OP Asset Management Ltd Invests $3.03 Million in Graco Inc. $GGG

OP Asset Management Ltd acquired a new stake in Graco Inc. (NYSE:GGG) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 35,772 shares of the industrial products company’s stock, valued at approximately $3,028,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Field & Main Bank purchased a new stake in Graco in the 4th quarter worth approximately $41,000. Geneos Wealth Management Inc. raised its holdings in shares of Graco by 982.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company’s stock valued at $42,000 after acquiring an additional 452 shares in the last quarter. Matrix Trust Co boosted its position in shares of Graco by 43.0% during the 4th quarter. Matrix Trust Co now owns 555 shares of the industrial products company’s stock valued at $45,000 after acquiring an additional 167 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Graco by 41.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 746 shares of the industrial products company’s stock valued at $62,000 after acquiring an additional 219 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Graco during the fourth quarter worth about $63,000. Institutional investors own 93.88% of the company’s stock.

Graco Stock Performance

GGG stock opened at $76.40 on Friday. The firm has a market cap of $12.68 billion, a P/E ratio of 24.89, a P/E/G ratio of 2.46 and a beta of 0.93. The firm’s fifty day moving average is $77.41 and its 200 day moving average is $83.79. Graco Inc. has a 52 week low of $73.15 and a 52 week high of $95.69.

Graco (NYSE:GGG) last posted 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). Graco had a net margin of 22.96% and a return on equity of 18.66%. The business had revenue of $540.14 million for the quarter, compared to analysts’ expectations of $561.35 million. During the same quarter in the previous year, the company earned $0.70 earnings per share. The business’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, analysts forecast that Graco Inc. will post 3.1 EPS for the current year.

Graco Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be issued a dividend of $0.295 per share. The ex-dividend date is Monday, July 20th. This represents a $1.18 annualized dividend and a yield of 1.5%. Graco’s dividend payout ratio is currently 38.44%.

Insider Transactions at Graco

In related news, Director Andrea Helen Simon purchased 1,240 shares of the firm’s stock in a transaction on Monday, April 27th. The shares were acquired at an average cost of $80.53 per share, with a total value of $99,857.20. Following the purchase, the director directly owned 1,240 shares of the company’s stock, valued at approximately $99,857.20. This trade represents a ? increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 2.18% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

GGG has been the topic of a number of recent analyst reports. DA Davidson reaffirmed a “neutral” rating and issued a $85.00 target price on shares of Graco in a research note on Monday, April 27th. Weiss Ratings downgraded shares of Graco from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, June 5th. Robert W. Baird lowered their price target on Graco from $96.00 to $92.00 and set a “neutral” rating on the stock in a research report on Friday, April 24th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $95.00 price objective on shares of Graco in a report on Friday, April 24th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Graco currently has an average rating of “Hold” and a consensus target price of $94.25.

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.