Graco Inc. $GGG Shares Sold by Canoe Financial LP

Canoe Financial LP lessened its stake in Graco Inc. (NYSE:GGG) by 7.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 554,374 shares of the industrial products company’s stock after selling 46,400 shares during the period. Canoe Financial LP owned 0.33% of Graco worth $47,100,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. PineStone Asset Management Inc. lifted its holdings in shares of Graco by 9.1% in the 2nd quarter. PineStone Asset Management Inc. now owns 3,911,372 shares of the industrial products company’s stock valued at $336,261,000 after purchasing an additional 326,877 shares during the last quarter. Amundi increased its position in Graco by 12.6% during the second quarter. Amundi now owns 2,023,761 shares of the industrial products company’s stock worth $179,083,000 after buying an additional 226,284 shares during the period. Norges Bank acquired a new position in Graco during the second quarter worth approximately $170,661,000. First Trust Advisors LP lifted its stake in Graco by 0.8% in the second quarter. First Trust Advisors LP now owns 1,443,723 shares of the industrial products company’s stock valued at $124,117,000 after buying an additional 11,924 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Graco by 12.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,337,457 shares of the industrial products company’s stock valued at $111,691,000 after acquiring an additional 146,424 shares during the period. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Robert W. Baird set a $89.00 target price on shares of Graco in a report on Friday, October 24th. Weiss Ratings downgraded shares of Graco from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Graco in a report on Thursday, October 23rd. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $90.33.

Graco Stock Performance

Shares of GGG opened at $83.60 on Friday. The stock has a market capitalization of $13.86 billion, a P/E ratio of 28.53, a P/E/G ratio of 2.81 and a beta of 1.09. Graco Inc. has a 1 year low of $72.06 and a 1 year high of $89.67. The company’s fifty day moving average is $82.12 and its two-hundred day moving average is $84.10.

Graco (NYSE:GGG) last issued its earnings results on Wednesday, October 22nd. The industrial products company reported $0.73 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.02). Graco had a net margin of 22.72% and a return on equity of 18.89%. The firm had revenue of $543.36 million during the quarter, compared to analysts’ expectations of $563.07 million. During the same period in the previous year, the firm earned $0.71 EPS. The firm’s revenue was up 4.7% on a year-over-year basis. Sell-side analysts predict that Graco Inc. will post 3.06 EPS for the current year.

Graco announced that its board has authorized a share buyback plan on Friday, December 5th that allows the company to repurchase 15,000,000 outstanding shares. This repurchase authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Graco Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 4th. Shareholders of record on Monday, January 19th will be given a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, January 16th. This is a positive change from Graco’s previous quarterly dividend of $0.28. Graco’s payout ratio is presently 37.54%.

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.