Vest Financial LLC Buys 11,171 Shares of Graco Inc. $GGG

Vest Financial LLC raised its stake in shares of Graco Inc. (NYSE:GGG) by 22.7% in the third quarter, Holdings Channel reports. The institutional investor owned 60,474 shares of the industrial products company’s stock after buying an additional 11,171 shares during the quarter. Vest Financial LLC’s holdings in Graco were worth $5,138,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Root Financial Partners LLC purchased a new position in Graco during the third quarter valued at approximately $29,000. NewSquare Capital LLC boosted its holdings in Graco by 320.7% in the 2nd quarter. NewSquare Capital LLC now owns 345 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 263 shares during the period. CX Institutional grew its position in shares of Graco by 316.7% during the 3rd quarter. CX Institutional now owns 475 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 361 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of Graco by 982.6% in the first quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company’s stock worth $42,000 after buying an additional 452 shares in the last quarter. Finally, TD Private Client Wealth LLC raised its position in shares of Graco by 116.9% in the third quarter. TD Private Client Wealth LLC now owns 514 shares of the industrial products company’s stock worth $44,000 after buying an additional 277 shares in the last quarter. 93.88% of the stock is owned by hedge funds and other institutional investors.

Graco Trading Up 2.6%

Shares of NYSE GGG opened at $87.07 on Thursday. The stock’s 50-day moving average is $83.26 and its 200 day moving average is $83.98. The stock has a market cap of $14.44 billion, a price-to-earnings ratio of 29.72, a P/E/G ratio of 2.68 and a beta of 1.09. Graco Inc. has a 1-year low of $72.06 and a 1-year high of $89.67.

Graco (NYSE:GGG) last issued its quarterly earnings results on Wednesday, October 22nd. The industrial products company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.02). The business 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%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.71 earnings per share. On average, analysts forecast that Graco Inc. will post 3.06 EPS for the current fiscal year.

Graco announced that its board has initiated a stock 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 repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Graco Increases Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GGG. Weiss Ratings lowered Graco from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. KeyCorp restated a “sector weight” rating on shares of Graco in a research report on Thursday, October 23rd. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Graco in a research note on Thursday, January 15th. Finally, Robert W. Baird set a $89.00 price target on shares of Graco in a research note on Friday, October 24th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $87.00.

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.