Assenagon Asset Management S.A. Acquires 188,233 Shares of Graco Inc. $GGG

Key Points

• Assenagon Asset Management nearly doubled its stake in Graco, buying 188,233 shares in the first quarter and lifting its position to 378,980 shares worth about $32.1 million.
• Graco reported weaker-than-expected quarterly results, with EPS of $0.66 versus the $0.75 consensus and revenue of $540.14 million versus $561.35 million expected, though revenue still rose 2.2% year over year.
• The company announced a quarterly dividend of $0.295 per share, payable August 5, while analysts currently rate the stock a consensus Hold with a target price of $94.25.

Assenagon Asset Management S.A. boosted its stake in shares of Graco Inc. (NYSE:GGG - Free Report) by 98.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 378,980 shares of the industrial products company's stock after buying an additional 188,233 shares during the period. Assenagon Asset Management S.A. owned approximately 0.23% of Graco worth $32,081,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. State Street Corp increased its holdings in Graco by 3.2% during the 4th quarter. State Street Corp now owns 7,813,877 shares of the industrial products company's stock worth $640,503,000 after purchasing an additional 242,817 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Graco by 5.9% in the fourth quarter. Geode Capital Management LLC now owns 4,652,241 shares of the industrial products company's stock valued at $380,642,000 after acquiring an additional 261,126 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Graco by 5.4% in the 4th quarter. Morgan Stanley now owns 4,057,036 shares of the industrial products company's stock valued at $332,556,000 after buying an additional 206,949 shares during the last quarter. Amundi boosted its holdings in shares of Graco by 2.6% in the 3rd quarter. Amundi now owns 2,076,887 shares of the industrial products company's stock valued at $176,016,000 after buying an additional 53,126 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Graco in the fourth quarter valued at $161,949,000. Institutional investors own 93.88% of the company's stock.

Graco Price Performance

Shares of NYSE GGG opened at $76.40 on Friday. The stock has a market capitalization of $12.68 billion, a P/E ratio of 24.89, a P/E/G ratio of 2.45 and a beta of 0.93. The company has a 50-day moving average price of $77.41 and a 200-day moving average price of $83.79. Graco Inc. has a 1 year low of $73.15 and a 1 year high of $95.69.

Graco (NYSE:GGG - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The industrial products company reported $0.66 earnings per share (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 analysts' expectations of $561.35 million. Graco had a net margin of 22.96% and a return on equity of 18.66%. The firm's quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 EPS. As a group, equities research analysts anticipate that Graco Inc. will post 3.1 earnings per share for the current fiscal year.

Graco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be given 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 38.44%.

Insider Buying and Selling at Graco

In other news, Director Andrea Helen Simon purchased 1,240 shares of the stock in a transaction dated Monday, April 27th. The shares were purchased at an average cost of $80.53 per share, with a total value of $99,857.20. Following the completion of the acquisition, the director owned 1,240 shares in the company, valued at $99,857.20. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.18% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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

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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