Graco Inc. $GGG Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management cut its Graco stake by 32.5% in the second quarter, selling 323,947 shares and retaining 673,598 shares worth approximately $50.9 million. Institutional investors collectively own 93.88% of Graco.
• Analysts have a generally cautious outlook, with two Buy ratings and five Hold ratings. Graco’s consensus rating is Hold, with an average price target of $95 versus a recent share price of $78.14.
• Graco beat quarterly earnings expectations, reporting $0.91 in EPS versus the $0.81 consensus estimate, while revenue rose 3.3% year over year to $590.55 million. The company also pays a quarterly dividend of $0.295 per share, yielding about 1.5% annually.

Wellington Management Group LLP decreased its stake in shares of Graco Inc. (NYSE:GGG - Free Report) by 32.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 673,598 shares of the industrial products company's stock after selling 323,947 shares during the quarter. Wellington Management Group LLP owned approximately 0.42% of Graco worth $50,931,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Quantbot Technologies LP acquired a new stake in shares of Graco in the 2nd quarter valued at $16,632,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of Graco by 20,706.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 556,362 shares of the industrial products company's stock worth $45,605,000 after purchasing an additional 553,688 shares in the last quarter. Oxbow Advisors LLC purchased a new position in Graco in the fourth quarter valued at $3,157,000. Renaissance Technologies LLC increased its holdings in Graco by 87.7% in the first quarter. Renaissance Technologies LLC now owns 721,700 shares of the industrial products company's stock valued at $61,092,000 after buying an additional 337,300 shares during the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in Graco in the second quarter valued at $100,157,000. Hedge funds and other institutional investors own 93.88% of the company's stock.

Wall Street Analysts Forecast Growth

GGG has been the subject of several analyst reports. Wolfe Research cut Graco from an "outperform" rating to a "peer perform" rating in a research report on Thursday, July 9th. Robert W. Baird set a $94.00 target price on Graco in a research report on Friday, July 24th. DA Davidson restated a "neutral" rating and set a $85.00 target price on shares of Graco in a research note on Monday, July 27th. Royal Bank Of Canada increased their price target on shares of Graco from $92.00 to $96.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Finally, Weiss Ratings raised shares of Graco from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 4th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, Graco has an average rating of "Hold" and a consensus price target of $95.00.

Graco Stock Up 0.6%

GGG opened at $78.14 on Friday. Graco Inc. has a 52 week low of $72.51 and a 52 week high of $95.69. The business's 50 day moving average is $78.35 and its two-hundred day moving average is $81.07. The firm has a market cap of $12.65 billion, a price-to-earnings ratio of 24.57, a price-to-earnings-growth ratio of 2.44 and a beta of 0.92.

Graco (NYSE:GGG - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The industrial products company reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.81 by $0.10. Graco had a net margin of 23.53% and a return on equity of 19.54%. The business had revenue of $590.55 million during the quarter, compared to analysts' expectations of $608.06 million. During the same period in the prior year, the company earned $0.75 earnings per share. The business's revenue was up 3.3% compared to the same quarter last year. Equities analysts expect that Graco Inc. will post 3.19 EPS for the current fiscal year.

Graco Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid a dividend of $0.295 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $1.18 annualized dividend and a yield of 1.5%. Graco's dividend payout ratio is currently 37.11%.

Graco 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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