77,060 Graco Inc. $GGG Shares Sold by Conestoga Capital Advisors LLC

Key Points

• Conestoga Capital Advisors cut its Graco stake by 22% in the third quarter, selling 77,060 shares; it held 272,584 shares, valued at about $20.9 million, afterward.
• Graco reported quarterly EPS of $0.81, below analysts’ $0.83 estimate, and revenue of $586.4 million, also short of expectations. Revenue nevertheless rose 7.9% year over year.
• Analysts’ consensus rating was Hold, with an average price target of $87.40. Graco also paid a quarterly dividend of $0.295 per share, equivalent to a 1.7% annual yield.

Conestoga Capital Advisors LLC lessened its stake in Graco Inc. (NYSE:GGG - Free Report) by 22.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 272,584 shares of the industrial products company's stock after selling 77,060 shares during the period. Conestoga Capital Advisors LLC owned about 0.17% of Graco worth $20,945,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quantbot Technologies LP acquired a new stake in shares of Graco during the 2nd quarter valued at about $16,632,000. Nykredit A S acquired a new position in Graco in the 2nd quarter worth about $6,051,000. Hsbc Holdings PLC acquired a new position in Graco in the 2nd quarter worth about $100,157,000. Amundi raised its holdings in Graco by 7.5% in the 2nd quarter. Amundi now owns 2,090,184 shares of the industrial products company's stock worth $158,039,000 after purchasing an additional 146,032 shares during the period. Finally, Bank of America Corp DE purchased a new position in Graco during the second quarter worth approximately $57,954,000. Institutional investors and hedge funds own 93.88% of the company's stock.

Graco Price Performance

GGG stock opened at $69.83 on Thursday. The company has a quick ratio of 1.24, a current ratio of 2.12 and a debt-to-equity ratio of 0.04. The business has a fifty day moving average of $76.20 and a two-hundred day moving average of $80.81. Graco Inc. has a 52-week low of $65.96 and a 52-week high of $95.69. The stock has a market cap of $11.20 billion, a price-to-earnings ratio of 22.45, a price-to-earnings-growth ratio of 2.16 and a beta of 0.89.

Graco (NYSE:GGG - Get Free Report) last released its earnings results on Wednesday, October 21st. The industrial products company reported $0.81 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.83 by ($0.02). The business had revenue of $586.39 million for the quarter, compared to analyst estimates of $590.17 million. Graco had a return on equity of 20.13% and a net margin of 22.40%. Graco's quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.73 earnings per share. As a group, research analysts anticipate that Graco Inc. will post 3.20 earnings per share for the current year.

Graco Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 4th. Investors of record on Monday, October 19th were issued a $0.2950 dividend. The ex-dividend date of this dividend was Monday, October 19th. This represents a $1.18 annualized dividend and a yield of 1.7%. Graco's dividend payout ratio (DPR) is 37.94%.

Analyst Ratings Changes

Several brokerages have commented on GGG. Royal Bank Of Canada reissued an "outperform" rating and issued a $82.00 price objective (down from $95.00) on shares of Graco in a report on Friday, October 23rd. Robert W. Baird set a $80.00 target price on Graco in a research note on Friday, October 23rd. BNP Paribas Exane decreased their target price on Graco from $95.00 to $85.00 and set an "outperform" rating on the stock in a research report on Friday, October 23rd. Weiss Ratings reissued a "hold (c)" rating on shares of Graco in a research note on Monday. Finally, DA Davidson reissued a "neutral" rating and issued a $85.00 price target on shares of Graco in a research note on Monday, July 27th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $87.40.

Graco Company Profile

Graco Inc is a global manufacturer of equipment used to move, measure, control, dispense and apply fluids and other materials. Its products are used in industrial, commercial and residential applications involving paints, coatings, sealants, adhesives, lubricants, chemicals and other fluids.

The company's product portfolio includes pumps, valves, meters, regulators, fluid-management systems, lubrication equipment, spray-applied coating and finishing systems, sealant and adhesive equipment, and contractor-oriented painting and texture application tools.

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