New York State Teachers Retirement System Lowers Stock Holdings in Graco Inc. $GGG

Key Points

• New York State Teachers Retirement System reduced its Graco stake by 12.1% in the first quarter, selling 20,828 shares and leaving it with 151,550 shares valued at about $12.8 million.
• Graco reported Q1 earnings below expectations, with EPS of $0.66 versus the $0.75 consensus and revenue of $540.14 million versus the expected $561.35 million.
• The company announced a quarterly dividend of $0.295 per share, payable August 5, for an annualized yield of 1.6%; analysts currently have a consensus rating of Hold with a $94.25 average price target.

New York State Teachers Retirement System cut its holdings in Graco Inc. (NYSE:GGG - Free Report) by 12.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 151,550 shares of the industrial products company's stock after selling 20,828 shares during the period. New York State Teachers Retirement System owned 0.09% of Graco worth $12,829,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Private Advisor Group LLC increased its stake in Graco by 2.6% in the first quarter. Private Advisor Group LLC now owns 12,311 shares of the industrial products company's stock valued at $1,042,000 after purchasing an additional 316 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its stake in Graco by 13.5% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 55,184 shares of the industrial products company's stock worth $4,671,000 after buying an additional 6,571 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Graco by 37.5% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 135,942 shares of the industrial products company's stock worth $11,507,000 after buying an additional 37,050 shares during the last quarter. Root Financial Partners LLC grew its holdings in Graco by 43.2% in the 1st quarter. Root Financial Partners LLC now owns 504 shares of the industrial products company's stock valued at $43,000 after buying an additional 152 shares during the period. Finally, Conestoga Capital Advisors LLC grew its holdings in Graco by 1.7% in the 1st quarter. Conestoga Capital Advisors LLC now owns 540,641 shares of the industrial products company's stock valued at $45,765,000 after buying an additional 9,286 shares during the period. Hedge funds and other institutional investors own 93.88% of the company's stock.

Insider Buying and Selling at Graco

In other Graco news, Director Andrea Helen Simon bought 1,240 shares of Graco stock in a transaction that occurred on Monday, April 27th. The shares were acquired at an average price of $80.53 per share, for a total transaction of $99,857.20. Following the acquisition, the director owned 1,240 shares of the company's stock, valued at $99,857.20. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.18% of the company's stock.

Graco Price Performance

NYSE GGG opened at $75.22 on Monday. The firm has a market capitalization of $12.48 billion, a P/E ratio of 24.50, a P/E/G ratio of 2.42 and a beta of 0.93. Graco Inc. has a 1-year low of $73.15 and a 1-year high of $95.69. The business's 50-day simple moving average is $76.31 and its 200-day simple moving average is $83.53.

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

Graco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, July 20th. Graco's dividend payout ratio (DPR) is currently 38.44%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on GGG shares. DA Davidson reiterated a "neutral" rating and set a $85.00 price objective on shares of Graco in a report on Monday, April 27th. Robert W. Baird lowered their target price on shares of Graco from $96.00 to $92.00 and set a "neutral" rating for the company in a report on Friday, April 24th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $95.00 price target on shares of Graco in a research report on Friday, April 24th. Finally, Weiss Ratings lowered shares of Graco from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, June 5th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Graco currently has a consensus rating of "Hold" and an average price target of $94.25.

About Graco

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.