Graco Inc. $GGG Stock Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group cut its Graco stake by 98.5% in the third quarter, selling 310,450 shares and retaining 4,737 shares valued at about $364,000.
• Graco’s quarterly EPS of $0.81 and revenue of $586.39 million both fell short of analyst estimates, although revenue increased 7.9% year over year.
• Analysts maintained a consensus “Hold” rating, with an average price target of $87.40; institutional investors and hedge funds owned 93.88% of the stock.

Sumitomo Mitsui Trust Group Inc. reduced its position in shares of Graco Inc. (NYSE:GGG - Free Report) by 98.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,737 shares of the industrial products company's stock after selling 310,450 shares during the period. Sumitomo Mitsui Trust Group Inc.'s holdings in Graco were worth $364,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Graco in the 2nd quarter valued at $1,396,470,000. Caisse de depot et placement du Quebec acquired a new position in shares of Graco during the 2nd quarter worth $141,667,000. Hsbc Holdings PLC acquired a new position in shares of Graco during the 2nd quarter worth $100,157,000. Bank of New York Mellon Corp bought a new stake in shares of Graco during the 2nd quarter worth $97,625,000. Finally, Port Capital LLC acquired a new stake in shares of Graco in the 2nd quarter valued at approximately $66,974,000. 93.88% of the stock is currently owned by institutional investors and hedge funds.

Graco Stock Performance

GGG stock opened at $67.82 on Monday. The firm has a market cap of $10.88 billion, a PE ratio of 21.81, a P/E/G ratio of 2.12 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. The business has a 50 day moving average of $75.73 and a 200-day moving average of $80.62. Graco Inc. has a 12-month low of $65.96 and a 12-month high of $95.69.

Graco (NYSE:GGG - Get Free Report) last posted its quarterly earnings data on Wednesday, October 21st. The industrial products company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.02). Graco had a return on equity of 20.13% and a net margin of 22.40%. The business had revenue of $586.39 million during the quarter, compared to analysts' expectations of $590.17 million. During the same period in the prior year, the firm posted $0.73 EPS. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. As a group, sell-side analysts expect that Graco Inc. will post 3.20 earnings per share for the current year.

Graco Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 4th. Investors of record on Monday, October 19th were issued 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 was Monday, October 19th. Graco's payout ratio is 37.94%.

Analyst Upgrades and Downgrades

GGG has been the topic of a number of research reports. Weiss Ratings reissued a "hold (c)" rating on shares of Graco in a report on Monday, November 2nd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $82.00 target price (down from $95.00) on shares of Graco in a research report on Friday, October 23rd. Robert W. Baird set a $80.00 target price on Graco in a report on Friday, October 23rd. DA Davidson restated a "neutral" rating and set a $85.00 price target on shares of Graco in a research note on Monday, July 27th. Finally, BNP Paribas Exane lowered their price objective on shares of Graco from $95.00 to $85.00 and set an "outperform" rating on the stock in a report on Friday, October 23rd. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Graco currently has a consensus rating of "Hold" and an average price target of $87.40.

Graco Profile

Graco Inc designs, manufactures and markets equipment used to move, measure, control, dispense and spray fluid and coating materials. Its products include pumps, meters, fluid-handling systems and spray equipment used with paints, coatings, sealants, lubricants and other materials.

The company serves customers in industrial and process markets, as well as contractors working in areas such as painting, building maintenance and surface preparation. Graco sells its products worldwide through a network that includes distributors and direct sales.

Founded in Minneapolis in 1926 as the Gray Company, Graco began by making equipment for lubricating vehicles.

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