Graco Inc. $GGG Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its position in Graco Inc. (NYSE:GGG) by 8.7% during the third quarter, Holdings Channel.com reports. The fund owned 661,987 shares of the industrial products company’s stock after selling 62,747 shares during the quarter. JPMorgan Chase & Co.’s holdings in Graco were worth $56,242,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of GGG. Norges Bank purchased a new stake in Graco during the 2nd quarter worth approximately $170,661,000. AQR Capital Management LLC lifted its stake in Graco by 116.8% in the second quarter. AQR Capital Management LLC now owns 735,146 shares of the industrial products company’s stock valued at $63,201,000 after buying an additional 396,125 shares during the last quarter. Sei Investments Co. boosted its stake in Graco by 94.6% during the 2nd quarter. Sei Investments Co. now owns 508,176 shares of the industrial products company’s stock valued at $43,688,000 after purchasing an additional 246,984 shares during the period. Jane Street Group LLC increased its stake in Graco by 3,165.4% during the 2nd quarter. Jane Street Group LLC now owns 249,703 shares of the industrial products company’s stock valued at $21,467,000 after buying an additional 242,056 shares during the period. Finally, Amundi raised its stake in shares of Graco by 12.6% in the 2nd quarter. Amundi now owns 2,023,761 shares of the industrial products company’s stock worth $179,083,000 after buying an additional 226,284 shares in the last quarter. 93.88% of the stock is currently owned by hedge funds and other institutional investors.

Graco Stock Performance

Graco stock opened at $92.33 on Thursday. The business’s fifty day moving average is $87.88 and its two-hundred day moving average is $84.95. The firm has a market cap of $15.27 billion, a P/E ratio of 29.88, a P/E/G ratio of 2.93 and a beta of 1.08. Graco Inc. has a 52 week low of $72.06 and a 52 week high of $95.69.

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

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

Graco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 6th. Stockholders of record on Monday, April 13th will be issued a $0.295 dividend. The ex-dividend date of this dividend is Monday, April 13th. This represents a $1.18 annualized dividend and a dividend yield of 1.3%. Graco’s payout ratio is 38.19%.

Insider Activity

In related news, EVP Kathryn L. Schoenrock sold 2,223 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $88.06, for a total transaction of $195,757.38. Following the sale, the executive vice president directly owned 7,846 shares in the company, valued at $690,918.76. This trade represents a 22.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Timothy R. White sold 1,469 shares of the business’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $90.70, for a total value of $133,238.30. Following the completion of the sale, the insider owned 51,430 shares in the company, valued at approximately $4,664,701. This trade represents a 2.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 19,394 shares of company stock worth $1,739,326 in the last 90 days. Corporate insiders own 2.19% of the company’s stock.

Analysts Set New Price Targets

GGG has been the subject of several recent analyst reports. Royal Bank Of Canada raised their target price on Graco from $97.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 28th. KeyCorp reissued a “sector weight” rating on shares of Graco in a research report on Tuesday, January 27th. Robert W. Baird set a $96.00 price objective on Graco in a research report on Wednesday, January 28th. Jefferies Financial Group upped their target price on shares of Graco from $100.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, January 28th. Finally, DA Davidson reissued a “neutral” rating and issued a $85.00 price target on shares of Graco in a report on Monday, February 2nd. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $96.50.

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.