Graco Inc. (NYSE:GGG) Holdings Reduced by Corebridge Financial Inc.

Corebridge Financial Inc. lessened its holdings in shares of Graco Inc. (NYSE:GGG) by 4.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 191,048 shares of the industrial products company’s stock after selling 8,707 shares during the quarter. Corebridge Financial Inc.’s holdings in Graco were worth $16,103,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Principal Financial Group Inc. increased its position in Graco by 244.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,990,742 shares of the industrial products company’s stock valued at $174,210,000 after acquiring an additional 1,412,704 shares during the period. Canoe Financial LP raised its stake in shares of Graco by 359.2% during the fourth quarter. Canoe Financial LP now owns 640,474 shares of the industrial products company’s stock valued at $53,986,000 after purchasing an additional 501,003 shares in the last quarter. Madison Investment Advisors LLC acquired a new stake in Graco in the fourth quarter worth about $38,199,000. State Street Corp grew its position in Graco by 6.3% in the 3rd quarter. State Street Corp now owns 7,458,988 shares of the industrial products company’s stock valued at $652,736,000 after buying an additional 443,141 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in Graco by 142.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 652,048 shares of the industrial products company’s stock valued at $57,061,000 after buying an additional 383,599 shares during the period. 93.88% of the stock is currently owned by institutional investors and hedge funds.

Graco Price Performance

NYSE GGG opened at $83.86 on Tuesday. Graco Inc. has a 12 month low of $77.49 and a 12 month high of $94.48. The company has a market capitalization of $14.10 billion, a P/E ratio of 29.74, a PEG ratio of 2.85 and a beta of 0.83. The company’s 50 day simple moving average is $85.04 and its 200 day simple moving average is $85.56.

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

Graco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 7th. Investors of record on Monday, April 14th will be given a $0.275 dividend. The ex-dividend date of this dividend is Monday, April 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.31%. Graco’s dividend payout ratio (DPR) is 39.01%.

Analyst Ratings Changes

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

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.