Baillie Gifford & Co. Buys 10,957 Shares of Graco Inc. $GGG

Baillie Gifford & Co. increased its stake in shares of Graco Inc. (NYSE:GGG) by 10.5% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 115,382 shares of the industrial products company’s stock after purchasing an additional 10,957 shares during the period. Baillie Gifford & Co. owned 0.07% of Graco worth $9,803,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Root Financial Partners LLC purchased a new stake in shares of Graco in the third quarter worth about $29,000. NewSquare Capital LLC increased its holdings in Graco by 320.7% during the 2nd quarter. NewSquare Capital LLC now owns 345 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 263 shares during the period. CX Institutional increased its holdings in Graco by 316.7% during the 3rd quarter. CX Institutional now owns 475 shares of the industrial products company’s stock worth $40,000 after acquiring an additional 361 shares during the period. Geneos Wealth Management Inc. lifted its stake in 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. Finally, TD Private Client Wealth LLC boosted its holdings in Graco by 116.9% in the 3rd quarter. TD Private Client Wealth LLC now owns 514 shares of the industrial products company’s stock valued at $44,000 after purchasing an additional 277 shares during the period. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Graco Stock Down 1.2%

Shares of GGG stock opened at $86.51 on Friday. The business has a 50-day moving average price of $83.51 and a two-hundred day moving average price of $83.97. Graco Inc. has a 12-month low of $72.06 and a 12-month high of $89.67. The firm has a market cap of $14.34 billion, a P/E ratio of 29.52, a price-to-earnings-growth ratio of 2.73 and a beta of 1.09.

Graco (NYSE:GGG) last announced its quarterly earnings data on Wednesday, October 22nd. The industrial products company reported $0.73 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 net margin of 22.72% and a return on equity of 18.89%. Graco’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.71 earnings per share. As a group, research analysts expect that Graco Inc. will post 3.06 EPS for the current fiscal year.

Graco declared that its board has approved a stock buyback plan on Friday, December 5th that allows the company to buyback 15,000,000 outstanding shares. This buyback authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

Graco Increases Dividend

The firm also recently declared 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. The ex-dividend date is Friday, January 16th. This is an increase from Graco’s previous quarterly dividend of $0.28. This represents a $1.18 dividend on an annualized basis and a yield of 1.4%. Graco’s dividend payout ratio (DPR) is 40.27%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Graco in a report on Thursday. Robert W. Baird set a $89.00 target price on Graco in a research report on Friday, October 24th. KeyCorp reaffirmed a “sector weight” rating on shares of Graco in a report on Thursday, October 23rd. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of Graco in a research report on Thursday, January 15th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target 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.