Graco Inc. $GGG Stock Holdings Reduced by Confluence Investment Management LLC

Key Points

• Confluence Investment Management cut its Graco stake by 35.8% in the third quarter, selling 196,510 shares and retaining 352,592 shares valued at approximately $27.1 million.
• Other major institutions, including BlackRock and Norges Bank, established or increased positions in Graco; institutional investors now own 93.88% of the company.
• Graco reported quarterly EPS of $0.91, beating estimates of $0.81, and announced a $0.295 quarterly dividend. Analysts maintain a consensus “Hold” rating with a $95 average price target, compared with a recent share price of $77.50.

Confluence Investment Management LLC reduced its position in Graco Inc. (NYSE:GGG - Free Report) by 35.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 352,592 shares of the industrial products company's stock after selling 196,510 shares during the quarter. Confluence Investment Management LLC owned approximately 0.22% of Graco worth $27,093,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in GGG. BlackRock Inc. purchased a new stake in Graco in the 2nd quarter worth about $1,396,470,000. Amundi lifted its stake in shares of Graco by 7.5% during the 2nd quarter. Amundi now owns 2,090,184 shares of the industrial products company's stock valued at $158,039,000 after buying an additional 146,032 shares in the last quarter. Norges Bank bought a new stake in Graco during the 4th quarter valued at $161,949,000. Caisse de depot et placement du Quebec bought a new position in shares of Graco in the second quarter worth $141,667,000. Finally, First Trust Advisors LP grew its position in shares of Graco by 4.2% in the first quarter. First Trust Advisors LP now owns 1,535,923 shares of the industrial products company's stock valued at $130,016,000 after purchasing an additional 61,706 shares in the last quarter. 93.88% of the stock is currently owned by institutional investors.

Graco Stock Performance

Shares of GGG stock traded up $0.67 on Thursday, hitting $77.50. 278,779 shares of the company's stock traded hands, compared to its average volume of 1,402,672. The stock has a market capitalization of $12.55 billion, a price-to-earnings ratio of 24.35, a P/E/G ratio of 2.43 and a beta of 0.92. The company's fifty day simple moving average is $79.32 and its 200 day simple moving average is $79.10. Graco Inc. has a one year low of $72.51 and a one year high of $95.69.

Graco (NYSE:GGG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.10. The business had revenue of $590.55 million during the quarter, compared to analyst estimates of $608.06 million. Graco had a net margin of 23.53% and a return on equity of 19.54%. The company's revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 earnings per share. As a group, sell-side analysts anticipate that Graco Inc. will post 3.21 earnings per share for the current fiscal year.

Graco Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 4th. Shareholders of record on Monday, October 19th will be given a $0.2950 dividend. The ex-dividend date is Monday, October 19th. This represents a $1.18 annualized dividend and a yield of 1.5%. Graco's payout ratio is presently 37.11%.

Analysts Set New Price Targets

Several brokerages recently commented on GGG. Wolfe Research cut shares of Graco from an "outperform" rating to a "peer perform" rating in a research note on Thursday, July 9th. Robert W. Baird set a $94.00 price objective on Graco in a research report on Friday, July 24th. Weiss Ratings upgraded Graco from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 4th. DA Davidson reiterated a "neutral" rating and set a $85.00 price target on shares of Graco in a research report on Monday, July 27th. Finally, Royal Bank Of Canada upped their price objective on shares of Graco from $92.00 to $96.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $95.00.

Graco Profile

Graco Inc is a Minneapolis-based manufacturer of equipment used to manage, measure, control and apply fluids and coatings. Its products are used in industrial, commercial and residential applications, including fluid handling, lubrication, dispensing, sealing, bonding, painting and corrosion protection.

The company's product portfolio includes pumps, valves, meters, regulators, controls, proportioning systems and spray equipment. Graco also supplies equipment for paint and texture application, protective coatings, sealants and adhesives, vehicle servicing, and the automated lubrication of machinery.

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