Skandinaviska Enskilda Banken Increases Stake in Graco Inc. by 3,600 Shares
Skandinaviska Enskilda Banken AB publ has enhanced its holdings in Graco Inc. (NYSE: GGG) by acquiring an additional 3,600 shares during the first quarter of 2024. This increase represents a 1.9% rise in their investment, bringing the total to 190,845 shares valued at approximately $15.9 million at the end of the reporting period, according to HoldingsChannel.
Several other institutional investors have also adjusted their stakes in Graco recently. Wood Tarver Financial Group LLC initiated a new position in Graco, investing $46,000 in the fourth quarter. Golden State Wealth Management LLC significantly increased its holdings by 128.9% in the first quarter, now owning 689 shares worth around $58,000 after purchasing an additional 388 shares. In similar moves, Sit Investment Associates Inc. bought a new position valued at $80,000, while USA Financial Formulas expanded its stake by 43.6%, now holding 1,057 shares worth $88,000. Fifth Third Bancorp also reported a 21.1% increase in its position, owning 1,834 shares valued at $153,000 following the acquisition of 319 shares. Institutional investors collectively own 93.88% of Graco’s shares.
Graco Stock Performance and Dividend Announcement
As of the latest trading session, shares of Graco opened at $84.54. The company has experienced a 52-week range between a low of $72.06 and a high of $92.86. Current averages indicate a fifty-day moving average of $85.79 and a 200-day moving average of $84.11. Graco’s market capitalization stands at $14.01 billion, with a price-to-earnings (P/E) ratio of 29.98 and a price-to-earnings-growth ratio of 2.87.
In addition, Graco recently declared a quarterly dividend of $0.275 per share, scheduled for payment on August 6, 2024. Shareholders on record as of July 21, 2024 will receive this dividend, leading to an annualized total of $1.10 and a yield of 1.30%. The company’s payout ratio is currently 38.87%.
Insider Transactions and Analyst Ratings
In related news, insider David J. Thompson sold 3,588 shares of Graco on May 13, 2024, at an average price of $86.23, resulting in a total transaction of $309,393.24. Following the sale, Thompson retains ownership of 27,520 shares, valued at approximately $2.37 million. This transaction represents an 11.53% decrease in his ownership stake, as disclosed in a filing with the Securities and Exchange Commission (SEC).
Recent evaluations from analysts have also highlighted the stock’s potential. Robert W. Baird raised its target price for Graco shares from $88.00 to $91.00, maintaining a “neutral” rating. Wolfe Research initiated coverage with an “outperform” rating. Currently, two analysts have issued hold ratings, while three have recommended buying the stock. According to MarketBeat.com, Graco holds an average rating of “Moderate Buy” with a consensus target price of $94.50.
Graco Inc. specializes in designing, manufacturing, and marketing systems and equipment for moving, measuring, controlling, dispensing, and spraying various fluid and powder materials globally. Their Contractor segment includes sprayers for painting, two-component proportioning systems for spraying foam and coatings, and solutions for marking roads and athletic fields.
For more detailed information on Graco and its institutional holdings, visit HoldingsChannel.com for the latest 13F filings and insider trades.
