State of New Jersey Common Pension Fund D Decreases Position in Graco Inc. $GGG

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Graco Inc. by 5.7% during the first quarter, now holding 51,792 shares worth approximately $4.32 million.
• Graco recently reported earnings of $0.75 per share, which fell short of analysts’ expectations of $0.78, while revenue for the quarter was $571.81 million, also below projections.
• The company has announced a quarterly dividend of $0.275 per share, yielding 1.3% annually, with a payout ratio of 39.01%.

State of New Jersey Common Pension Fund D lessened its position in shares of Graco Inc. (NYSE:GGG - Free Report) by 5.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 51,792 shares of the industrial products company's stock after selling 3,113 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Graco were worth $4,325,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Wood Tarver Financial Group LLC purchased a new position in Graco during the 4th quarter worth approximately $46,000. Golden State Wealth Management LLC grew its stake in Graco by 128.9% during the 1st quarter. Golden State Wealth Management LLC now owns 689 shares of the industrial products company's stock worth $58,000 after buying an additional 388 shares during the last quarter. National Pension Service grew its stake in Graco by 74.8% during the 1st quarter. National Pension Service now owns 699 shares of the industrial products company's stock worth $58,000 after buying an additional 299 shares during the last quarter. USA Financial Formulas grew its stake in Graco by 43.6% during the 1st quarter. USA Financial Formulas now owns 1,057 shares of the industrial products company's stock worth $88,000 after buying an additional 321 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Graco during the 1st quarter worth approximately $96,000. Hedge funds and other institutional investors own 93.88% of the company's stock.

Graco Stock Up 3.1%

Shares of Graco stock traded up $2.6310 during trading on Friday, reaching $87.3110. The company's stock had a trading volume of 556,123 shares, compared to its average volume of 729,291. Graco Inc. has a 12-month low of $72.06 and a 12-month high of $92.86. The company has a market capitalization of $14.47 billion, a P/E ratio of 30.96, a price-to-earnings-growth ratio of 2.86 and a beta of 1.04. The business has a 50 day moving average price of $85.72 and a 200-day moving average price of $84.18.

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 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 analysts' expectations of $590.57 million. During the same quarter last year, the firm earned $0.77 earnings per share. The firm's quarterly revenue was up 3.4% compared to the same quarter last year. Research analysts predict that Graco Inc. will post 3.06 EPS for the current fiscal year.

Graco Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 6th. Investors of record on Monday, July 21st were paid a $0.275 dividend. The ex-dividend date was Monday, July 21st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.3%. Graco's payout ratio is 39.01%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Wolfe Research started coverage on Graco in a research note on Wednesday, June 18th. They set an "outperform" rating on the stock. Robert W. Baird lifted their target price on Graco from $88.00 to $91.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Graco has an average rating of "Moderate Buy" and an average price target of $94.50.

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.