Principal Financial Group Inc. Lowers Stock Position in Graco Inc. $GGG

Principal Financial Group Inc. trimmed its holdings in Graco Inc. (NYSE:GGG) by 0.7% during the first quarter, HoldingsChannel.com reports. The fund owned 2,389,963 shares of the industrial products company’s stock after selling 16,346 shares during the period. Principal Financial Group Inc.’s holdings in Graco were worth $202,314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of GGG. Whipplewood Advisors LLC boosted its stake in Graco by 2,650.0% during the 1st quarter. Whipplewood Advisors LLC now owns 330 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 318 shares during the period. Geneos Wealth Management Inc. increased its stake in 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 period. Field & Main Bank acquired a new position in Graco in the fourth quarter valued at $41,000. Root Financial Partners LLC raised its holdings in shares of Graco by 43.2% in the first quarter. Root Financial Partners LLC now owns 504 shares of the industrial products company’s stock valued at $43,000 after buying an additional 152 shares during the last quarter. Finally, Matrix Trust Co raised its holdings in shares of Graco by 43.0% in the fourth quarter. Matrix Trust Co now owns 555 shares of the industrial products company’s stock valued at $45,000 after buying an additional 167 shares during the last quarter. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Insider Activity

In other Graco news, Director Andrea Helen Simon purchased 1,240 shares of Graco stock in a transaction dated Monday, April 27th. The stock was acquired at an average cost of $80.53 per share, with a total value of $99,857.20. Following the acquisition, the director directly owned 1,240 shares of the company’s stock, valued at $99,857.20. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.18% of the company’s stock.

Graco Stock Down 0.1%

Shares of NYSE:GGG opened at $73.83 on Wednesday. Graco Inc. has a fifty-two week low of $72.51 and a fifty-two week high of $95.69. The firm’s 50-day simple moving average is $75.43 and its 200-day simple moving average is $83.08. The company has a market cap of $12.25 billion, a price-to-earnings ratio of 24.05, a PEG ratio of 2.38 and a beta of 0.93.

Graco (NYSE:GGG) last posted its quarterly earnings results on Wednesday, April 22nd. The industrial products company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.09). The firm had revenue of $540.14 million for the quarter, compared to analysts’ expectations of $561.35 million. Graco had a return on equity of 18.66% and a net margin of 22.96%.The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.70 earnings per share. On average, research analysts forecast that Graco Inc. will post 3.1 EPS for the current year.

Graco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, July 20th. Graco’s dividend payout ratio is 38.44%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GGG. DA Davidson reiterated a “neutral” rating and set a $85.00 target price on shares of Graco in a research note on Monday, April 27th. Robert W. Baird reduced their price objective on Graco from $96.00 to $92.00 and set a “neutral” rating for the company in a research note on Friday, April 24th. Wolfe Research cut Graco from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 9th. Weiss Ratings downgraded Graco from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $95.00 target price on shares of Graco in a report on Friday, April 24th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $94.25.

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.