HighTower Advisors LLC Reduces Stock Position in Graco Inc. $GGG

HighTower Advisors LLC cut its holdings in Graco Inc. (NYSE:GGG) by 11.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 424,694 shares of the industrial products company’s stock after selling 53,305 shares during the quarter. HighTower Advisors LLC owned approximately 0.26% of Graco worth $36,082,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in GGG. Root Financial Partners LLC bought a new position in shares of Graco in the 3rd quarter worth approximately $29,000. NewSquare Capital LLC grew its position 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. Assetmark Inc. increased its position in shares of Graco by 42.6% during the third quarter. Assetmark Inc. now owns 465 shares of the industrial products company’s stock valued at $40,000 after acquiring an additional 139 shares in the last quarter. CX Institutional lifted its holdings in shares of Graco by 316.7% during the third quarter. CX Institutional now owns 475 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 361 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its position in Graco by 982.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company’s stock worth $42,000 after buying an additional 452 shares during the last quarter. 93.88% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Graco news, Director J Kevin Gilligan sold 12,870 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $89.07, for a total value of $1,146,330.90. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Timothy R. White sold 1,469 shares of Graco stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $90.70, for a total transaction of $133,238.30. Following the sale, the insider directly owned 51,430 shares of the company’s stock, valued at $4,664,701. This represents a 2.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 19,394 shares of company stock worth $1,739,326. 2.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

GGG has been the topic of a number of research reports. KeyCorp restated a “sector weight” rating on shares of Graco in a research note on Tuesday, January 27th. Jefferies Financial Group increased their price objective on shares of Graco from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, January 28th. Robert W. Baird set a $96.00 target price on Graco in a research note on Wednesday, January 28th. Royal Bank Of Canada increased their price objective on shares of Graco from $97.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, January 28th. Finally, Weiss Ratings upgraded shares of Graco from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, February 5th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $96.50.

Graco Trading Down 0.4%

GGG stock opened at $94.29 on Wednesday. The stock has a market cap of $15.63 billion, a PE ratio of 30.51, a P/E/G ratio of 2.97 and a beta of 1.08. Graco Inc. has a 12 month low of $72.06 and a 12 month high of $95.69. The company has a 50-day moving average price of $86.71 and a 200 day moving average price of $84.56.

Graco (NYSE:GGG) last announced 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. The business had revenue of $593.16 million during the quarter, compared to the consensus estimate of $591.99 million. Graco had a net margin of 23.33% and a return on equity of 19.49%. The firm’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.64 earnings per share. Sell-side analysts forecast that Graco Inc. will post 3.06 EPS for the current year.

Graco announced that its Board of Directors has authorized a share buyback plan on Friday, December 5th that permits the company to buyback 15,000,000 shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Graco Dividend Announcement

The firm 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. This represents a $1.18 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Monday, April 13th. Graco’s dividend payout ratio is 38.19%.

Graco Company 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.