Allianz Asset Management GmbH Purchases 226,079 Shares of Graco Inc. (NYSE:GGG)

Allianz Asset Management GmbH raised its position in shares of Graco Inc. (NYSE:GGG) by 10.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,337,133 shares of the industrial products company’s stock after acquiring an additional 226,079 shares during the quarter. Allianz Asset Management GmbH owned approximately 1.38% of Graco worth $163,530,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in GGG. State Street Corp raised its holdings in Graco by 11.8% in the 2nd quarter. State Street Corp now owns 5,520,551 shares of the industrial products company’s stock worth $417,906,000 after acquiring an additional 580,896 shares during the last quarter. Champlain Investment Partners LLC bought a new stake in Graco in the 2nd quarter worth approximately $39,540,000. WCM Investment Management LLC grew its position in Graco by 8.1% in the 3rd quarter. WCM Investment Management LLC now owns 5,265,169 shares of the industrial products company’s stock worth $368,404,000 after purchasing an additional 395,630 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its position in Graco by 4.5% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,895,070 shares of the industrial products company’s stock worth $597,659,000 after purchasing an additional 340,275 shares during the period. Finally, Millennium Management LLC grew its position in Graco by 38.2% in the 2nd quarter. Millennium Management LLC now owns 889,724 shares of the industrial products company’s stock worth $67,352,000 after purchasing an additional 245,975 shares during the period. Hedge funds and other institutional investors own 83.40% of the company’s stock.

A number of equities research analysts have recently issued reports on GGG shares. William Blair raised shares of Graco from a “market perform” rating to an “outperform” rating in a research report on Thursday, December 2nd. Robert W. Baird reaffirmed a “buy” rating on shares of Graco in a report on Sunday, October 24th. Finally, Royal Bank of Canada decreased their price target on shares of Graco from $84.00 to $83.00 and set an “outperform” rating on the stock in a research note on Friday, October 22nd. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $80.75.

In related news, Director Eric Etchart sold 322 shares of the firm’s stock in a transaction on Friday, December 10th. The shares were sold at an average price of $79.60, for a total transaction of $25,631.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 3.63% of the company’s stock.

NYSE:GGG opened at $75.31 on Friday. Graco Inc. has a 52 week low of $64.34 and a 52 week high of $81.09. The firm has a 50 day moving average of $77.74 and a 200 day moving average of $76.41. The company has a quick ratio of 2.27, a current ratio of 3.12 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $12.80 billion, a price-to-earnings ratio of 30.24, a PEG ratio of 3.55 and a beta of 0.68.

Graco (NYSE:GGG) last posted its quarterly earnings results on Tuesday, October 19th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.63 by ($0.06). The company had revenue of $486.70 million during the quarter, compared to analysts’ expectations of $490.27 million. Graco had a return on equity of 29.13% and a net margin of 22.64%. The company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.59 EPS. As a group, analysts expect that Graco Inc. will post 2.41 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 2nd. Investors of record on Tuesday, January 18th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend is Friday, January 14th. This is a boost from Graco’s previous quarterly dividend of $0.19. Graco’s dividend payout ratio (DPR) is 30.12%.

Graco Profile

Graco, Inc is a manufacturing company, which designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. It operates through the following segments: Industrial, Contractor and Process. The Industrial segment includes the Applied Fluid Technologies and Industrial Products divisions.

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Institutional Ownership by Quarter for Graco (NYSE:GGG)

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