JLB & Associates Inc. trimmed its stake in Graco Inc. (NYSE:GGG – Get Rating) by 1.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 254,861 shares of the industrial products company's stock after selling 2,913 shares during the period. Graco accounts for about 2.6% of JLB & Associates Inc.'s investment portfolio, making the stock its 15th biggest holding. JLB & Associates Inc. owned about 0.15% of Graco worth $15,141,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of Montreal Can lifted its position in Graco by 2.6% during the 4th quarter. Bank of Montreal Can now owns 73,608 shares of the industrial products company's stock valued at $5,936,000 after acquiring an additional 1,840 shares during the period. Rockefeller Capital Management L.P. lifted its position in Graco by 400.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 355 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 284 shares during the period. Blair William & Co. IL raised its holdings in Graco by 27.5% in the fourth quarter. Blair William & Co. IL now owns 26,913 shares of the industrial products company's stock worth $2,170,000 after buying an additional 5,808 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in Graco by 4.3% in the fourth quarter. Nuveen Asset Management LLC now owns 443,920 shares of the industrial products company's stock worth $35,789,000 after buying an additional 18,421 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Graco by 36.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 640,329 shares of the industrial products company's stock worth $51,623,000 after buying an additional 170,777 shares during the last quarter. 86.47% of the stock is owned by hedge funds and other institutional investors.
Get Graco alerts:Graco Stock Performance
Shares of GGG stock traded down $0.87 during trading hours on Tuesday, reaching $60.08. The company had a trading volume of 17,791 shares, compared to its average volume of 533,527. The business has a fifty day moving average price of $65.49 and a 200-day moving average price of $64.24. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 3.01. The firm has a market cap of $10.16 billion, a PE ratio of 23.54, a price-to-earnings-growth ratio of 2.95 and a beta of 0.78. Graco Inc. has a one year low of $56.48 and a one year high of $81.09.
Graco (NYSE:GGG – Get Rating) last posted its quarterly earnings results on Wednesday, July 27th. The industrial products company reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.67 by $0.01. The business had revenue of $548.55 million during the quarter, compared to analyst estimates of $533.49 million. Graco had a net margin of 21.38% and a return on equity of 25.73%. The company's revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.62 earnings per share. Sell-side analysts predict that Graco Inc. will post 2.59 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 2nd. Stockholders of record on Monday, October 17th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.40%. The ex-dividend date is Friday, October 14th. Graco's dividend payout ratio (DPR) is presently 33.07%.
Insider Transactions at Graco
In other news, EVP David M. Ahlers sold 44,949 shares of the business's stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $70.77, for a total value of $3,181,040.73. Following the transaction, the executive vice president now owns 65,135 shares of the company's stock, valued at $4,609,603.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Eric Etchart sold 6,000 shares of the company's stock in a transaction on Friday, July 29th. The shares were sold at an average price of $67.20, for a total transaction of $403,200.00. Following the sale, the director now owns 31,403 shares of the company's stock, valued at $2,110,281.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP David M. Ahlers sold 44,949 shares of the company's stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $70.77, for a total transaction of $3,181,040.73. Following the sale, the executive vice president now directly owns 65,135 shares in the company, valued at approximately $4,609,603.95. The disclosure for this sale can be found here. Insiders own 3.52% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages have issued reports on GGG. Robert W. Baird cut shares of Graco from an "outperform" rating to a "neutral" rating and set a $61.00 target price for the company. in a report on Thursday, July 14th. Morgan Stanley decreased their target price on shares of Graco from $80.00 to $70.00 and set an "equal weight" rating for the company in a report on Thursday, June 9th. Finally, DA Davidson reduced their price target on shares of Graco to $70.00 in a research note on Tuesday, August 9th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $71.00.
About Graco
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Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The company's Industrial segment offers proportioning systems to spray polyurethane foam and polyurea coatings; equipment that pumps, meters, mixes and dispenses sealant, adhesive, and composite materials; and gel-coat equipment, chop and wet-out systems, resin transfer molding systems and applicators, and precision dispensing solutions.
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