Graco Inc. (NYSE:GGG) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. trimmed its position in shares of Graco Inc. (NYSE:GGG) by 4.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 191,048 shares of the industrial products company’s stock after selling 8,707 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of Graco worth $16,103,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Prospera Financial Services Inc increased its position in shares of Graco by 13.9% during the third quarter. Prospera Financial Services Inc now owns 3,875 shares of the industrial products company’s stock worth $339,000 after acquiring an additional 474 shares during the last quarter. Raymond James Trust N.A. increased its holdings in Graco by 59.0% during the 3rd quarter. Raymond James Trust N.A. now owns 9,225 shares of the industrial products company’s stock worth $807,000 after purchasing an additional 3,422 shares during the last quarter. Cerity Partners LLC boosted its stake in shares of Graco by 93.5% during the 3rd quarter. Cerity Partners LLC now owns 13,380 shares of the industrial products company’s stock valued at $1,171,000 after buying an additional 6,464 shares during the last quarter. Daiwa Securities Group Inc. grew its position in shares of Graco by 10.3% during the third quarter. Daiwa Securities Group Inc. now owns 12,800 shares of the industrial products company’s stock worth $1,120,000 after buying an additional 1,200 shares in the last quarter. Finally, Bank of Montreal Can increased its stake in shares of Graco by 194.0% in the third quarter. Bank of Montreal Can now owns 220,661 shares of the industrial products company’s stock worth $19,339,000 after buying an additional 145,599 shares during the last quarter. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Graco Stock Performance

Shares of NYSE:GGG opened at $83.86 on Tuesday. Graco Inc. has a 1-year low of $77.49 and a 1-year high of $94.48. The company’s fifty day moving average is $85.04 and its two-hundred day moving average is $85.56. The stock has a market capitalization of $14.10 billion, a price-to-earnings ratio of 29.74, a price-to-earnings-growth ratio of 2.85 and a beta of 0.83.

Graco (NYSE:GGG) last issued its earnings results 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 return on equity of 19.38% and a net margin of 23.00%. Sell-side analysts expect that Graco Inc. will post 3.06 EPS for the current fiscal year.

Graco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 7th. Investors 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 yield of 1.31%. Graco’s payout ratio is currently 39.01%.

Analysts Set New Price Targets

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

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.