Graco (NYSE:GGG) Price Target Cut to $87.00

Graco (NYSE:GGG) had its target price decreased by analysts at Robert W. Baird from $90.00 to $87.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “neutral” rating on the industrial products company’s stock. Robert W. Baird’s target price would suggest a potential upside of 4.67% from the company’s current price.

A number of other equities research analysts have also issued reports on GGG. Jefferies Financial Group increased their price objective on shares of Graco from $90.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Royal Bank of Canada increased their price objective on shares of Graco from $91.00 to $93.00 and gave the company an “outperform” rating in a report on Wednesday, January 31st. Finally, StockNews.com raised shares of Graco from a “hold” rating to a “buy” rating in a report on Wednesday, January 3rd. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Graco has an average rating of “Moderate Buy” and a consensus price target of $85.60.

Graco Stock Down 7.0 %

Shares of NYSE:GGG opened at $83.12 on Friday. The firm’s 50 day moving average price is $91.25 and its 200-day moving average price is $84.85. Graco has a twelve month low of $68.78 and a twelve month high of $94.77. The stock has a market capitalization of $14.01 billion, a PE ratio of 28.66, a price-to-earnings-growth ratio of 2.85 and a beta of 0.81.

Graco (NYSE:GGG) last released its earnings results on Wednesday, April 24th. The industrial products company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.09). The firm had revenue of $492.19 million during the quarter, compared to analysts’ expectations of $536.19 million. Graco had a return on equity of 23.43% and a net margin of 23.15%. The company’s revenue was down 7.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.74 earnings per share. Analysts expect that Graco will post 3.14 earnings per share for the current fiscal year.

Insider Activity at Graco

In related news, insider Christian E. Rothe sold 15,000 shares of Graco stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $90.04, for a total value of $1,350,600.00. Following the completion of the sale, the insider now directly owns 25,583 shares in the company, valued at $2,303,493.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Graco news, insider Christian E. Rothe sold 15,000 shares of Graco stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $90.04, for a total value of $1,350,600.00. Following the transaction, the insider now owns 25,583 shares in the company, valued at $2,303,493.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anthony J. Gargano sold 1,395 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $88.00, for a total value of $122,760.00. Following the sale, the insider now owns 5,697 shares in the company, valued at approximately $501,336. The disclosure for this sale can be found here. Insiders sold 48,378 shares of company stock worth $4,376,528 over the last three months. 2.63% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Graco

A number of large investors have recently modified their holdings of GGG. Tobam lifted its holdings 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 period. Sound Income Strategies LLC acquired a new position in Graco in the fourth quarter valued at approximately $28,000. Fortitude Family Office LLC acquired a new position in Graco in the fourth quarter valued at approximately $29,000. Rise Advisors LLC acquired a new position in Graco in the first quarter valued at approximately $38,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Graco by 3,063.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 601 shares of the industrial products company’s stock valued at $44,000 after acquiring an additional 582 shares during the period. Hedge funds and other institutional investors own 93.88% of the company’s stock.

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.