Candriam S.C.A. Purchases New Position in Graco Inc. $GGG

Candriam S.C.A. acquired a new stake in Graco Inc. (NYSE:GGG) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 19,814 shares of the industrial products company’s stock, valued at approximately $1,677,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Graco in the fourth quarter worth about $161,949,000. Bank of Montreal Can raised its holdings in shares of Graco by 1,636.9% during the 4th quarter. Bank of Montreal Can now owns 1,011,196 shares of the industrial products company’s stock valued at $82,888,000 after buying an additional 952,977 shares during the period. Caisse de depot et placement du Quebec lifted its position in Graco by 236.4% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,279,553 shares of the industrial products company’s stock worth $108,711,000 after acquiring an additional 899,174 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Graco by 20,706.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 556,362 shares of the industrial products company’s stock worth $45,605,000 after acquiring an additional 553,688 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in Graco by 51.8% in the 1st quarter. Hsbc Holdings PLC now owns 1,194,254 shares of the industrial products company’s stock worth $101,061,000 after acquiring an additional 407,557 shares during the period. Institutional investors and hedge funds own 93.88% of the company’s stock.

Insider Activity

In related news, Director Andrea Helen Simon purchased 1,240 shares of Graco stock in a transaction dated Monday, April 27th. The shares were acquired at an average price of $80.53 per share, with a total value of $99,857.20. Following the completion of the transaction, the director owned 1,240 shares of the company’s stock, valued at approximately $99,857.20. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.18% of the company’s stock.

Analysts Set New Price Targets

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

Graco Trading Down 0.1%

GGG stock opened at $73.83 on Wednesday. The firm has a 50 day simple moving average of $75.43 and a 200-day simple moving average of $83.08. The company has a market capitalization of $12.25 billion, a P/E ratio of 24.05, a PEG ratio of 2.38 and a beta of 0.93. Graco Inc. has a twelve month low of $72.51 and a twelve month high of $95.69.

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). Graco had a net margin of 22.96% and a return on equity of 18.66%. The company had revenue of $540.14 million during the quarter, compared to analyst estimates of $561.35 million. During the same period in the prior year, the company earned $0.70 earnings per share. The company’s revenue was up 2.2% on a year-over-year basis. On average, research analysts predict that Graco Inc. will post 3.1 EPS for the current year.

Graco Announces Dividend

The business 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 $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Monday, July 20th. Graco’s dividend payout ratio is 38.44%.

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.