Assenagon Asset Management S.A. Purchases 188,233 Shares of Graco Inc. $GGG

Assenagon Asset Management S.A. raised its position in shares of Graco Inc. (NYSE:GGG) by 98.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 378,980 shares of the industrial products company’s stock after buying an additional 188,233 shares during the period. Assenagon Asset Management S.A.’s holdings in Graco were worth $32,081,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its position in Graco by 15.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 330,409 shares of the industrial products company’s stock valued at $27,592,000 after acquiring an additional 44,573 shares during the period. Geneos Wealth Management Inc. increased its holdings 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 valued at $42,000 after acquiring an additional 452 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Graco by 97.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,765 shares of the industrial products company’s stock worth $152,000 after purchasing an additional 870 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Graco by 559.5% in the second quarter. Marshall Wace LLP now owns 108,100 shares of the industrial products company’s stock worth $9,293,000 after buying an additional 91,708 shares in the last quarter. Finally, Federated Hermes Inc. boosted its stake in Graco by 4.2% during the 2nd quarter. Federated Hermes Inc. now owns 21,289 shares of the industrial products company’s stock valued at $1,830,000 after purchasing an additional 852 shares during the last quarter. Institutional investors own 93.88% of the company’s stock.

Graco Trading Up 0.6%

Shares of NYSE:GGG opened at $76.40 on Friday. The stock has a 50 day moving average of $77.41 and a 200 day moving average of $83.79. The company has a market cap of $12.68 billion, a PE ratio of 24.89, a price-to-earnings-growth ratio of 2.45 and a beta of 0.93. Graco Inc. has a 12-month low of $73.15 and a 12-month high of $95.69.

Graco (NYSE:GGG) last released its earnings results on Wednesday, April 22nd. The industrial products company reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.09). Graco had a return on equity of 18.66% and a net margin of 22.96%.The firm had revenue of $540.14 million for the quarter, compared to the consensus estimate of $561.35 million. During the same quarter in the previous year, the business posted $0.70 EPS. Graco’s revenue was up 2.2% on a year-over-year basis. Equities research analysts predict that Graco Inc. will post 3.1 earnings per share for the current fiscal year.

Graco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a $0.295 dividend. The ex-dividend date of this dividend is Monday, July 20th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.5%. Graco’s dividend payout ratio is 38.44%.

Insider Activity at Graco

In other news, Director Andrea Helen Simon bought 1,240 shares of the stock in a transaction that occurred on Monday, April 27th. The shares were bought at an average price of $80.53 per share, for a total transaction of $99,857.20. Following the purchase, the director owned 1,240 shares in the company, valued at $99,857.20. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 2.18% of the stock is owned by insiders.

Analyst Ratings Changes

GGG has been the subject of several recent analyst reports. Robert W. Baird decreased their price target on Graco from $96.00 to $92.00 and set a “neutral” rating for the company in a research note on Friday, April 24th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $95.00 price target on shares of Graco in a research note on Friday, April 24th. DA Davidson reissued a “neutral” rating and issued a $85.00 target price on shares of Graco in a research report on Monday, April 27th. Finally, Weiss Ratings lowered shares of Graco from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $94.25.

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.