Mountain Pacific Investment Advisers LLC Has $13.52 Million Stock Position in Graco Inc. $GGG

Mountain Pacific Investment Advisers LLC lowered its holdings in shares of Graco Inc. (NYSE:GGG) by 63.5% in the third quarter, HoldingsChannel reports. The firm owned 159,108 shares of the industrial products company’s stock after selling 276,931 shares during the period. Graco makes up 2.1% of Mountain Pacific Investment Advisers LLC’s portfolio, making the stock its 14th largest position. Mountain Pacific Investment Advisers LLC’s holdings in Graco were worth $13,518,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Root Financial Partners LLC bought a new position in shares of Graco during the 3rd quarter worth approximately $29,000. NewSquare Capital LLC lifted its holdings in Graco by 320.7% during the 2nd quarter. NewSquare Capital LLC now owns 345 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 263 shares during the last quarter. CX Institutional boosted its position in Graco by 316.7% during the third quarter. CX Institutional now owns 475 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 361 shares during the period. Geneos Wealth Management Inc. increased its holdings in shares of Graco by 982.6% in the first quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 452 shares during the last quarter. Finally, TD Private Client Wealth LLC raised its position in shares of Graco by 116.9% in the third quarter. TD Private Client Wealth LLC now owns 514 shares of the industrial products company’s stock valued at $44,000 after purchasing an additional 277 shares during the period. Institutional investors own 93.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on GGG shares. KeyCorp reaffirmed a “sector weight” rating on shares of Graco in a report on Thursday, October 23rd. Weiss Ratings cut Graco from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Robert W. Baird set a $89.00 target price on Graco in a research note on Friday, October 24th. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of Graco in a report on Thursday, January 15th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $87.00.

Graco Stock Up 2.6%

NYSE GGG opened at $87.07 on Thursday. The firm has a 50-day moving average price of $83.26 and a two-hundred day moving average price of $83.98. Graco Inc. has a 12-month low of $72.06 and a 12-month high of $89.67. The company has a market capitalization of $14.44 billion, a P/E ratio of 29.72, a P/E/G ratio of 2.68 and a beta of 1.09.

Graco (NYSE:GGG) last released its quarterly earnings results on Wednesday, October 22nd. The industrial products company reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.02). The business had revenue of $543.36 million during the quarter, compared to analyst estimates of $563.07 million. Graco had a net margin of 22.72% and a return on equity of 18.89%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.71 earnings per share. Equities analysts expect that Graco Inc. will post 3.06 EPS for the current year.

Graco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 4th. Shareholders of record on Monday, January 19th will be issued a $0.295 dividend. The ex-dividend date of this dividend is Friday, January 16th. This represents a $1.18 annualized dividend and a yield of 1.4%. This is a boost from Graco’s previous quarterly dividend of $0.28. Graco’s payout ratio is presently 40.27%.

Graco declared that its board has approved a share buyback plan on Friday, December 5th that authorizes the company to repurchase 15,000,000 shares. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

About Graco

Graco Inc is a leading manufacturer of fluid handling systems and components, headquartered in Minneapolis, Minnesota. Founded in 1926, the company has built a reputation for innovation in spray finishing, lubrication, and fluid management technologies. Graco’s solutions are designed to address the needs of paint and coatings applicators, general industry, and process fluids in a variety of end markets.

The company’s product portfolio includes airless and air-assisted spray equipment, pumps for oil and gas applications, industrial lubrication systems, and automated dispensing equipment.