Madison Asset Management LLC Has $37.76 Million Stock Holdings in Graco Inc. $GGG

Madison Asset Management LLC trimmed its position in Graco Inc. (NYSE:GGG) by 5.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 446,119 shares of the industrial products company’s stock after selling 27,730 shares during the period. Madison Asset Management LLC owned approximately 0.27% of Graco worth $37,764,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in GGG. State Street Corp grew its stake in Graco by 3.2% in the fourth quarter. State Street Corp now owns 7,813,877 shares of the industrial products company’s stock valued at $640,503,000 after acquiring an additional 242,817 shares during the period. Geode Capital Management LLC increased its holdings in shares of Graco by 5.9% during the fourth quarter. Geode Capital Management LLC now owns 4,652,241 shares of the industrial products company’s stock valued at $380,642,000 after acquiring an additional 261,126 shares in the last quarter. Morgan Stanley raised its position in shares of Graco by 5.4% during the fourth quarter. Morgan Stanley now owns 4,057,036 shares of the industrial products company’s stock worth $332,556,000 after purchasing an additional 206,949 shares during the period. Amundi raised its position in shares of Graco by 2.6% during the third quarter. Amundi now owns 2,076,887 shares of the industrial products company’s stock worth $176,016,000 after purchasing an additional 53,126 shares during the period. Finally, Norges Bank bought a new position in shares of Graco in the 4th quarter worth $161,949,000. 93.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Graco

In other news, Director Andrea Helen Simon bought 1,240 shares of the stock in a transaction dated Monday, April 27th. The stock was bought at an average price of $80.53 per share, for a total transaction of $99,857.20. Following the completion of the acquisition, the director directly owned 1,240 shares in the company, valued at approximately $99,857.20. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.18% of the stock is currently owned by corporate insiders.

Graco Stock Down 1.3%

GGG stock opened at $73.59 on Tuesday. The firm has a market capitalization of $12.21 billion, a PE ratio of 23.97, a P/E/G ratio of 2.40 and a beta of 0.93. Graco Inc. has a twelve month low of $72.51 and a twelve month high of $95.69. The stock’s 50 day moving average is $75.10 and its 200-day moving average is $82.83.

Graco (NYSE:GGG) last announced 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 company had revenue of $540.14 million for the quarter, compared to the consensus estimate of $561.35 million. Graco had a return on equity of 18.66% and a net margin of 22.96%.The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.70 EPS. On average, equities research analysts anticipate that Graco Inc. will post 3.1 earnings per share for the current fiscal year.

Graco Dividend Announcement

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

Analysts Set New Price Targets

Several analysts recently issued reports on GGG shares. DA Davidson reissued a “neutral” rating and issued a $85.00 price target on shares of Graco in a research report on Monday, April 27th. Royal Bank Of Canada restated an “outperform” rating and set a $92.00 price objective (down from $95.00) on shares of Graco in a report on Thursday. Wolfe Research lowered shares of Graco from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 9th. Robert W. Baird reduced their price objective on shares of Graco from $96.00 to $92.00 and set a “neutral” rating for the company in a report on Friday, April 24th. Finally, Weiss Ratings downgraded shares of Graco from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $93.50.

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.