Intech Investment Management LLC Trims Stock Holdings in Graco Inc. $GGG

Intech Investment Management LLC lessened its stake in shares of Graco Inc. (NYSE:GGG) by 16.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,716 shares of the industrial products company’s stock after selling 6,512 shares during the quarter. Intech Investment Management LLC’s holdings in Graco were worth $2,865,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Goldman Sachs Group Inc. raised its position in Graco by 15.6% in the first quarter. Goldman Sachs Group Inc. now owns 330,409 shares of the industrial products company’s stock valued at $27,592,000 after purchasing an additional 44,573 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of Graco by 982.6% during the first quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company’s stock worth $42,000 after buying an additional 452 shares during the period. World Investment Advisors purchased a new stake in shares of Graco in the 2nd quarter valued at $472,000. Hantz Financial Services Inc. raised its holdings in shares of Graco by 739.0% in the 2nd quarter. Hantz Financial Services Inc. now owns 2,022 shares of the industrial products company’s stock valued at $174,000 after buying an additional 1,781 shares during the period. Finally, Atria Investments Inc lifted its stake in Graco by 13.2% during the 2nd quarter. Atria Investments Inc now owns 21,223 shares of the industrial products company’s stock worth $1,825,000 after acquiring an additional 2,477 shares in the last quarter. 93.88% of the stock is owned by hedge funds and other institutional investors.

Graco Stock Up 1.0%

NYSE GGG opened at $94.83 on Tuesday. Graco Inc. has a 52 week low of $72.06 and a 52 week high of $95.69. The firm has a 50 day moving average of $88.52 and a two-hundred day moving average of $85.13. The stock has a market capitalization of $15.68 billion, a PE ratio of 30.69, a price-to-earnings-growth ratio of 2.95 and a beta of 1.07.

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

Graco declared that its Board of Directors has initiated a stock repurchase program on Friday, December 5th that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Graco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 6th. Stockholders of record on Monday, April 13th will be issued a $0.295 dividend. The ex-dividend date is Monday, April 13th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.2%. Graco’s dividend payout ratio is presently 38.19%.

Insiders Place Their Bets

In other news, EVP Angela F. Wordell sold 2,832 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $93.22, for a total transaction of $263,999.04. Following the completion of the sale, the executive vice president owned 13,360 shares in the company, valued at approximately $1,245,419.20. The trade was a 17.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Timothy R. White sold 1,469 shares of the company’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $90.70, for a total transaction of $133,238.30. Following the completion of the transaction, the insider owned 51,430 shares of the company’s stock, valued at approximately $4,664,701. The trade was a 2.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 19,394 shares of company stock worth $1,739,326 over the last 90 days. Insiders own 2.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on GGG shares. Robert W. Baird set a $96.00 price target on shares of Graco in a research note on Wednesday, January 28th. Jefferies Financial Group upped their target price on shares of Graco from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, January 28th. DA Davidson reiterated a “neutral” rating and set a $85.00 target price on shares of Graco in a report on Monday, February 2nd. Weiss Ratings upgraded shares of Graco from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, February 5th. Finally, Royal Bank Of Canada upped their price objective on Graco from $97.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 28th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.50.

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.