number of recent analyst reports. DA Davidson set a $85.00 price objective on Graco in a research report on Friday, January 31st. BNP Paribas raised Graco from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research note on Thursday, December 19th. Finally, Royal Bank of Canada increased their target price on Graco from $93.00 to $97.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Graco has an average rating of “Hold” and a consensus target price of $93.00.

Graco Stock Down 1.4 %

GGG opened at $82.13 on Friday. The stock has a market cap of $13.81 billion, a PE ratio of 29.12, a P/E/G ratio of 2.85 and a beta of 0.83. Graco Inc. has a 52 week low of $77.49 and a 52 week high of $94.48. The business’s fifty day simple moving average is $85.00 and its 200 day simple moving average is $85.51.

Graco (NYSE:GGG) last announced its quarterly earnings data on Monday, January 27th. The industrial products company reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.13). Graco had a net margin of 23.00% and a return on equity of 19.38%. As a group, equities analysts anticipate that Graco Inc. will post 3.06 earnings per share for the current year.

Graco Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 7th. Stockholders of record on Monday, April 14th will be paid a dividend of $0.275 per share. The ex-dividend date is Monday, April 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.34%. Graco’s dividend payout ratio (DPR) is currently 39.01%.

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.