Graco Inc. $GGG Stake Reduced by GRIMES & Co WEALTH MANAGEMENT LLC

GRIMES & Co WEALTH MANAGEMENT LLC trimmed its holdings in Graco Inc. (NYSE:GGG) by 22.9% in the third quarter, Holdings Channel.com reports. The fund owned 36,608 shares of the industrial products company’s stock after selling 10,885 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in Graco were worth $3,110,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. NewSquare Capital LLC lifted its stake in Graco by 320.7% during the second 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 during the last quarter. CX Institutional increased its holdings in shares of Graco by 316.7% in the third quarter. CX Institutional now owns 475 shares of the industrial products company’s stock valued at $40,000 after buying an additional 361 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of Graco by 41.5% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 481 shares of the industrial products company’s stock valued at $41,000 after buying an additional 141 shares in the last quarter. 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 last quarter. Finally, Trust Co. of Toledo NA OH bought a new stake in shares of Graco during the 2nd quarter worth $51,000. Institutional investors and hedge funds own 93.88% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GGG. Weiss Ratings lowered Graco from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. KeyCorp restated a “sector weight” rating on shares of Graco in a report on Thursday, October 23rd. Finally, Robert W. Baird set a $89.00 target price on shares of Graco in a report on Friday, October 24th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Graco has an average rating of “Hold” and a consensus price target of $87.00.

Graco Stock Performance

NYSE:GGG opened at $86.04 on Wednesday. The company has a market capitalization of $14.26 billion, a P/E ratio of 29.36, a P/E/G ratio of 2.70 and a beta of 1.09. The stock’s 50 day moving average price is $82.64 and its 200 day moving average price is $83.99. Graco Inc. has a 52 week low of $72.06 and a 52 week high of $89.67.

Graco (NYSE:GGG) last posted its earnings results on Wednesday, October 22nd. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.02). Graco had a net margin of 22.72% and a return on equity of 18.89%. The business had revenue of $543.36 million during the quarter, compared to analyst estimates of $563.07 million. During the same quarter last year, the firm earned $0.71 earnings per share. Graco’s revenue was up 4.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Graco Inc. will post 3.06 earnings per share for the current fiscal year.

Graco Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 4th. Investors of record on Monday, January 19th will be issued a $0.295 dividend. This is a boost from Graco’s previous quarterly dividend of $0.28. This represents a $1.18 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, January 16th. Graco’s dividend payout ratio is currently 40.27%.

Graco announced that its board has initiated a stock repurchase program on Friday, December 5th that authorizes the company to buyback 15,000,000 shares. This buyback authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is 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.