Graco Inc. $GGG Shares Acquired by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH increased its stake in Graco Inc. by 55.7%, owning 693,111 shares worth approximately $59.6 million as of its latest SEC filing.
• Graco's recent earnings report indicated a miss on EPS estimates, posting $0.75 compared to the expected $0.78, with a revenue of $571.81 million that fell short of analyst estimates.
• The company declared a quarterly dividend of $0.275, representing a 1.3% yield, with the payment set for November 5th to stockholders of record on October 20th.

Allianz Asset Management GmbH grew its position in Graco Inc. (NYSE:GGG - Free Report) by 55.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 693,111 shares of the industrial products company's stock after purchasing an additional 248,056 shares during the period. Allianz Asset Management GmbH owned approximately 0.42% of Graco worth $59,587,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GGG. eCIO Inc. acquired a new position in Graco during the 1st quarter worth approximately $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. lifted its position in Graco by 41.5% during 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 in the last quarter. Geneos Wealth Management Inc. lifted its position in Graco by 982.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company's stock worth $42,000 after acquiring an additional 452 shares in the last quarter. Finally, Trust Co. of Toledo NA OH acquired a new position in Graco during the 2nd quarter worth approximately $51,000. 93.88% of the stock is owned by institutional investors and hedge funds.

Graco Stock Up 1.0%

Shares of GGG opened at $82.36 on Friday. The business's 50 day moving average is $84.62 and its two-hundred day moving average is $84.00. Graco Inc. has a 52-week low of $72.06 and a 52-week high of $92.86. The firm has a market cap of $13.65 billion, a price-to-earnings ratio of 29.21, a PEG ratio of 2.75 and a beta of 1.07.

Graco (NYSE:GGG - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The industrial products company reported $0.75 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.03). Graco had a net margin of 22.26% and a return on equity of 19.05%. The business had revenue of $571.81 million during the quarter, compared to analyst estimates of $590.57 million. During the same period in the previous year, the company earned $0.77 earnings per share. The business's revenue for the quarter was up 3.4% on a year-over-year basis. On average, equities 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. Stockholders of record on Monday, October 20th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Monday, October 20th. Graco's payout ratio is 39.01%.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Weiss Ratings reissued a "buy (b-)" rating on shares of Graco in a research report on Wednesday, October 8th. Robert W. Baird boosted their price target on Graco from $88.00 to $91.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Graco presently has a consensus rating of "Moderate Buy" and an average price target 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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