US Bancorp DE Has $26.06 Million Holdings in Graco Inc. $GGG

US Bancorp DE lessened its holdings in shares of Graco Inc. (NYSE:GGG) by 1.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 306,780 shares of the industrial products company’s stock after selling 5,380 shares during the quarter. US Bancorp DE owned approximately 0.19% of Graco worth $26,064,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Fox Run Management L.L.C. acquired a new position in Graco in the third quarter worth approximately $509,000. Compound Planning Inc. increased its stake in shares of Graco by 12.6% during the 3rd quarter. Compound Planning Inc. now owns 2,675 shares of the industrial products company’s stock worth $227,000 after purchasing an additional 300 shares during the last quarter. Clearstead Advisors LLC increased its stake in shares of Graco by 87.8% during the 3rd quarter. Clearstead Advisors LLC now owns 896 shares of the industrial products company’s stock worth $76,000 after purchasing an additional 419 shares during the last quarter. Citigroup Inc. raised its holdings in shares of Graco by 3.0% during the 3rd quarter. Citigroup Inc. now owns 86,609 shares of the industrial products company’s stock valued at $7,358,000 after purchasing an additional 2,563 shares in the last quarter. Finally, Hillsdale Investment Management Inc. lifted its stake in shares of Graco by 5,250.0% in the 3rd quarter. Hillsdale Investment Management Inc. now owns 10,700 shares of the industrial products company’s stock valued at $909,000 after purchasing an additional 10,500 shares during the last quarter. 93.88% of the stock is owned by hedge funds and other institutional investors.

Graco Price Performance

NYSE:GGG opened at $93.81 on Friday. Graco Inc. has a one year low of $72.06 and a one year high of $95.69. The company has a fifty day moving average price of $88.30 and a 200 day moving average price of $85.08. The stock has a market cap of $15.51 billion, a P/E ratio of 30.36, a PEG ratio of 2.92 and a beta of 1.08.

Graco (NYSE:GGG) last posted its quarterly earnings data on Monday, January 26th. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.77. Graco had a net margin of 23.33% and a return on equity of 19.49%. The company had revenue of $593.16 million for the quarter, compared to the consensus estimate of $591.99 million. During the same quarter in the previous year, the firm posted $0.64 EPS. The business’s revenue was up 8.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Graco Inc. will post 3.06 EPS for the current year.

Graco announced that its Board of Directors has authorized a share repurchase plan on Friday, December 5th that authorizes the company to repurchase 15,000,000 outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Graco Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 6th. Shareholders of record on Monday, April 13th will be given a $0.295 dividend. The ex-dividend date is Monday, April 13th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.3%. Graco’s dividend payout ratio (DPR) is currently 38.19%.

Insider Transactions at Graco

In other news, EVP Angela F. Wordell sold 2,832 shares of Graco stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $93.22, for a total transaction of $263,999.04. Following the sale, the executive vice president owned 13,360 shares of the company’s stock, valued at approximately $1,245,419.20. This trade represents a 17.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kathryn L. Schoenrock sold 2,223 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $88.06, for a total value of $195,757.38. Following the completion of the transaction, the executive vice president owned 7,846 shares of the company’s stock, valued at $690,918.76. The trade was a 22.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 19,394 shares of company stock worth $1,739,326 over the last quarter. 2.19% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. DA Davidson restated a “neutral” rating and set a $85.00 target price on shares of Graco in a report on Monday, February 2nd. KeyCorp reissued a “sector weight” rating on shares of Graco in a research note on Tuesday, January 27th. Weiss Ratings upgraded Graco from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, February 5th. Jefferies Financial Group increased their price target on Graco from $100.00 to $105.00 and gave the company a “buy” rating in a report on Wednesday, January 28th. Finally, Robert W. Baird set a $96.00 price target on shares of Graco in a research report on Wednesday, January 28th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $96.50.

Graco Profile

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.