Disciplined Growth Investors Inc. MN Lowers Position in Graco Inc. (GGG)
Disciplined Growth Investors Inc. MN decreased its position in Graco Inc. (NYSE:GGG) by 0.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 466,646 shares of the industrial products company’s stock after selling 3,400 shares during the period. Disciplined Growth Investors Inc. MN owned 0.83% of Graco worth $57,719,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in GGG. Vanguard Group Inc. raised its stake in Graco by 2.1% in the second quarter. Vanguard Group Inc. now owns 4,991,585 shares of the industrial products company’s stock worth $545,481,000 after buying an additional 104,725 shares in the last quarter. BlackRock Inc. raised its stake in Graco by 1.0% in the second quarter. BlackRock Inc. now owns 4,414,343 shares of the industrial products company’s stock worth $482,397,000 after buying an additional 43,669 shares in the last quarter. Fiera Capital Corp raised its stake in Graco by 7.3% in the second quarter. Fiera Capital Corp now owns 3,021,561 shares of the industrial products company’s stock worth $330,196,000 after buying an additional 206,130 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Graco by 5.1% in the third quarter. Ameriprise Financial Inc. now owns 626,628 shares of the industrial products company’s stock worth $77,514,000 after buying an additional 30,413 shares in the last quarter. Finally, Koch Industries Inc. bought a new position in Graco in the second quarter worth approximately $582,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.
In other Graco news, VP Caroline M. Chambers sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $131.56, for a total value of $1,315,600.00. Following the sale, the vice president now directly owns 15,191 shares of the company’s stock, valued at $1,998,527.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Charles L. Rescorla sold 47,000 shares of the company’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $129.93, for a total transaction of $6,106,710.00. Following the completion of the sale, the vice president now directly owns 108,802 shares in the company, valued at $14,136,643.86. The disclosure for this sale can be found here. Over the last three months, insiders sold 704,018 shares of company stock worth $16,207,731. 5.70% of the stock is owned by insiders.
Graco shares are set to split on Thursday, December 28th. The 3-1 split was announced on Friday, December 8th. The newly minted shares will be distributed to shareholders after the closing bell on Wednesday, December 27th.
Graco (NYSE:GGG) last released its earnings results on Wednesday, October 25th. The industrial products company reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.09. Graco had a return on equity of 42.05% and a net margin of 7.72%. The firm had revenue of $379.81 million for the quarter, compared to the consensus estimate of $356.30 million. During the same period in the prior year, the firm earned $0.95 EPS. The firm’s revenue was up 16.1% on a year-over-year basis. sell-side analysts forecast that Graco Inc. will post 4.36 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 7th. Investors of record on Monday, January 22nd will be given a $0.3975 dividend. This represents a $1.59 annualized dividend and a dividend yield of 1.22%. This is an increase from Graco’s previous quarterly dividend of $0.36. Graco’s dividend payout ratio is presently 75.79%.
A number of brokerages recently commented on GGG. B. Riley reissued a “neutral” rating on shares of Graco in a research note on Wednesday, November 1st. BidaskClub raised Graco from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. Robert W. Baird reaffirmed a “hold” rating and set a $135.00 price target on shares of Graco in a research report on Friday, October 27th. KeyCorp reaffirmed a “hold” rating on shares of Graco in a research report on Friday, October 20th. Finally, FBR & Co set a $140.00 price target on Graco and gave the stock a “hold” rating in a research report on Thursday, October 26th. Twelve research analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and a consensus target price of $116.75.
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Graco Inc designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. The Company specializes in equipment for applications that involve materials with viscosities, materials with abrasive or corrosive properties, and multiple-component materials that require ratio control.
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