Canoe Financial LP Cuts Stake in Graco Inc. (NYSE:GGG)

Canoe Financial LP cut its stake in shares of Graco Inc. (NYSE:GGG - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 624,874 shares of the industrial products company's stock after selling 15,600 shares during the quarter. Canoe Financial LP owned approximately 0.37% of Graco worth $52,183,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Orion Portfolio Solutions LLC boosted its position in shares of Graco by 1.0% during the 4th quarter. Orion Portfolio Solutions LLC now owns 14,548 shares of the industrial products company's stock worth $1,226,000 after purchasing an additional 138 shares in the last quarter. IFP Advisors Inc boosted its holdings in Graco by 6.1% in the fourth quarter. IFP Advisors Inc now owns 2,782 shares of the industrial products company's stock worth $235,000 after acquiring an additional 160 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in Graco by 0.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 34,398 shares of the industrial products company's stock valued at $2,899,000 after purchasing an additional 171 shares during the period. Principal Securities Inc. grew its holdings in shares of Graco by 23.3% during the fourth quarter. Principal Securities Inc. now owns 1,007 shares of the industrial products company's stock valued at $85,000 after buying an additional 190 shares during the last quarter. Finally, TD Private Client Wealth LLC increased its holdings in Graco by 118.0% during the 4th quarter. TD Private Client Wealth LLC now owns 351 shares of the industrial products company's stock worth $30,000 after purchasing an additional 190 shares in the last quarter. 93.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Wolfe Research began coverage on shares of Graco in a research note on Wednesday, June 18th. They issued an "outperform" rating for the company. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $93.00.

Graco Stock Up 0.3%

Shares of NYSE GGG traded up $0.23 during midday trading on Tuesday, reaching $85.57. The company had a trading volume of 593,558 shares, compared to its average volume of 810,859. Graco Inc. has a one year low of $72.06 and a one year high of $92.86. The firm's fifty day moving average price is $83.32 and its 200-day moving average price is $83.84. The stock has a market cap of $14.30 billion, a PE ratio of 30.24, a price-to-earnings-growth ratio of 2.84 and a beta of 1.07.

Graco (NYSE:GGG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.68 by $0.02. The firm had revenue of $528.28 million for the quarter, compared to analyst estimates of $526.98 million. Graco had a return on equity of 19.42% and a net margin of 22.70%. The business's quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the company earned $0.65 EPS. As a group, equities research analysts expect that Graco Inc. will post 3.06 EPS for the current year.

Graco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 6th. Investors of record on Monday, July 21st will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 1.29%. The ex-dividend date is Monday, July 21st. Graco's dividend payout ratio is currently 38.87%.

Insiders Place Their Bets

In other news, insider David J. Thompson sold 3,588 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $86.23, for a total value of $309,393.24. Following the sale, the insider now directly owns 27,520 shares of the company's stock, valued at $2,373,049.60. This represents a 11.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.19% of the stock is currently owned by company insiders.

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.