QRG Capital Management Inc. Sells 6,830 Shares of Graco Inc. $GGG

QRG Capital Management Inc. lowered its stake in shares of Graco Inc. (NYSE:GGG) by 28.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 17,430 shares of the industrial products company’s stock after selling 6,830 shares during the quarter. QRG Capital Management Inc.’s holdings in Graco were worth $1,481,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. PineStone Asset Management Inc. increased its position in Graco by 9.1% during the second quarter. PineStone Asset Management Inc. now owns 3,911,372 shares of the industrial products company’s stock valued at $336,261,000 after acquiring an additional 326,877 shares during the last quarter. Amundi grew its holdings in Graco by 12.6% during the 2nd quarter. Amundi now owns 2,023,761 shares of the industrial products company’s stock valued at $179,083,000 after purchasing an additional 226,284 shares during the last quarter. Norges Bank purchased a new stake in Graco in the 2nd quarter worth about $170,661,000. First Trust Advisors LP lifted its stake in Graco by 0.8% in the second quarter. First Trust Advisors LP now owns 1,443,723 shares of the industrial products company’s stock worth $124,117,000 after purchasing an additional 11,924 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Graco by 9.0% during the second quarter. Russell Investments Group Ltd. now owns 1,139,748 shares of the industrial products company’s stock valued at $98,010,000 after buying an additional 94,262 shares during the period. 93.88% of the stock is currently owned by institutional investors.

Graco Trading Down 3.5%

Shares of GGG stock opened at $84.85 on Wednesday. Graco Inc. has a twelve month low of $72.06 and a twelve month high of $89.67. The stock has a fifty day simple moving average of $83.17 and a two-hundred day simple moving average of $83.96. The stock has a market capitalization of $14.07 billion, a price-to-earnings ratio of 28.96, a P/E/G ratio of 2.77 and a beta of 1.09.

Graco (NYSE:GGG) last released its quarterly earnings data on Wednesday, October 22nd. The industrial products company reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.02). The business had revenue of $543.36 million during the quarter, compared to analysts’ expectations of $563.07 million. Graco had a return on equity of 18.89% and a net margin of 22.72%.The firm’s revenue was up 4.7% compared to the same quarter last year. During the same period last year, the company earned $0.71 earnings per share. Research analysts predict that Graco Inc. will post 3.06 EPS for the current fiscal year.

Graco Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 4th. Stockholders of record on Monday, January 19th will be paid a dividend of $0.295 per share. This is a boost from Graco’s previous quarterly dividend of $0.28. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, January 16th. Graco’s payout ratio is 40.27%.

Graco announced that its board has authorized a share repurchase program on Friday, December 5th that authorizes the company to buyback 15,000,000 shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on GGG shares. Royal Bank Of Canada reiterated an “outperform” rating on shares of Graco in a report on Thursday, January 15th. Robert W. Baird set a $89.00 target price on Graco in a research note on Friday, October 24th. Weiss Ratings lowered shares of Graco from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Graco in a research note on Thursday, October 23rd. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $87.00.

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.