Millennium Management LLC Buys 372,543 Shares of Graco Inc. $GGG

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 increased its position in Graco Inc. (NYSE:GGG - Free Report) by 572.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund 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 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. WPG Advisers LLC purchased a new stake in Graco in the 1st quarter worth about $41,000. Wood Tarver Financial Group LLC purchased a new position in shares of Graco in the fourth quarter worth about $46,000. Golden State Wealth Management LLC increased its stake 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 worth $58,000 after purchasing an additional 388 shares in the last quarter. National Pension Service increased its stake 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 worth $58,000 after purchasing an additional 299 shares in the last quarter. Finally, Brooklyn Investment Group increased its stake in shares of Graco by 92.6% in the first quarter. Brooklyn Investment Group now owns 932 shares of the industrial products company's stock worth $78,000 after purchasing an additional 448 shares in the last quarter. Hedge funds and other institutional investors own 93.88% of the company's stock.

Graco Trading Up 0.5%

Shares of GGG traded up $0.42 during mid-day trading on Monday, reaching $84.86. The company's stock had a trading volume of 102,756 shares, compared to its average volume of 796,596. The stock has a market cap of $14.06 billion, a PE ratio of 30.08, a P/E/G ratio of 2.85 and a beta of 1.03. Graco Inc. has a 52 week low of $72.06 and a 52 week high of $92.86. The company's fifty day moving average price is $85.61 and its two-hundred day moving average price is $84.13.

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

Graco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 5th. Investors of record on Monday, October 20th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Monday, October 20th. Graco's dividend payout ratio is currently 39.01%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on GGG shares. Robert W. Baird lifted their target price on shares of Graco from $88.00 to $91.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Wolfe Research started coverage on shares of Graco in a research note on Wednesday, June 18th. They issued an "outperform" rating for the company. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently 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.