Confluence Investment Management LLC Decreases Stock Position in Graco Inc. (NYSE:GGG)

Confluence Investment Management LLC lowered its position in shares of Graco Inc. (NYSE:GGGFree Report) by 2.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 985,758 shares of the industrial products company’s stock after selling 22,060 shares during the period. Confluence Investment Management LLC owned approximately 0.59% of Graco worth $85,120,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Advance Capital Management Inc. purchased a new stake in Graco during the 2nd quarter worth $211,000. State Board of Administration of Florida Retirement System lifted its stake in shares of Graco by 0.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 177,706 shares of the industrial products company’s stock worth $12,974,000 after acquiring an additional 1,200 shares in the last quarter. Toroso Investments LLC boosted its holdings in Graco by 16.0% in the first quarter. Toroso Investments LLC now owns 53,562 shares of the industrial products company’s stock valued at $3,911,000 after purchasing an additional 7,372 shares during the last quarter. SkyView Investment Advisors LLC acquired a new stake in Graco during the 1st quarter valued at approximately $772,000. Finally, JPMorgan Chase & Co. increased its holdings in Graco by 48.9% during the 1st quarter. JPMorgan Chase & Co. now owns 580,852 shares of the industrial products company’s stock worth $42,407,000 after purchasing an additional 190,670 shares during the last quarter. 84.94% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Mark W. Sheahan purchased 1,263 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were acquired at an average price of $79.04 per share, with a total value of $99,827.52. Following the acquisition, the chief executive officer now owns 62,986 shares in the company, valued at approximately $4,978,413.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Mark W. Sheahan acquired 1,263 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were purchased at an average cost of $79.04 per share, for a total transaction of $99,827.52. Following the transaction, the chief executive officer now directly owns 62,986 shares in the company, valued at approximately $4,978,413.44. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Caroline M. Chambers sold 7,060 shares of the business’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $77.04, for a total transaction of $543,902.40. Following the transaction, the insider now directly owns 49,381 shares of the company’s stock, valued at $3,804,312.24. The disclosure for this sale can be found here. Corporate insiders own 2.98% of the company’s stock.

Graco Trading Down 0.3 %

Shares of GGG opened at $75.21 on Thursday. The firm has a market cap of $12.71 billion, a price-to-earnings ratio of 25.58, a PEG ratio of 2.53 and a beta of 0.81. Graco Inc. has a 52 week low of $58.17 and a 52 week high of $87.94. The stock has a 50 day moving average of $80.00 and a 200-day moving average of $77.22.

Graco (NYSE:GGGGet Free Report) last released its quarterly earnings data on Wednesday, July 26th. The industrial products company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.03). Graco had a return on equity of 25.52% and a net margin of 23.10%. The business had revenue of $559.60 million during the quarter, compared to analyst estimates of $576.14 million. During the same period in the prior year, the firm earned $0.68 EPS. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. On average, sell-side analysts predict that Graco Inc. will post 2.99 earnings per share for the current fiscal year.

Graco Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 2nd. Shareholders of record on Monday, July 17th were issued a $0.235 dividend. The ex-dividend date was Friday, July 14th. This represents a $0.94 dividend on an annualized basis and a yield of 1.25%. Graco’s dividend payout ratio is currently 31.97%.

Analysts Set New Price Targets

GGG has been the subject of several research analyst reports. Royal Bank of Canada reduced their target price on Graco from $94.00 to $91.00 and set an “outperform” rating for the company in a research note on Friday, July 28th. StockNews.com upgraded shares of Graco from a “hold” rating to a “buy” rating in a research note on Friday, August 25th. Finally, William Blair reissued a “market perform” rating on shares of Graco in a report on Monday, June 5th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $83.00.

Get Our Latest Stock Analysis on GGG

About Graco

(Free Report)

Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The company's Industrial segment offers proportioning systems to spray polyurethane foam and polyurea coatings; equipment that pumps, meters, mixes and dispenses sealant, adhesive, and composite materials; and gel-coat equipment, chop and wet-out systems, resin transfer molding systems and applicators, and precision dispensing solutions.

Further Reading

Institutional Ownership by Quarter for Graco (NYSE:GGG)

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