OP Asset Management Ltd Takes $3.03 Million Position in Graco Inc. $GGG

OP Asset Management Ltd bought a new stake in Graco Inc. (NYSE:GGG) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 35,772 shares of the industrial products company’s stock, valued at approximately $3,028,000.

A number of other hedge funds have also recently added to or reduced their stakes in GGG. Norges Bank bought a new position in shares of Graco in the 4th quarter worth $161,949,000. Bank of Montreal Can increased its stake in Graco by 1,636.9% during the 4th quarter. Bank of Montreal Can now owns 1,011,196 shares of the industrial products company’s stock valued at $82,888,000 after purchasing an additional 952,977 shares in the last quarter. Caisse de depot et placement du Quebec raised its holdings in Graco by 236.4% during the third quarter. Caisse de depot et placement du Quebec now owns 1,279,553 shares of the industrial products company’s stock worth $108,711,000 after buying an additional 899,174 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Graco by 20,706.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 556,362 shares of the industrial products company’s stock worth $45,605,000 after buying an additional 553,688 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of 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 in the last quarter. Institutional investors and hedge funds own 93.88% of the company’s stock.

Graco Stock Up 0.6%

Shares of NYSE GGG opened at $76.40 on Friday. The company has a market capitalization of $12.68 billion, a PE ratio of 24.89, a PEG ratio of 2.46 and a beta of 0.93. The stock’s 50 day moving average price is $77.41 and its 200-day moving average price is $83.79. Graco Inc. has a twelve month low of $73.15 and a twelve month high of $95.69.

Graco (NYSE:GGG) last released its earnings results on Wednesday, April 22nd. The industrial products company reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.09). The business had revenue of $540.14 million for the quarter, compared to the consensus estimate of $561.35 million. Graco had a return on equity of 18.66% and a net margin of 22.96%.The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.70 earnings per share. As a group, research analysts expect that Graco Inc. will post 3.1 EPS for the current fiscal year.

Graco Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be paid a $0.295 dividend. The ex-dividend date is Monday, July 20th. This represents a $1.18 annualized dividend and a dividend yield of 1.5%. Graco’s payout ratio is presently 38.44%.

Insider Buying and Selling at Graco

In other news, Director Andrea Helen Simon acquired 1,240 shares of the firm’s stock in a transaction that occurred on Monday, April 27th. The stock was bought at an average price of $80.53 per share, with a total value of $99,857.20. Following the acquisition, the director owned 1,240 shares in the company, valued at $99,857.20. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.18% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on GGG. Royal Bank Of Canada reiterated an “outperform” rating and set a $95.00 price target on shares of Graco in a research note on Friday, April 24th. Weiss Ratings lowered Graco from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, June 5th. Robert W. Baird cut their target price on Graco from $96.00 to $92.00 and set a “neutral” rating on the stock in a research report on Friday, April 24th. Finally, DA Davidson reiterated a “neutral” rating and set a $85.00 price target on shares of Graco in a report on Monday, April 27th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Graco presently has an average rating of “Hold” and a consensus target price of $94.25.

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.