113,928 Shares in Graco Inc. $GGG Bought by Freestone Grove Partners LP

Key Points

• Freestone Grove Partners LP acquired 113,928 Graco shares worth approximately $8.6 million, joining other institutional investors that recently increased positions. Institutions and hedge funds now own 93.88% of Graco.
• Graco reported quarterly EPS of $0.91, beating estimates of $0.81, while revenue rose 3.3% year over year to $590.55 million but fell short of analyst expectations.
• Shares opened at $79.14, down 0.6%, while analysts maintained a consensus “Hold” rating with a $95 price target. Graco also declared a quarterly dividend of $0.295, equal to a 1.5% annualized yield.

Freestone Grove Partners LP bought a new position in shares of Graco Inc. (NYSE:GGG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 113,928 shares of the industrial products company's stock, valued at approximately $8,614,000. Freestone Grove Partners LP owned about 0.07% of Graco at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Quantbot Technologies LP acquired a new position in shares of Graco during the second quarter valued at $16,632,000. Northwestern Mutual Wealth Management Co. lifted its holdings in Graco by 20,706.4% in 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 purchasing an additional 553,688 shares during the period. Oxbow Advisors LLC acquired a new stake in Graco in the fourth quarter worth about $3,157,000. Renaissance Technologies LLC grew its position in Graco by 87.7% in the 1st quarter. Renaissance Technologies LLC now owns 721,700 shares of the industrial products company's stock valued at $61,092,000 after buying an additional 337,300 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in Graco by 37.5% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 135,942 shares of the industrial products company's stock valued at $11,507,000 after buying an additional 37,050 shares in the last quarter. 93.88% of the stock is currently owned by institutional investors and hedge funds.

Graco Stock Down 0.6%

GGG opened at $79.14 on Friday. The firm has a market cap of $12.82 billion, a PE ratio of 24.89, a P/E/G ratio of 2.45 and a beta of 0.92. The business has a fifty day simple moving average of $78.16 and a 200-day simple moving average of $81.62. Graco Inc. has a fifty-two week low of $72.51 and a fifty-two week high of $95.69.

Graco (NYSE:GGG - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.10. The business had revenue of $590.55 million during the quarter, compared to analyst estimates of $608.06 million. Graco had a return on equity of 19.54% and a net margin of 23.53%.Graco's revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the company posted $0.75 EPS. On average, equities research analysts anticipate that Graco Inc. will post 3.26 EPS for the current fiscal year.

Graco Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Monday, July 20th. Graco's dividend payout ratio (DPR) is presently 37.11%.

Wall Street Analyst Weigh In

A number of research firms have commented on GGG. Weiss Ratings upgraded shares of Graco from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 4th. Robert W. Baird set a $94.00 price objective on shares of Graco in a report on Friday, July 24th. DA Davidson reiterated a "neutral" rating and set a $85.00 price objective on shares of Graco in a research note on Monday, July 27th. Royal Bank Of Canada boosted their target price on Graco from $92.00 to $96.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Finally, Wolfe Research downgraded Graco from an "outperform" rating to a "peer perform" rating in a research report on Thursday, July 9th. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $95.00.

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.

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