Park National Corp OH Invests $210,000 in Graco Inc. (NYSE:GGG)

Park National Corp OH bought a new position in shares of Graco Inc. (NYSE:GGG) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,250 shares of the industrial products company’s stock, valued at approximately $210,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tobam lifted its position in shares of Graco by 2,330.8% during the fourth quarter. Tobam now owns 316 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 303 shares during the last quarter. Sound Income Strategies LLC bought a new stake in shares of Graco during the fourth quarter worth $28,000. Fortitude Family Office LLC bought a new stake in shares of Graco in the fourth quarter valued at about $29,000. Northwest Financial Advisors bought a new stake in shares of Graco in the fourth quarter valued at about $50,000. Finally, Lindbrook Capital LLC raised its holdings in shares of Graco by 24.3% in the fourth quarter. Lindbrook Capital LLC now owns 931 shares of the industrial products company’s stock valued at $81,000 after acquiring an additional 182 shares in the last quarter. 93.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GGG. Robert W. Baird decreased their price objective on Graco from $90.00 to $87.00 and set a “neutral” rating for the company in a report on Friday, April 26th. StockNews.com downgraded Graco from a “buy” rating to a “hold” rating in a report on Wednesday, June 12th. Finally, William Blair restated a “market perform” rating on shares of Graco in a report on Friday, April 26th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $88.25.

Graco Stock Performance

GGG traded down $0.05 on Tuesday, hitting $80.07. The company had a trading volume of 207,401 shares, compared to its average volume of 698,871. Graco Inc. has a 12-month low of $69.78 and a 12-month high of $94.77. The stock has a market capitalization of $13.54 billion, a price-to-earnings ratio of 27.63, a P/E/G ratio of 2.60 and a beta of 0.82. The stock has a fifty day moving average price of $83.29 and a 200-day moving average price of $86.23.

Graco (NYSE:GGG) last issued its quarterly earnings results on Wednesday, April 24th. The industrial products company reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.09). Graco had a return on equity of 23.01% and a net margin of 23.15%. The business had revenue of $492.19 million for the quarter, compared to analysts’ expectations of $536.19 million. During the same quarter in the previous year, the firm posted $0.74 EPS. Graco’s revenue was down 7.1% on a year-over-year basis. Analysts forecast that Graco Inc. will post 3.05 EPS for the current fiscal year.

Graco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 7th. Stockholders of record on Monday, July 22nd will be paid a dividend of $0.255 per share. The ex-dividend date is Monday, July 22nd. This represents a $1.02 dividend on an annualized basis and a dividend yield of 1.27%. Graco’s payout ratio is 35.17%.

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.