Pacer Advisors Inc. Acquires 60,271 Shares of Graco Inc. $GGG

Key Points

• Pacer Advisors increased its Graco stake by 26.4% in the first quarter, purchasing 60,271 additional shares for a total of 288,315 shares valued at approximately $24.4 million. Institutional investors collectively own 93.88% of Graco.
• Graco reported quarterly earnings of $0.91 per share, exceeding analyst estimates of $0.81, while revenue rose 3.3% year over year to $590.55 million but fell short of expectations.
• The company declared a quarterly dividend of $0.295 per share, equivalent to an annualized $1.18 payout and a 1.5% yield. Analysts maintain a consensus “Hold” rating with a $95 price target.

Pacer Advisors Inc. raised its holdings in shares of Graco Inc. (NYSE:GGG - Free Report) by 26.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 288,315 shares of the industrial products company's stock after buying an additional 60,271 shares during the period. Pacer Advisors Inc. owned about 0.17% of Graco worth $24,406,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Cassaday & Co Wealth Management LLC purchased a new position in shares of Graco in the first quarter worth about $26,000. Whipplewood Advisors LLC boosted its holdings in Graco by 2,650.0% during the 1st quarter. Whipplewood Advisors LLC now owns 330 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 318 shares during the period. Essential Partners LLC grew its position in Graco by 78.6% during the 1st quarter. Essential Partners LLC now owns 359 shares of the industrial products company's stock worth $30,000 after acquiring an additional 158 shares during the last quarter. Field & Main Bank bought a new position in Graco during the 4th quarter worth approximately $41,000. Finally, Geneos Wealth Management Inc. increased its stake in Graco by 982.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company's stock worth $42,000 after purchasing an additional 452 shares during the period. 93.88% of the stock is currently owned by hedge funds and other institutional investors.

Graco Price Performance

GGG opened at $80.23 on Tuesday. Graco Inc. has a one year low of $72.51 and a one year high of $95.69. The business has a 50 day simple moving average of $75.67 and a two-hundred day simple moving average of $82.46. The firm has a market capitalization of $12.99 billion, a price-to-earnings ratio of 25.23, a PEG ratio of 2.47 and a beta of 0.93.

Graco (NYSE:GGG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.81 by $0.10. Graco had a return on equity of 19.54% and a net margin of 23.53%.The firm had revenue of $590.55 million for the quarter, compared to analyst estimates of $608.06 million. During the same period last year, the company earned $0.75 EPS. The business's quarterly revenue was up 3.3% compared to the same quarter last year. As a group, sell-side analysts expect that Graco Inc. will post 3.22 EPS for the current fiscal year.

Graco Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be paid a $0.295 dividend. The ex-dividend date of this dividend is Monday, July 20th. This represents a $1.18 dividend on an annualized basis and a yield of 1.5%. Graco's dividend payout ratio (DPR) is presently 37.11%.

Analysts Set New Price Targets

Several brokerages have weighed in on GGG. Wolfe Research downgraded Graco from an "outperform" rating to a "peer perform" rating in a research report on Thursday, July 9th. Weiss Ratings cut shares of Graco from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, July 21st. Royal Bank Of Canada upped their price target on shares of Graco from $92.00 to $96.00 and gave the company an "outperform" rating in a report on Friday, July 24th. DA Davidson reissued a "neutral" rating and set a $85.00 price target on shares of Graco in a research report on Monday, July 27th. Finally, Robert W. Baird set a $94.00 price target on shares of Graco in a report on Friday, July 24th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Graco has a consensus rating of "Hold" and a consensus price target of $95.00.

Graco 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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source