Fifth Third Bancorp Increases Holdings in Graco Inc. $GGG

Key Points

• Fifth Third Bancorp dramatically increased its stake in Graco, boosting holdings by 9,716.4% in the first quarter to 170,412 shares valued at about $14.4 million.
• Graco has seen broad institutional buying, with hedge funds and other investors owning 93.88% of the stock; meanwhile, insider activity included Director Andrea Helen Simon purchasing 1,240 shares.
• The company’s latest results were mixed: Q1 earnings and revenue both missed estimates, and analysts currently rate the stock a consensus “Hold” with an average price target of $94.25, while Graco also announced a quarterly dividend of $0.295 per share.

Fifth Third Bancorp increased its position in shares of Graco Inc. (NYSE:GGG - Free Report) by 9,716.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 170,412 shares of the industrial products company's stock after purchasing an additional 168,676 shares during the quarter. Fifth Third Bancorp owned 0.10% of Graco worth $14,425,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Norges Bank purchased a new position in Graco during the 4th quarter worth approximately $161,949,000. Bank of Montreal Can lifted its stake in Graco by 1,636.9% during the 4th quarter. Bank of Montreal Can now owns 1,011,196 shares of the industrial products company's stock valued at $82,888,000 after acquiring an additional 952,977 shares during the period. Caisse de depot et placement du Quebec boosted its holdings in shares of Graco by 236.4% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,279,553 shares of the industrial products company's stock valued at $108,711,000 after acquiring an additional 899,174 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Graco by 20,706.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 556,362 shares of the industrial products company's stock valued at $45,605,000 after acquiring an additional 553,688 shares during the last quarter. Finally, Hsbc Holdings PLC increased its stake in shares of Graco by 51.8% in the first quarter. Hsbc Holdings PLC now owns 1,194,254 shares of the industrial products company's stock worth $101,061,000 after acquiring an additional 407,557 shares during the period. Hedge funds and other institutional investors own 93.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GGG. Wolfe Research cut shares of Graco from an "outperform" rating to a "peer perform" rating in a report on Thursday, July 9th. DA Davidson reaffirmed a "neutral" rating and issued a $85.00 price target on shares of Graco in a report on Monday, April 27th. Weiss Ratings downgraded Graco from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, June 5th. Royal Bank Of Canada reiterated an "outperform" rating and set a $95.00 price objective on shares of Graco in a research note on Friday, April 24th. Finally, Robert W. Baird decreased their price objective on Graco from $96.00 to $92.00 and set a "neutral" rating for the company in a report on Friday, April 24th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $94.25.

Insiders Place Their Bets

In other Graco news, Director Andrea Helen Simon purchased 1,240 shares of the stock in a transaction on Monday, April 27th. The shares were bought at an average price of $80.53 per share, for a total transaction of $99,857.20. Following the completion of the transaction, the director owned 1,240 shares of the company's stock, valued at $99,857.20. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 2.18% of the company's stock.

Graco Stock Performance

GGG stock opened at $73.83 on Wednesday. Graco Inc. has a one year low of $72.51 and a one year high of $95.69. The firm's fifty day moving average is $75.43 and its 200 day moving average is $83.08. The firm has a market cap of $12.25 billion, a PE ratio of 24.05, a P/E/G ratio of 2.38 and a beta of 0.93.

Graco (NYSE:GGG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The industrial products company reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.75 by ($0.09). Graco had a return on equity of 18.66% and a net margin of 22.96%.The firm had revenue of $540.14 million during the quarter, compared to analyst estimates of $561.35 million. During the same quarter last year, the company posted $0.70 EPS. The company's revenue was up 2.2% on a year-over-year basis. Research analysts predict that Graco Inc. will post 3.1 earnings per share for the current fiscal year.

Graco Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be issued a $0.295 dividend. The ex-dividend date of this dividend is Monday, July 20th. This represents a $1.18 dividend on an annualized basis and a yield of 1.6%. Graco's dividend payout ratio is presently 38.44%.

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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