Kayne Anderson Rudnick Investment Management LLC Sells 13,388 Shares of Graco Inc. $GGG

Key Points

• Kayne Anderson Rudnick Investment Management LLC holds a 2.89% stake in Graco Inc., worth approximately $402.99 million, after trimming its holdings by 0.3% in the first quarter.
• Graco's recent earnings report revealed a quarterly EPS of $0.75, missing expectations by $0.03, with revenues of $571.81 million, which is 3.4% higher than the previous year.
• The company has declared a quarterly dividend of $0.275 per share, equating to an annualized yield of 1.3%, with a payout ratio of 39.01%.

Kayne Anderson Rudnick Investment Management LLC trimmed its position in Graco Inc. (NYSE:GGG - Free Report) by 0.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,825,647 shares of the industrial products company's stock after selling 13,388 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned approximately 2.89% of Graco worth $402,990,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of GGG. Wood Tarver Financial Group LLC bought a new stake in shares of Graco in the fourth quarter valued at about $46,000. Golden State Wealth Management LLC lifted its holdings in shares of Graco by 128.9% in the first quarter. Golden State Wealth Management LLC now owns 689 shares of the industrial products company's stock valued at $58,000 after purchasing an additional 388 shares in the last quarter. National Pension Service lifted its holdings in shares of Graco by 74.8% in the first quarter. National Pension Service now owns 699 shares of the industrial products company's stock valued at $58,000 after purchasing an additional 299 shares in the last quarter. Brooklyn Investment Group raised its holdings in Graco by 92.6% during the first quarter. Brooklyn Investment Group now owns 932 shares of the industrial products company's stock worth $78,000 after acquiring an additional 448 shares in the last quarter. Finally, USA Financial Formulas raised its holdings in Graco by 43.6% during the first quarter. USA Financial Formulas now owns 1,057 shares of the industrial products company's stock worth $88,000 after acquiring an additional 321 shares in the last quarter. 93.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on GGG shares. Wolfe Research started coverage on Graco in a report on Wednesday, June 18th. They set an "outperform" rating on the stock. Robert W. Baird upped their target price on Graco from $88.00 to $91.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $94.50.

Graco Trading Down 0.7%

NYSE GGG traded down $0.64 on Friday, hitting $85.47. 142,758 shares of the company's stock were exchanged, compared to its average volume of 811,581. The stock has a 50-day moving average of $85.90 and a 200-day moving average of $84.23. Graco Inc. has a 52 week low of $72.06 and a 52 week high of $92.86. The stock has a market cap of $14.16 billion, a price-to-earnings ratio of 30.31, a P/E/G ratio of 2.94 and a beta of 1.04.

Graco (NYSE:GGG - Get Free Report) last released its earnings results on Wednesday, July 23rd. The industrial products company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.03). Graco had a return on equity of 19.05% and a net margin of 22.26%.The business had revenue of $571.81 million for the quarter, compared to the consensus estimate of $590.57 million. During the same quarter in the previous year, the company earned $0.77 earnings per share. The firm's revenue for the quarter was up 3.4% on a year-over-year basis. As a group, analysts predict that Graco Inc. will post 3.06 earnings per share for the current year.

Graco Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 6th. Shareholders of record on Monday, July 21st were paid a dividend of $0.275 per share. The ex-dividend date was Monday, July 21st. This represents a $1.10 annualized dividend and a yield of 1.3%. Graco's dividend payout ratio is presently 39.01%.

About Graco

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.