Graco Inc. $GGG Shares Bought by Millennium Management LLC

Key Points

• Millennium Management LLC significantly increased its stake in Graco Inc. by 572.1%, acquiring 372,543 shares in the first quarter to hold a total of 437,661 shares valued at $36.5 million.
• Graco Inc. reported $0.75 EPS for the latest quarter, missing estimates, with revenues of $571.81 million, falling short of analyst expectations of $590.57 million.
• Wall Street analysts maintain a "Moderate Buy" consensus for Graco, with an average target price of $94.50 following adjustments from firms like Robert W. Baird.

Millennium Management LLC grew its stake in Graco Inc. (NYSE:GGG - Free Report) by 572.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 437,661 shares of the industrial products company's stock after acquiring an additional 372,543 shares during the quarter. Millennium Management LLC owned about 0.26% of Graco worth $36,549,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Principal Financial Group Inc. increased its holdings in shares of Graco by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 2,390,940 shares of the industrial products company's stock valued at $199,667,000 after acquiring an additional 62,761 shares during the period. Invesco Ltd. increased its holdings in shares of Graco by 1.6% in the 1st quarter. Invesco Ltd. now owns 1,828,962 shares of the industrial products company's stock valued at $152,737,000 after acquiring an additional 28,795 shares during the period. Amundi increased its holdings in shares of Graco by 7.2% in the 1st quarter. Amundi now owns 1,797,477 shares of the industrial products company's stock valued at $144,194,000 after acquiring an additional 120,875 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in shares of Graco by 12.6% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,291,475 shares of the industrial products company's stock valued at $107,851,000 after acquiring an additional 144,134 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Graco by 7.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,191,033 shares of the industrial products company's stock worth $100,392,000 after purchasing an additional 79,881 shares in the last quarter. 93.88% of the stock is currently owned by hedge funds and other institutional investors.

Graco Price Performance

GGG traded down $1.60 on Friday, reaching $84.46. 555,755 shares of the stock were exchanged, compared to its average volume of 575,786. Graco Inc. has a fifty-two week low of $72.06 and a fifty-two week high of $92.86. The company's 50-day moving average price is $85.61 and its 200 day moving average price is $84.14. The firm has a market capitalization of $13.99 billion, a PE ratio of 29.95, a PEG ratio of 2.91 and a beta of 1.03.

Graco (NYSE:GGG - Get Free Report) last announced its quarterly 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 net margin of 22.26% and a return on equity of 19.05%. The business had revenue of $571.81 million during the quarter, compared to analysts' expectations of $590.57 million. During the same quarter in the prior year, the firm earned $0.77 EPS. Graco's revenue for the quarter was up 3.4% on a year-over-year basis. As a group, equities analysts forecast that Graco Inc. will post 3.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GGG. Robert W. Baird raised their price objective on Graco from $88.00 to $91.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Wolfe Research began coverage on Graco in a research report on Wednesday, June 18th. They issued an "outperform" rating for the company. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $94.50.

Graco Profile

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.