Millennium Management LLC Boosts Stock Position in Graco Inc. (NYSE:GGG)

Millennium Management LLC grew its stake in Graco Inc. (NYSE:GGG) by 130.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 533,640 shares of the industrial products company’s stock after purchasing an additional 302,330 shares during the period. Millennium Management LLC owned approximately 0.32% of Graco worth $24,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. FMR LLC boosted its holdings in Graco by 2,476.2% in the 1st quarter. FMR LLC now owns 126,183 shares of the industrial products company’s stock valued at $6,249,000 after purchasing an additional 121,285 shares during the last quarter. AE Wealth Management LLC acquired a new position in Graco in the second quarter valued at approximately $1,077,000. Arden Trust Co acquired a new position in Graco in the second quarter valued at approximately $303,000. First Quadrant L P CA acquired a new position in Graco in the second quarter valued at approximately $1,926,000. Finally, Arizona State Retirement System grew its position in Graco by 1.8% in the second quarter. Arizona State Retirement System now owns 120,855 shares of the industrial products company’s stock worth $6,065,000 after acquiring an additional 2,161 shares during the period. 84.11% of the stock is owned by hedge funds and other institutional investors.

In related news, Director William J. Carroll sold 6,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $46.53, for a total value of $279,180.00. Following the sale, the director now owns 49,984 shares in the company, valued at approximately $2,325,755.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Caroline M. Chambers sold 20,000 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $46.39, for a total value of $927,800.00. Following the transaction, the executive vice president now directly owns 42,497 shares in the company, valued at approximately $1,971,435.83. The disclosure for this sale can be found here. Insiders have sold a total of 46,000 shares of company stock valued at $2,171,580 in the last ninety days. 4.23% of the stock is currently owned by corporate insiders.

A number of equities research analysts have commented on GGG shares. ValuEngine downgraded Graco from a “sell” rating to a “strong sell” rating in a research report on Wednesday, September 4th. Royal Bank of Canada set a $46.00 price target on Graco and gave the company a “hold” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $47.75.

Shares of GGG stock opened at $47.90 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.69 and a quick ratio of 1.68. The firm has a market cap of $8.06 billion, a PE ratio of 25.48, a price-to-earnings-growth ratio of 2.32 and a beta of 0.96. The company has a 50-day moving average of $46.94 and a two-hundred day moving average of $47.48. Graco Inc. has a 1-year low of $38.59 and a 1-year high of $53.91.

Graco (NYSE:GGG) last announced its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.06). The company had revenue of $400.60 million for the quarter, compared to analyst estimates of $418.93 million. Graco had a net margin of 20.29% and a return on equity of 36.17%. Graco’s revenue was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.50 earnings per share. Sell-side analysts anticipate that Graco Inc. will post 1.81 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 6th. Investors of record on Monday, October 21st were given a dividend of $0.16 per share. The ex-dividend date was Friday, October 18th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.34%. Graco’s payout ratio is currently 34.04%.

About Graco

Graco, Inc is a manufacturing company, which designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. It operates through the following segments: Industrial, Contractor and Process. The Industrial segment includes the Applied Fluid Technologies division, Industrial Products division and Process division.

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Institutional Ownership by Quarter for Graco (NYSE:GGG)

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