Swiss National Bank Sells 26,400 Shares of Graco Inc. $GGG

Swiss National Bank lessened its position in shares of Graco Inc. (NYSE:GGG) by 5.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 481,900 shares of the industrial products company’s stock after selling 26,400 shares during the period. Swiss National Bank owned 0.29% of Graco worth $40,942,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in GGG. Root Financial Partners LLC purchased a new stake in Graco during the third quarter valued at about $29,000. CX Institutional increased its stake in shares of Graco by 316.7% in the third quarter. CX Institutional now owns 475 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 361 shares in the last quarter. Assetmark Inc. increased its stake in shares of Graco by 42.6% in the third quarter. Assetmark Inc. now owns 465 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 139 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 valued at $42,000 after purchasing an additional 452 shares during the period. 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 valued at $44,000 after purchasing an additional 277 shares during the period. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Graco Trading Down 0.6%

Shares of GGG stock traded down $0.49 during trading hours on Friday, reaching $86.42. The stock had a trading volume of 125,783 shares, compared to its average volume of 1,001,407. The stock’s fifty day simple moving average is $89.57 and its 200 day simple moving average is $85.37. The firm has a market capitalization of $14.29 billion, a PE ratio of 27.95, a PEG ratio of 2.76 and a beta of 1.07. Graco Inc. has a 12 month low of $72.06 and a 12 month high of $95.69.

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

Graco Announces Dividend

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 1.4%. Graco’s dividend payout ratio is presently 38.19%.

Graco declared that its Board of Directors has approved a stock buyback program 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. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Robert W. Baird set a $96.00 price objective on shares of Graco in a report on Wednesday, January 28th. DA Davidson reissued a “neutral” rating and set a $85.00 target price on shares of Graco in a report on Monday, February 2nd. Royal Bank Of Canada increased 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. Jefferies Financial Group raised their price target on Graco from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday, January 28th. Finally, KeyCorp reiterated a “sector weight” rating on shares of Graco in a research report on Tuesday, January 27th. Four research 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 company currently has a consensus rating of “Moderate Buy” and an average target price of $96.50.

Insiders Place Their Bets

In related news, insider Timothy R. White sold 1,469 shares of the business’s stock in a transaction dated Wednesday, February 4th. The stock was 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 in the company, valued at $4,664,701. The trade was a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kathryn L. Schoenrock sold 2,223 shares of the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $88.06, for a total value of $195,757.38. Following the completion of the transaction, the executive vice president owned 7,846 shares in the company, valued at $690,918.76. This represents a 22.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 19,394 shares of company stock worth $1,739,326. 2.19% of the stock is currently owned by corporate insiders.

Graco Company 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.