Canoe Financial LP Decreases Stock Holdings in Graco Inc. $GGG

Canoe Financial LP reduced its position in Graco Inc. (NYSE:GGG) by 9.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 441,774 shares of the industrial products company’s stock after selling 44,600 shares during the period. Canoe Financial LP owned 0.27% of Graco worth $37,396,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GGG. Field & Main Bank purchased a new position in Graco in the fourth quarter worth $41,000. Geneos Wealth Management Inc. boosted its position in shares of Graco by 982.6% in the 1st 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. Matrix Trust Co grew its stake in Graco by 43.0% during the 4th quarter. Matrix Trust Co now owns 555 shares of the industrial products company’s stock worth $45,000 after buying an additional 167 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in Graco by 41.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 746 shares of the industrial products company’s stock worth $62,000 after buying an additional 219 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in Graco during the 4th quarter valued at about $63,000. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on GGG. 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. Robert W. Baird cut their price objective on shares of Graco from $96.00 to $92.00 and set a “neutral” rating on the stock in a report on Friday, April 24th. DA Davidson reaffirmed a “neutral” rating and issued a $85.00 price objective on shares of Graco in a research report on Monday, April 27th. Finally, Weiss Ratings cut shares of Graco from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $94.25.

Insider Activity at Graco

In other Graco news, Director Andrea Helen Simon acquired 1,240 shares of the business’s stock in a transaction dated Monday, April 27th. The shares were purchased at an average price of $80.53 per share, for a total transaction of $99,857.20. Following the completion of the purchase, the director directly owned 1,240 shares of the company’s stock, valued at $99,857.20. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.18% of the stock is owned by company insiders.

Graco Stock Performance

Graco stock opened at $76.40 on Monday. The business’s 50-day simple moving average is $77.41 and its two-hundred day simple moving average is $83.80. The company has a market cap of $12.68 billion, a PE ratio of 24.89, a PEG ratio of 2.46 and a beta of 0.93. Graco Inc. has a fifty-two week low of $73.15 and a fifty-two week high of $95.69.

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

Graco Dividend Announcement

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

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.