15,300 Shares in Graco Inc. $GGG Bought by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management initiated a new position in Graco, buying 15,300 shares worth about $1.295 million in the first quarter. Other institutional investors also made notable changes, and institutions now own 93.88% of the stock.
• Analyst sentiment on Graco is mixed but leans cautious: the consensus rating is Hold with an average target price of $94.25. Recent moves included downgrades from Weiss Ratings and Wolfe Research, while RBC maintained an Outperform rating.
• Graco’s latest quarter missed Wall Street estimates, reporting $0.66 EPS on revenue of $540.14 million. The company also announced a quarterly dividend of $0.295 per share, implying a 1.6% yield.

Kornitzer Capital Management Inc. KS bought a new stake in Graco Inc. (NYSE:GGG - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 15,300 shares of the industrial products company's stock, valued at approximately $1,295,000.

A number of other institutional investors have also recently added to or reduced their stakes in GGG. Whipplewood Advisors LLC raised its holdings in shares of Graco by 2,650.0% in the 1st quarter. Whipplewood Advisors LLC now owns 330 shares of the industrial products company's stock worth $28,000 after purchasing an additional 318 shares during the period. Geneos Wealth Management Inc. grew its holdings in shares of Graco by 982.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company's stock worth $42,000 after purchasing an additional 452 shares during the period. Field & Main Bank acquired a new stake in Graco during the 4th quarter worth approximately $41,000. Root Financial Partners LLC increased its position in Graco by 43.2% during the 1st quarter. Root Financial Partners LLC now owns 504 shares of the industrial products company's stock worth $43,000 after purchasing an additional 152 shares in the last quarter. Finally, Matrix Trust Co raised its holdings in Graco by 43.0% in the fourth quarter. Matrix Trust Co now owns 555 shares of the industrial products company's stock valued at $45,000 after buying an additional 167 shares during the period. Hedge funds and other institutional investors own 93.88% of the company's stock.

Analyst Ratings Changes

GGG has been the subject of several recent research reports. Weiss Ratings lowered shares of Graco from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, June 5th. Royal Bank Of Canada restated an "outperform" rating and set a $95.00 target price on shares of Graco in a report on Friday, April 24th. Robert W. Baird decreased their price target on shares of Graco from $96.00 to $92.00 and set a "neutral" rating for the company in a research report on Friday, April 24th. Wolfe Research downgraded Graco from an "outperform" rating to a "peer perform" rating in a report on Thursday. Finally, DA Davidson reissued a "neutral" rating and issued a $85.00 price objective on shares of Graco in a research report on Monday, April 27th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $94.25.

Graco Stock Performance

GGG opened at $73.96 on Monday. The company has a 50-day moving average of $75.66 and a 200-day moving average of $83.22. The company has a market capitalization of $12.28 billion, a P/E ratio of 24.09, a PEG ratio of 2.38 and a beta of 0.93. Graco Inc. has a 1-year low of $72.51 and a 1-year high of $95.69.

Graco (NYSE:GGG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The industrial products company reported $0.66 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.09). The company 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 business's revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.70 EPS. As a group, sell-side analysts expect that Graco Inc. will post 3.1 earnings per share 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 issued a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Monday, July 20th. Graco's dividend payout ratio (DPR) is currently 38.44%.

Insider Activity at Graco

In other news, Director Andrea Helen Simon bought 1,240 shares of the firm's stock in a transaction dated Monday, April 27th. The stock was bought at an average price of $80.53 per share, for a total transaction of $99,857.20. Following the transaction, the director owned 1,240 shares in the company, valued at $99,857.20. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.18% of the company's stock.

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.

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