Graco Inc. $GGG Shares Sold by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC reduced its holdings in Graco Inc. (NYSE:GGG) by 37.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 113,681 shares of the industrial products company’s stock after selling 66,828 shares during the quarter. Wealth Enhancement Advisory Services LLC owned approximately 0.07% of Graco worth $9,488,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in GGG. Nordea Investment Management AB grew its position in Graco by 432.6% in the third quarter. Nordea Investment Management AB now owns 85,654 shares of the industrial products company’s stock valued at $7,263,000 after acquiring an additional 69,573 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in Graco by 154.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 64,341 shares of the industrial products company’s stock valued at $5,466,000 after purchasing an additional 39,031 shares in the last quarter. Addenda Capital Inc. purchased a new stake in Graco during the 3rd quarter worth $4,837,000. Nisa Investment Advisors LLC lifted its holdings in Graco by 18.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 81,202 shares of the industrial products company’s stock worth $6,899,000 after buying an additional 12,575 shares in the last quarter. Finally, Generali Asset Management SPA SGR purchased a new position in Graco in the 2nd quarter valued at about $3,806,000. 93.88% of the stock is owned by institutional investors and hedge funds.

Graco Trading Down 1.2%

Shares of GGG opened at $86.51 on Friday. Graco Inc. has a 52 week low of $72.06 and a 52 week high of $89.67. The firm has a market cap of $14.34 billion, a price-to-earnings ratio of 29.52, a PEG ratio of 2.76 and a beta of 1.09. The stock has a 50 day moving average of $83.51 and a 200-day moving average of $84.00.

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

Graco declared that its Board of Directors has initiated a share buyback program on Friday, December 5th that allows the company to repurchase 15,000,000 outstanding shares. This repurchase authorization allows the industrial products company to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Graco Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 4th. Stockholders of record on Monday, January 19th will be given a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, January 16th. This is an increase from Graco’s previous quarterly dividend of $0.28. Graco’s payout ratio is 40.27%.

Wall Street Analysts Forecast Growth

GGG has been the topic of a number of analyst reports. KeyCorp reiterated a “sector weight” rating on shares of Graco in a research note on Thursday, October 23rd. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Graco in a research report on Thursday, January 15th. Weiss Ratings reissued a “hold (c+)” rating on shares of Graco in a research report on Thursday. Finally, Robert W. Baird set a $89.00 price target on shares of Graco in a research note on Friday, October 24th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $87.00.

Graco 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.