Graco Inc. $GGG Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in Graco Inc. (NYSE:GGG) by 3.1% during the third quarter, HoldingsChannel.com reports. The fund owned 1,430,727 shares of the industrial products company’s stock after selling 46,117 shares during the period. Bank of New York Mellon Corp’s holdings in Graco were worth $121,555,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Stonebridge Capital Advisors LLC increased its stake in Graco by 0.3% in the 2nd quarter. Stonebridge Capital Advisors LLC now owns 41,431 shares of the industrial products company’s stock worth $3,562,000 after purchasing an additional 119 shares in the last quarter. ICW Investment Advisors LLC boosted its holdings in shares of Graco by 5.2% in the second quarter. ICW Investment Advisors LLC now owns 2,723 shares of the industrial products company’s stock worth $234,000 after buying an additional 135 shares during the period. iA Global Asset Management Inc. increased its position in shares of Graco by 5.6% in the second quarter. iA Global Asset Management Inc. now owns 2,651 shares of the industrial products company’s stock worth $228,000 after acquiring an additional 140 shares in the last quarter. WCM Investment Management LLC raised its holdings in shares of Graco by 0.4% during the second quarter. WCM Investment Management LLC now owns 36,629 shares of the industrial products company’s stock valued at $3,156,000 after acquiring an additional 156 shares during the period. Finally, Trail Ridge Investment Advisors LLC raised its holdings in shares of Graco by 2.9% during the third quarter. Trail Ridge Investment Advisors LLC now owns 6,216 shares of the industrial products company’s stock valued at $528,000 after acquiring an additional 177 shares during the period. 93.88% of the stock is owned by hedge funds and other institutional investors.

Graco Price Performance

Shares of NYSE GGG opened at $87.25 on Friday. Graco Inc. has a one year low of $72.06 and a one year high of $89.67. The business’s 50-day moving average price is $84.24 and its two-hundred day moving average price is $83.95. The company has a market capitalization of $14.47 billion, a P/E ratio of 28.24, a price-to-earnings-growth ratio of 2.76 and a beta of 1.09.

Graco (NYSE:GGG) last posted its quarterly earnings results on Monday, January 26th. The industrial products company reported $0.77 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.77. The company had revenue of $593.16 million during the quarter, compared to the consensus estimate of $591.99 million. Graco had a return on equity of 19.49% and a net margin of 23.33%.The business’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period last year, the business earned $0.64 EPS. On average, equities analysts anticipate that Graco Inc. will post 3.06 EPS for the current year.

Graco Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 4th. Shareholders of record on Monday, January 19th will be given a $0.295 dividend. This is a positive change from Graco’s previous quarterly dividend of $0.28. This represents a $1.18 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, January 16th. Graco’s payout ratio is presently 38.19%.

Graco announced that its Board of Directors has initiated a share buyback program on Friday, December 5th that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on GGG shares. Royal Bank Of Canada lifted their price objective on shares of Graco from $97.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday. Robert W. Baird set a $96.00 target price on Graco in a research report on Wednesday. Weiss Ratings reissued a “hold (c+)” rating on shares of Graco in a research report on Thursday, January 22nd. Jefferies Financial Group raised their price objective on Graco from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, KeyCorp reiterated a “sector weight” rating on shares of Graco in a report on Tuesday. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $100.33.

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.