Graco Inc. $GGG Stock: ProShare Advisors LLC Increases Stake

Key Points

• ProShare Advisors increased its Graco stake by 21.2% in the third quarter, reaching 372,455 shares valued at about $28.6 million. Institutional investors collectively own 93.88% of the company.
• Graco’s latest quarterly results fell slightly short of expectations, with earnings per share of $0.81 versus $0.83 estimated and revenue of $586.4 million versus $590.2 million expected. Revenue nevertheless rose 7.9% year over year.
• The company declared a quarterly dividend of $0.295 per share, equivalent to $1.18 annually and a 1.7% yield. Analysts maintain a consensus “Hold” rating, with an average price target of $87.40.

ProShare Advisors LLC lifted its holdings in shares of Graco Inc. (NYSE:GGG - Free Report) by 21.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 372,455 shares of the industrial products company's stock after purchasing an additional 65,114 shares during the quarter. ProShare Advisors LLC owned 0.23% of Graco worth $28,619,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. bought a new stake in Graco during the 2nd quarter worth approximately $1,396,470,000. Amundi lifted its stake in Graco by 7.5% in the second 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. Caisse de depot et placement du Quebec bought a new position in Graco in the second quarter valued at approximately $141,667,000. First Trust Advisors LP lifted its stake in 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 buying an additional 61,706 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in shares of Graco by 51.8% in the first quarter. Hsbc Holdings PLC now owns 1,194,254 shares of the industrial products company's stock valued at $101,061,000 after buying an additional 407,557 shares during the period. Institutional investors own 93.88% of the company's stock.

Graco Trading Down 0.0%

Shares of Graco stock opened at $67.43 on Monday. The stock has a market cap of $10.81 billion, a P/E ratio of 21.68, a P/E/G ratio of 2.11 and a beta of 0.89. The company has a quick ratio of 1.24, a current ratio of 2.12 and a debt-to-equity ratio of 0.04. Graco Inc. has a 12-month low of $65.96 and a 12-month high of $95.69. The business's 50 day moving average is $76.84 and its 200-day moving average is $81.07.

Graco (NYSE:GGG - Get Free Report) last issued its earnings results on Wednesday, October 21st. The industrial products company reported $0.81 earnings per share for the quarter, missing analysts' consensus estimates of $0.83 by ($0.02). Graco had a return on equity of 20.13% and a net margin of 22.40%. The firm had revenue of $586.39 million for the quarter, compared to analyst estimates of $590.17 million. During the same quarter in the previous year, the firm posted $0.73 earnings per share. Graco's quarterly revenue was up 7.9% on a year-over-year basis. Equities research analysts predict that Graco Inc. will post 3.20 earnings per share for the current fiscal year.

Graco Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 4th. Stockholders of record on Monday, October 19th will be given a $0.2950 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Monday, October 19th. Graco's dividend payout ratio (DPR) is 37.94%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on GGG shares. Royal Bank Of Canada reissued an "outperform" rating and set a $82.00 price objective (down from $95.00) on shares of Graco in a research report on Friday, October 23rd. Wolfe Research cut shares of Graco from an "outperform" rating to a "peer perform" rating in a research report on Thursday, July 9th. DA Davidson reaffirmed a "neutral" rating and issued a $85.00 target price on shares of Graco in a research note on Monday, July 27th. Weiss Ratings upgraded Graco from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 4th. Finally, BNP Paribas Exane dropped their price target on Graco from $95.00 to $85.00 and set an "outperform" rating on the stock in a research note on Friday, October 23rd. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $87.40.

Graco Company Profile

Graco Inc is a global manufacturer of equipment used to move, measure, control, dispense and apply fluids and other materials. Its products are used in industrial, commercial and residential applications involving paints, coatings, sealants, adhesives, lubricants, chemicals and other fluids.

The company's product portfolio includes pumps, valves, meters, regulators, fluid-management systems, lubrication equipment, spray-applied coating and finishing systems, sealant and adhesive equipment, and contractor-oriented painting and texture application tools.

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