Graco Inc. $GGG Stake Boosted by Pacer Advisors Inc.

Pacer Advisors Inc. increased its stake in Graco Inc. (NYSE:GGG) by 7.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 198,009 shares of the industrial products company’s stock after purchasing an additional 14,015 shares during the period. Pacer Advisors Inc. owned 0.12% of Graco worth $16,823,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GGG. Addenda Capital Inc. bought a new position in shares of Graco in the third quarter valued at approximately $4,837,000. Generali Asset Management SPA SGR acquired a new stake in Graco in the second quarter worth approximately $3,806,000. WealthPlan Investment Management LLC boosted its stake in Graco by 10.6% during the 2nd quarter. WealthPlan Investment Management LLC now owns 129,189 shares of the industrial products company’s stock valued at $11,106,000 after purchasing an additional 12,352 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Graco by 82.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 180,509 shares of the industrial products company’s stock valued at $16,027,000 after purchasing an additional 81,706 shares during the period. Finally, Millennium Management LLC increased its position in shares of Graco by 572.1% during the 1st quarter. Millennium Management LLC now owns 437,661 shares of the industrial products company’s stock valued at $36,549,000 after purchasing an additional 372,543 shares during the period. Institutional investors and hedge funds own 93.88% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on GGG shares. KeyCorp reaffirmed a “sector weight” rating on shares of Graco in a research note on Thursday, October 23rd. Robert W. Baird set a $89.00 price target on shares of Graco in a report on Friday, October 24th. 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 research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $90.33.

Graco Trading Down 0.2%

Shares of GGG opened at $83.46 on Friday. The business’s 50-day moving average price is $82.14 and its 200 day moving average price is $84.08. The stock has a market capitalization of $13.84 billion, a P/E ratio of 28.48, a P/E/G ratio of 2.80 and a beta of 1.09. Graco Inc. has a 1-year low of $72.06 and a 1-year high of $89.67.

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 firm had revenue of $543.36 million for the quarter, compared to analysts’ expectations of $563.07 million. Graco had a net margin of 22.72% and a return on equity of 18.89%. Graco’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.71 earnings per share. On average, research analysts predict that Graco Inc. will post 3.06 earnings per share for the current year.

Graco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 4th. Investors of record on Monday, January 19th will be paid a $0.295 dividend. The ex-dividend date of this dividend is Friday, January 16th. This represents a $1.18 dividend on an annualized basis and a yield of 1.4%. This is a positive change from Graco’s previous quarterly dividend of $0.28. Graco’s dividend payout ratio (DPR) is 37.54%.

Graco announced that its board has initiated a share buyback plan on Friday, December 5th that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Graco 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.