Hsbc Holdings PLC Buys 407,557 Shares of Graco Inc. $GGG

Key Points

• HSBC Holdings PLC boosted its Graco stake by 51.8% in the first quarter, buying 407,557 additional shares and bringing its total holding to 1,194,254 shares worth about $101.1 million.
• Graco reported missed quarterly earnings, posting $0.66 EPS versus the $0.75 consensus and revenue of $540.14 million versus expectations of $561.35 million, though revenue still rose 2.2% year over year.
• The company declared a quarterly dividend of $0.295 per share, payable on August 5, which works out to an annualized yield of about 1.6% at the current share price.

Hsbc Holdings PLC grew its position in Graco Inc. (NYSE:GGG - Free Report) by 51.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,194,254 shares of the industrial products company's stock after purchasing an additional 407,557 shares during the quarter. Hsbc Holdings PLC owned approximately 0.72% of Graco worth $101,061,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its holdings in Graco by 15.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 330,409 shares of the industrial products company's stock worth $27,592,000 after buying an additional 44,573 shares during the period. Geneos Wealth Management Inc. raised its holdings in Graco by 982.6% during the first quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company's stock valued at $42,000 after acquiring an additional 452 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Graco by 97.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,765 shares of the industrial products company's stock valued at $152,000 after acquiring an additional 870 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Graco by 559.5% in the second quarter. Marshall Wace LLP now owns 108,100 shares of the industrial products company's stock valued at $9,293,000 after acquiring an additional 91,708 shares in the last quarter. Finally, Federated Hermes Inc. boosted its stake in shares of Graco by 4.2% in the second quarter. Federated Hermes Inc. now owns 21,289 shares of the industrial products company's stock worth $1,830,000 after acquiring an additional 852 shares during the period. 93.88% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Graco

In other news, Director Andrea Helen Simon acquired 1,240 shares of Graco stock in a transaction on Monday, April 27th. The shares were acquired at an average price of $80.53 per share, with a total value of $99,857.20. Following the purchase, the director directly owned 1,240 shares in the company, valued at $99,857.20. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.18% of the stock is currently owned by insiders.

Graco Stock Up 0.0%

GGG opened at $74.61 on Monday. The firm has a 50-day simple moving average of $75.18 and a two-hundred day simple moving average of $82.90. Graco Inc. has a 52 week low of $72.51 and a 52 week high of $95.69. The company has a market capitalization of $12.38 billion, a PE ratio of 24.30, a price-to-earnings-growth ratio of 2.40 and a beta of 0.93.

Graco (NYSE:GGG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The industrial products company reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.75 by ($0.09). The firm had revenue of $540.14 million for the quarter, compared to analysts' expectations of $561.35 million. Graco had a net margin of 22.96% and a return on equity of 18.66%. The company's revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.70 EPS. As a group, sell-side analysts expect that Graco Inc. will post 3.1 earnings per share for the current year.

Graco Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be issued a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 1.6%. The ex-dividend date is Monday, July 20th. Graco's dividend payout ratio (DPR) is currently 38.44%.

Wall Street Analyst Weigh In

GGG has been the subject of several research analyst reports. DA Davidson reiterated a "neutral" rating and set a $85.00 target price on shares of Graco in a research report on Monday, April 27th. Royal Bank Of Canada reissued an "outperform" rating and issued a $92.00 price target (down from $95.00) on shares of Graco in a report on Thursday. Robert W. Baird dropped their price target on Graco from $96.00 to $92.00 and set a "neutral" rating for the company in a research note on Friday, April 24th. Weiss Ratings lowered shares of Graco from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, June 5th. Finally, Wolfe Research cut shares of Graco from an "outperform" rating to a "peer perform" rating in a research report on Thursday, July 9th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $93.50.

Graco Company 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.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.