Graco Inc. $GGG Shares Acquired by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. boosted its position in Graco Inc. (NYSE:GGG) by 36.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 190,747 shares of the industrial products company’s stock after acquiring an additional 51,317 shares during the quarter. Assenagon Asset Management S.A. owned 0.12% of Graco worth $15,636,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp increased its stake in Graco by 1.3% during the third quarter. State Street Corp now owns 7,571,060 shares of the industrial products company’s stock worth $643,237,000 after acquiring an additional 99,097 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Graco by 3.2% in the 3rd quarter. Principal Financial Group Inc. now owns 2,458,857 shares of the industrial products company’s stock valued at $208,908,000 after purchasing an additional 75,285 shares in the last quarter. Amundi lifted its stake in shares of Graco by 2.6% in the 3rd quarter. Amundi now owns 2,076,887 shares of the industrial products company’s stock valued at $176,016,000 after purchasing an additional 53,126 shares in the last quarter. Norges Bank purchased a new stake in shares of Graco during the 2nd quarter worth about $170,661,000. Finally, Northern Trust Corp grew its holdings in shares of Graco by 0.8% during the 3rd quarter. Northern Trust Corp now owns 1,865,673 shares of the industrial products company’s stock worth $158,508,000 after purchasing an additional 14,764 shares during the period. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Graco Stock Performance

Graco stock opened at $84.62 on Friday. The firm has a market capitalization of $14.03 billion, a PE ratio of 27.39, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. Graco Inc. has a one year low of $72.06 and a one year high of $95.69. The stock’s 50 day moving average price is $89.64 and its 200 day moving average price is $85.34.

Graco (NYSE:GGG) last issued its quarterly earnings data on Monday, January 26th. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.77. Graco had a net margin of 23.33% and a return on equity of 19.49%. The company had revenue of $593.16 million during the quarter, compared to the consensus estimate of $591.99 million. During the same quarter last year, the company earned $0.64 earnings per share. Graco’s revenue for the quarter was up 8.1% on a year-over-year basis. On average, analysts forecast that Graco Inc. will post 3.06 earnings per share for the current fiscal year.

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

Graco Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 6th. Investors of record on Monday, April 13th will be issued a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Monday, April 13th. Graco’s dividend payout ratio (DPR) is presently 38.19%.

Insider Activity

In other Graco news, EVP Angela F. Wordell sold 2,832 shares of the business’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $93.22, for a total value of $263,999.04. Following the transaction, the executive vice president owned 13,360 shares in the company, valued at $1,245,419.20. The trade was a 17.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Timothy R. White sold 1,469 shares of the company’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $90.70, for a total transaction of $133,238.30. Following the completion of the transaction, the insider directly owned 51,430 shares of the company’s stock, valued at approximately $4,664,701. The trade was a 2.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 19,394 shares of company stock worth $1,739,326. Corporate insiders own 2.18% of the company’s stock.

Analysts Set New Price Targets

GGG has been the topic of several research reports. Royal Bank Of Canada raised their price target on shares of Graco from $97.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, January 28th. KeyCorp reiterated a “sector weight” rating on shares of Graco in a research note on Tuesday, January 27th. Weiss Ratings raised shares of Graco from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, February 5th. DA Davidson reissued a “neutral” rating and issued a $85.00 target price on shares of Graco in a research note on Monday, February 2nd. Finally, Jefferies Financial Group lifted their target price on shares of Graco from $100.00 to $105.00 and gave the company a “buy” rating in a report on Wednesday, January 28th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Graco has an average rating of “Moderate Buy” and an average price target of $96.50.

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.