Andra AP fonden Sells 27,700 Shares of Graco Inc. $GGG

Andra AP fonden reduced its stake in Graco Inc. (NYSE:GGG - Free Report) by 22.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 96,400 shares of the industrial products company's stock after selling 27,700 shares during the period. Andra AP fonden owned approximately 0.06% of Graco worth $7,289,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of GGG. BlackRock Inc. bought a new stake in shares of Graco in the 2nd quarter valued at approximately $1,396,470,000. Geode Capital Management LLC raised its holdings in Graco by 5.9% during the 4th quarter. Geode Capital Management LLC now owns 4,652,241 shares of the industrial products company's stock valued at $380,642,000 after buying an additional 261,126 shares during the period. Norges Bank purchased a new stake in Graco during the 4th quarter valued at $161,949,000. Amundi lifted its position in Graco by 7.5% in the second quarter. Amundi now owns 2,090,184 shares of the industrial products company's stock worth $158,039,000 after buying an additional 146,032 shares during the last quarter. Finally, Caisse de depot et placement du Quebec bought a new stake in Graco in the second quarter worth $141,667,000. Hedge funds and other institutional investors own 93.88% of the company's stock.

Graco Stock Performance

NYSE:GGG opened at $78.40 on Thursday. The firm has a 50-day simple moving average of $78.99 and a 200-day simple moving average of $79.47. Graco Inc. has a one year low of $72.51 and a one year high of $95.69. The firm has a market cap of $12.70 billion, a P/E ratio of 24.65, a P/E/G ratio of 2.42 and a beta of 0.92.

Graco (NYSE:GGG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.81 by $0.10. Graco had a return on equity of 19.54% and a net margin of 23.53%.The firm had revenue of $590.55 million during the quarter, compared to analysts' expectations of $608.06 million. During the same period in the prior year, the business posted $0.75 EPS. The firm's quarterly revenue was up 3.3% on a year-over-year basis. On average, research analysts predict that Graco Inc. will post 3.21 EPS for the current fiscal year.

Graco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 4th. Shareholders of record on Monday, October 19th will be issued a $0.295 dividend. This represents a $1.18 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Monday, October 19th. Graco's dividend payout ratio (DPR) is currently 37.11%.

Analyst Upgrades and Downgrades

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

About Graco

Graco Inc is a manufacturer of equipment used to manage, measure, control and apply fluids and coatings. Its products include pumps, valves, meters, regulators, dispensing systems, spray equipment and automated lubrication systems used in manufacturing, construction, vehicle service and other industrial applications.

The company serves a range of end markets through businesses focused on contractor equipment, industrial systems and process equipment. Its offerings support applications such as painting and protective coatings, sealant and adhesive dispensing, lubrication, fluid transfer, water and wastewater treatment, and the handling of chemicals and other materials.

Founded in Minneapolis in 1926, Graco traces its origins to equipment developed for dispensing automotive grease.

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