Graco Inc. $GGG Shares Sold by PineStone Asset Management Inc.

PineStone Asset Management Inc. reduced its position in Graco Inc. (NYSE:GGG) by 3.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,074,289 shares of the industrial products company’s stock after selling 111,500 shares during the quarter. Graco accounts for about 1.6% of PineStone Asset Management Inc.’s holdings, making the stock its 21st largest holding. PineStone Asset Management Inc.’s holdings in Graco were worth $236,228,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Graco during the 2nd quarter valued at about $1,396,470,000. Amundi lifted its position in Graco by 7.5% in the 2nd quarter. Amundi now owns 2,090,184 shares of the industrial products company’s stock worth $158,039,000 after buying an additional 146,032 shares during the last quarter. Caisse de depot et placement du Quebec bought a new stake in Graco in the 2nd quarter worth approximately $141,667,000. First Trust Advisors LP lifted its position in Graco by 4.2% in the 1st quarter. First Trust Advisors LP now owns 1,535,923 shares of the industrial products company’s stock worth $130,016,000 after buying an additional 61,706 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its stake in Graco by 51.8% in the first quarter. Hsbc Holdings PLC now owns 1,194,254 shares of the industrial products company’s stock worth $101,061,000 after buying an additional 407,557 shares in the last quarter. 93.88% of the stock is currently owned by hedge funds and other institutional investors.

Graco Stock Up 0.3%

NYSE GGG opened at $82.06 on Friday. The company has a 50-day simple moving average of $78.89 and a two-hundred day simple moving average of $78.63. Graco Inc. has a 12-month low of $72.51 and a 12-month high of $95.69. The firm has a market cap of $13.29 billion, a price-to-earnings ratio of 25.80, a PEG ratio of 2.54 and a beta of 0.89.

Graco (NYSE:GGG) last released its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.81 by $0.10. The firm had revenue of $590.55 million for the quarter, compared to the consensus estimate of $608.06 million. Graco had a return on equity of 19.54% and a net margin of 23.53%. The company’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.75 earnings per share. Equities analysts expect that Graco Inc. will post 3.22 earnings per share for the current fiscal year.

Graco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 4th. Investors of record on Monday, October 19th will be issued a dividend of $0.2950 per share. The ex-dividend date is Monday, October 19th. This represents a $1.18 annualized dividend and a yield of 1.4%. Graco’s dividend payout ratio is currently 37.11%.

Analysts Set New Price Targets

GGG has been the subject of several research reports. Wolfe Research lowered Graco from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 9th. DA Davidson reissued a “neutral” rating and set a $85.00 price target on shares of Graco in a research note on Monday, July 27th. Royal Bank Of Canada lowered their price objective on shares of Graco from $96.00 to $95.00 and set an “outperform” rating for the company in a report on Wednesday. Robert W. Baird set a $94.00 price objective on shares of Graco in a report on Friday, July 24th. Finally, Weiss Ratings raised shares of Graco from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 4th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Graco presently has an average rating of “Hold” and an average price target of $94.75.

About Graco

Graco Inc is a Minneapolis-based manufacturer of equipment used to manage, measure, control and apply fluids and coatings. Its products are used in industrial, commercial and residential applications, including fluid handling, lubrication, dispensing, sealing, bonding, painting and corrosion protection.

The company’s product portfolio includes pumps, valves, meters, regulators, controls, proportioning systems and spray equipment. Graco also supplies equipment for paint and texture application, protective coatings, sealants and adhesives, vehicle servicing, and the automated lubrication of machinery.