Grimes & Company Inc. decreased its position in Graco Inc. (NYSE:GGG - Free Report) by 63.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,961 shares of the industrial products company's stock after selling 86,736 shares during the quarter. Grimes & Company Inc.'s holdings in Graco were worth $4,256,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in GGG. Norges Bank acquired a new stake in Graco in the fourth quarter valued at approximately $177,434,000. Massachusetts Financial Services Co. MA increased its stake in Graco by 26,738.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,841,916 shares of the industrial products company's stock valued at $155,255,000 after purchasing an additional 1,835,053 shares during the last quarter. Northern Trust Corp increased its stake in Graco by 36.7% in the fourth quarter. Northern Trust Corp now owns 1,929,952 shares of the industrial products company's stock valued at $162,676,000 after purchasing an additional 518,462 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of Graco by 76.0% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,147,341 shares of the industrial products company's stock worth $96,709,000 after acquiring an additional 495,293 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its position in shares of Graco by 48.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,497,164 shares of the industrial products company's stock worth $126,196,000 after acquiring an additional 486,277 shares during the last quarter. Institutional investors and hedge funds own 93.88% of the company's stock.
Graco Trading Up 1.7%
Shares of GGG opened at $84.98 on Tuesday. The firm has a market cap of $14.20 billion, a PE ratio of 30.13, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. The company's 50 day simple moving average is $82.79 and its 200-day simple moving average is $84.04. Graco Inc. has a 12-month low of $72.06 and a 12-month high of $92.86.
Graco (NYSE:GGG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.68 by $0.02. The company had revenue of $528.28 million during the quarter, compared to the consensus estimate of $526.98 million. Graco had a net margin of 23.00% and a return on equity of 19.38%. Graco's quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.65 EPS. As a group, equities research analysts forecast that Graco Inc. will post 3.06 EPS for the current fiscal year.
Graco Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 6th. Stockholders of record on Monday, July 21st will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.29%. The ex-dividend date is Monday, July 21st. Graco's payout ratio is 38.87%.
Insider Activity
In related news, insider David J. Thompson sold 3,588 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $86.23, for a total value of $309,393.24. Following the completion of the sale, the insider now owns 27,520 shares in the company, valued at $2,373,049.60. This trade represents a 11.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.19% of the company's stock.
Graco Profile
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Free Report)
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.
See Also
Want to see what other hedge funds are holding GGG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Graco Inc. (NYSE:GGG - Free Report).
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