AXQ Capital LP Buys Shares of 30,806 Graco Inc. $GGG

Key Points

• AXQ Capital bought 30,806 Graco shares worth approximately $2.3 million in the second quarter. Institutional investors and hedge funds collectively own 93.88% of the company.
• Graco reported quarterly EPS of $0.91, beating analyst estimates of $0.81, while revenue rose 3.3% year over year to $590.55 million but fell short of expectations.
• Graco paid a quarterly dividend of $0.295 per share, equivalent to an annualized $1.18 dividend and a 1.5% yield. Analysts maintain a consensus “Hold” rating with a $95 average price target.

AXQ Capital LP purchased a new position in Graco Inc. (NYSE:GGG - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 30,806 shares of the industrial products company's stock, valued at approximately $2,329,000.

A number of other large investors also recently modified their holdings of the business. Quantbot Technologies LP acquired a new stake in shares of Graco during the 2nd quarter valued at about $16,632,000. Northwestern Mutual Wealth Management Co. lifted its stake in Graco by 20,706.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 556,362 shares of the industrial products company's stock worth $45,605,000 after purchasing an additional 553,688 shares during the period. Oxbow Advisors LLC bought a new position in Graco during the fourth quarter worth about $3,157,000. Renaissance Technologies LLC boosted its holdings in Graco by 87.7% during the first quarter. Renaissance Technologies LLC now owns 721,700 shares of the industrial products company's stock valued at $61,092,000 after purchasing an additional 337,300 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in Graco during the second quarter valued at approximately $100,157,000. 93.88% of the stock is currently owned by institutional investors and hedge funds.

Graco Price Performance

GGG stock opened at $77.93 on Friday. The stock has a market capitalization of $12.62 billion, a P/E ratio of 24.51, a P/E/G ratio of 2.44 and a beta of 0.92. The business has a 50-day moving average of $78.38 and a 200-day moving average of $81.05. Graco Inc. has a fifty-two week low of $72.51 and a fifty-two week high of $95.69.

Graco (NYSE:GGG - Get Free Report) last released its earnings results on Wednesday, July 22nd. The industrial products company reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.10. The business had revenue of $590.55 million during the quarter, compared to the consensus estimate of $608.06 million. Graco had a net margin of 23.53% and a return on equity of 19.54%. The firm's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.75 earnings per share. Equities analysts expect that Graco Inc. will post 3.19 EPS for the current year.

Graco Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, July 20th. Graco's dividend payout ratio (DPR) is 37.11%.

Wall Street Analyst Weigh In

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

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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