IFP Advisors Inc Trims Stake in Graco Inc. (NYSE:GGG)

IFP Advisors Inc cut its position in shares of Graco Inc. (NYSE:GGG) by 12.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,449 shares of the industrial products company’s stock after selling 333 shares during the period. IFP Advisors Inc’s holdings in Graco were worth $205,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in GGG. Bessemer Group Inc. grew its stake in shares of Graco by 149.5% during the first quarter. Bessemer Group Inc. now owns 4,992 shares of the industrial products company’s stock valued at $416,000 after buying an additional 2,991 shares during the last quarter. Asset Management One Co. Ltd. boosted its holdings in Graco by 13.8% during the 1st quarter. Asset Management One Co. Ltd. now owns 70,117 shares of the industrial products company’s stock valued at $5,855,000 after acquiring an additional 8,490 shares during the period. Sequoia Financial Advisors LLC bought a new position in Graco in the 1st quarter valued at $2,335,000. Farther Finance Advisors LLC increased its stake in Graco by 150.6% in the first quarter. Farther Finance Advisors LLC now owns 7,998 shares of the industrial products company’s stock worth $675,000 after purchasing an additional 4,806 shares during the period. Finally, New Age Alpha Advisors LLC purchased a new stake in Graco in the fourth quarter worth $3,138,000. 93.88% of the stock is currently owned by institutional investors.

Graco Stock Down 0.4%

Shares of NYSE GGG opened at $84.54 on Monday. The business has a fifty day simple moving average of $85.79 and a two-hundred day simple moving average of $84.14. The firm has a market cap of $14.01 billion, a PE ratio of 29.98, a price-to-earnings-growth ratio of 2.86 and a beta of 1.06. Graco Inc. has a twelve month low of $72.06 and a twelve month high of $92.86.

Graco (NYSE:GGG) last announced its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.03). The firm had revenue of $571.81 million for the quarter, compared to analysts’ expectations of $590.57 million. Graco had a net margin of 22.26% and a return on equity of 19.05%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.77 EPS. On average, research analysts expect that Graco Inc. will post 3.06 earnings per share for the current year.

Graco Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 6th. Shareholders of record on Monday, July 21st will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date of this dividend is Monday, July 21st. Graco’s dividend payout ratio (DPR) is 39.01%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wolfe Research initiated coverage on shares of Graco in a research note on Wednesday, June 18th. They set an “outperform” rating for the company. Robert W. Baird lifted their price objective on shares of Graco from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Graco presently has an average rating of “Moderate Buy” and an average price target of $94.50.

Insider Activity at Graco

In other news, insider David J. Thompson sold 3,588 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $86.23, for a total transaction of $309,393.24. Following the transaction, the insider directly owned 27,520 shares in the company, valued at approximately $2,373,049.60. This trade represents a 11.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.19% of the company’s stock.

About Graco

Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The Contractor segment offers sprayers to apply paint to walls and other structures; two-component proportioning systems that are used to spray polyurethane foam and polyurea coatings; and viscous coatings to roofs, as well as markings on roads, parking lots, athletic fields, and floors.