Canoe Financial LP Cuts Position in Graco Inc. $GGG

Canoe Financial LP reduced its stake in shares of Graco Inc. (NYSE:GGG) by 7.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 554,374 shares of the industrial products company’s stock after selling 46,400 shares during the period. Canoe Financial LP’s holdings in Graco were worth $47,100,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. NewSquare Capital LLC increased its holdings in shares of Graco by 320.7% in the 2nd quarter. NewSquare Capital LLC now owns 345 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 263 shares in the last quarter. eCIO Inc. acquired a new position in Graco during the first quarter worth about $32,000. WPG Advisers LLC purchased a new position in Graco in the first quarter valued at about $41,000. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Graco by 41.5% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 481 shares of the industrial products company’s stock valued at $41,000 after acquiring an additional 141 shares during the period. Finally, Geneos Wealth Management Inc. lifted its position in shares of Graco by 982.6% during 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 during the period. 93.88% of the stock is owned by institutional investors and hedge funds.

Graco Trading Up 0.2%

NYSE GGG opened at $83.60 on Friday. The business’s 50-day moving average price is $82.12 and its 200 day moving average price is $84.10. Graco Inc. has a twelve month low of $72.06 and a twelve month high of $89.67. The company has a market capitalization of $13.86 billion, a PE ratio of 28.53, a price-to-earnings-growth ratio of 2.81 and a beta of 1.09.

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

Graco declared that its Board of Directors has authorized a share buyback plan on Friday, December 5th that permits the company to repurchase 15,000,000 outstanding shares. This repurchase authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Graco Increases Dividend

The business 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. The ex-dividend date of this dividend is Friday, January 16th. This represents a $1.18 annualized dividend and a dividend yield of 1.4%. This is a boost from Graco’s previous quarterly dividend of $0.28. Graco’s dividend payout ratio is presently 37.54%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Robert W. Baird set a $89.00 target price on Graco in a research report on Friday, October 24th. KeyCorp reaffirmed a “sector weight” rating on shares of Graco in a research note on Thursday, October 23rd. Finally, Weiss Ratings lowered shares of Graco from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $90.33.

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.