Korea Investment CORP Has $6.21 Million Position in Graco Inc. $GGG

Key Points

• Korea Investment CORP has reduced its stake in Graco Inc. by 42.6%, now holding 74,400 shares worth approximately $6.21 million after selling 55,300 shares in the first quarter.
• Graco's recent earnings report showed an EPS of $0.75, missing analysts' estimates of $0.78, while revenue for the quarter was down from expectations at $571.81 million.
• The company declared a quarterly dividend of $0.275 per share, representing a dividend yield of 1.3%, with a payout ratio of 39.01%.

Korea Investment CORP reduced its holdings in Graco Inc. (NYSE:GGG - Free Report) by 42.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 74,400 shares of the industrial products company's stock after selling 55,300 shares during the quarter. Korea Investment CORP's holdings in Graco were worth $6,213,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bessemer Group Inc. lifted its stake in shares of Graco by 149.5% in the first quarter. Bessemer Group Inc. now owns 4,992 shares of the industrial products company's stock valued at $416,000 after buying an additional 2,991 shares during the period. Asset Management One Co. Ltd. lifted its stake in shares of Graco by 13.8% in the first quarter. Asset Management One Co. Ltd. now owns 70,117 shares of the industrial products company's stock valued at $5,855,000 after buying an additional 8,490 shares during the period. Sequoia Financial Advisors LLC bought a new stake in shares of Graco in the first quarter valued at about $2,335,000. Farther Finance Advisors LLC lifted its stake in shares of Graco by 150.6% in the first quarter. Farther Finance Advisors LLC now owns 7,998 shares of the industrial products company's stock valued at $675,000 after buying an additional 4,806 shares during the period. Finally, Novem Group lifted its stake in shares of Graco by 34.5% in the first quarter. Novem Group now owns 11,900 shares of the industrial products company's stock valued at $994,000 after buying an additional 3,052 shares during the period. 93.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Robert W. Baird increased their target price on shares of Graco from $88.00 to $91.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Wolfe Research assumed coverage on shares of Graco in a research note on Wednesday, June 18th. They issued an "outperform" rating for the company. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $94.50.

Graco Trading Up 0.6%

NYSE:GGG traded up $0.50 during mid-day trading on Wednesday, hitting $87.21. The company's stock had a trading volume of 228,152 shares, compared to its average volume of 815,637. Graco Inc. has a fifty-two week low of $72.06 and a fifty-two week high of $92.86. The company has a market capitalization of $14.45 billion, a price-to-earnings ratio of 30.94, a P/E/G ratio of 2.94 and a beta of 1.04. The stock has a fifty day moving average of $85.82 and a 200-day moving average of $84.21.

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

Graco Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 6th. Stockholders of record on Monday, July 21st were issued a dividend of $0.275 per share. The ex-dividend date of this dividend was Monday, July 21st. This represents a $1.10 annualized dividend and a dividend yield of 1.3%. Graco's dividend payout ratio (DPR) is presently 39.01%.

Graco Company 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.