Graco Inc. $GGG Shares Sold by Canoe Financial LP

Canoe Financial LP decreased its holdings in shares of Graco Inc. (NYSE:GGG) by 12.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 486,374 shares of the industrial products company’s stock after selling 68,000 shares during the period. Canoe Financial LP’s holdings in Graco were worth $39,868,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Root Financial Partners LLC acquired a new position in Graco during the third quarter worth $29,000. CX Institutional grew its position 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 purchasing an additional 361 shares during the period. Assetmark Inc. grew its position in shares of Graco by 42.6% in the third quarter. Assetmark Inc. now owns 465 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 139 shares during the period. Geneos Wealth Management Inc. increased its stake in shares of Graco by 982.6% during the first quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 452 shares in the last quarter. Finally, TD Private Client Wealth LLC raised its position in shares of Graco by 116.9% during the 3rd quarter. TD Private Client Wealth LLC now owns 514 shares of the industrial products company’s stock worth $44,000 after purchasing an additional 277 shares during the last quarter. Institutional investors and hedge funds own 93.88% of the company’s stock.

Insider Buying and Selling

In other Graco news, insider Timothy R. White sold 1,469 shares of the firm’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $90.70, for a total value of $133,238.30. Following the completion of the sale, the insider directly owned 51,430 shares of the company’s stock, valued at $4,664,701. This trade represents a 2.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director J Kevin Gilligan sold 12,870 shares of Graco stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $89.07, for a total value of $1,146,330.90. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 19,394 shares of company stock worth $1,739,326. 2.18% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. DA Davidson reaffirmed a “neutral” rating and issued a $85.00 price target on shares of Graco in a research note on Monday, February 2nd. KeyCorp reissued a “sector weight” rating on shares of Graco in a report on Tuesday, January 27th. Jefferies Financial Group raised their target price on Graco from $100.00 to $105.00 and gave the company a “buy” rating in a research report on Wednesday, January 28th. Royal Bank Of Canada lifted their price target on Graco from $97.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 28th. Finally, Weiss Ratings upgraded Graco from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, February 5th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $96.50.

Graco Trading Down 1.0%

GGG opened at $83.82 on Friday. Graco Inc. has a twelve month low of $72.06 and a twelve month high of $95.69. The firm has a market capitalization of $13.90 billion, a PE ratio of 27.12, a PEG ratio of 2.63 and a beta of 1.07. The firm’s 50-day moving average price is $89.56 and its 200 day moving average price is $85.33.

Graco (NYSE:GGG) last released its quarterly earnings data on Monday, January 26th. The industrial products company reported $0.77 EPS for the quarter, meeting analysts’ consensus estimates of $0.77. Graco had a net margin of 23.33% and a return on equity of 19.49%. The company had revenue of $593.16 million during the quarter, compared to the consensus estimate of $591.99 million. During the same quarter in the prior year, the firm earned $0.64 EPS. Graco’s quarterly revenue was up 8.1% on a year-over-year basis. As a group, analysts predict that Graco Inc. will post 3.06 earnings per share for the current fiscal year.

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

Graco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 6th. Investors of record on Monday, April 13th will be issued a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Monday, April 13th. Graco’s dividend payout ratio (DPR) is currently 38.19%.

About Graco

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.