Assenagon Asset Management S.A. Decreases Stock Holdings in Graco Inc. $GGG

Key Points

• Assenagon Asset Management S.A. reduced its stake in Graco Inc. by 36.6%, selling 27,573 shares and now holding 47,786 shares valued at approximately $4.1 million.
• Graco reported earnings of $0.75 per share, missing estimates of $0.78, while revenue increased by 3.4% year-over-year but fell short of projections at $571.81 million.
• The company declared a quarterly dividend of $0.275 per share, with an annualized rate of $1.10 and a yield of 1.3%, payable on November 5th.

Assenagon Asset Management S.A. lowered its holdings in Graco Inc. (NYSE:GGG - Free Report) by 36.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,786 shares of the industrial products company's stock after selling 27,573 shares during the period. Assenagon Asset Management S.A.'s holdings in Graco were worth $4,108,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in GGG. eCIO Inc. acquired a new position in shares of Graco during the first quarter worth about $32,000. WPG Advisers LLC acquired a new position in Graco during the 1st quarter worth approximately $41,000. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Graco by 41.5% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 481 shares of the industrial products company's stock worth $41,000 after acquiring an additional 141 shares during the period. Geneos Wealth Management Inc. grew its position in Graco by 982.6% in the first quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company's stock valued at $42,000 after acquiring an additional 452 shares in the last quarter. Finally, Wood Tarver Financial Group LLC purchased a new stake in shares of Graco during the fourth quarter valued at approximately $46,000. Institutional investors and hedge funds own 93.88% of the company's stock.

Graco Stock Performance

GGG opened at $84.15 on Thursday. The company has a market capitalization of $13.94 billion, a P/E ratio of 29.84, a PEG ratio of 2.87 and a beta of 1.03. The company has a 50-day moving average of $85.15 and a 200-day moving average of $84.08. Graco Inc. has a 1-year low of $72.06 and a 1-year high of $92.86.

Graco (NYSE:GGG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $0.75 EPS for the quarter, missing analysts' consensus estimates of $0.78 by ($0.03). Graco had a return on equity of 19.05% and a net margin of 22.26%.The firm had revenue of $571.81 million during the quarter, compared to analyst estimates of $590.57 million. During the same quarter last year, the business posted $0.77 earnings per share. The firm's revenue for the quarter was up 3.4% on a year-over-year basis. As a group, sell-side analysts expect that Graco Inc. will post 3.06 earnings per share for the current fiscal year.

Graco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 5th. Investors of record on Monday, October 20th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, October 20th. Graco's dividend payout ratio is currently 39.01%.

Analysts Set New Price Targets

A number of research analysts have recently commented on GGG shares. Robert W. Baird boosted their target price on shares of Graco from $88.00 to $91.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Wolfe Research began coverage on shares of Graco in a report on Wednesday, June 18th. They issued an "outperform" rating on the stock. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.50.

Graco Profile

Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The Contractor segment offers sprayers to apply paint to walls and other structures; two-component proportioning systems that are used to spray polyurethane foam and polyurea coatings; and viscous coatings to roofs, as well as markings on roads, parking lots, athletic fields, and floors.

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