PineStone Asset Management Inc. Sells 111,500 Shares of Graco Inc. $GGG

Key Points

• PineStone Asset Management reduced its Graco stake by 111,500 shares in the third quarter, leaving it with 3.07 million shares worth approximately $236.2 million, or 1.90% of Graco.
• Graco reported quarterly EPS of $0.91, exceeding analyst expectations of $0.81, while revenue rose 3.3% year over year to $590.55 million but fell short of estimates.
• Graco declared a quarterly dividend of $0.295 per share, equivalent to $1.18 annually and a 1.4% yield. Analysts maintain a consensus “Hold” rating with an average price target of $94.75.

PineStone Asset Management Inc. reduced its position in Graco Inc. (NYSE:GGG - Free Report) by 3.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,074,289 shares of the industrial products company's stock after selling 111,500 shares during the quarter. Graco comprises about 1.6% of PineStone Asset Management Inc.'s holdings, making the stock its 21st biggest holding. PineStone Asset Management Inc. owned 1.90% of Graco worth $236,228,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of GGG. Cassaday & Co Wealth Management LLC purchased a new stake in Graco in the 1st quarter worth approximately $26,000. Whipplewood Advisors LLC boosted its holdings in Graco by 2,650.0% in the 1st quarter. Whipplewood Advisors LLC now owns 330 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 318 shares during the period. Essential Partners LLC boosted its holdings in Graco by 78.6% in the 1st quarter. Essential Partners LLC now owns 359 shares of the industrial products company's stock valued at $30,000 after purchasing an additional 158 shares during the period. Elevation Wealth Partners LLC grew its position in shares of Graco by 2,540.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 528 shares of the industrial products company's stock valued at $40,000 after purchasing an additional 508 shares in the last quarter. Finally, Root Financial Partners LLC grew its position in shares of Graco by 43.2% during the 1st quarter. Root Financial Partners LLC now owns 504 shares of the industrial products company's stock valued at $43,000 after purchasing an additional 152 shares in the last quarter. Hedge funds and other institutional investors own 93.88% of the company's stock.

Graco Trading Up 0.3%

GGG stock opened at $82.06 on Friday. The company's 50 day moving average is $78.89 and its 200 day moving average is $78.63. The stock has a market cap of $13.29 billion, a price-to-earnings ratio of 25.80, a price-to-earnings-growth ratio of 2.54 and a beta of 0.89. Graco Inc. has a 1-year low of $72.51 and a 1-year high of $95.69.

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

Graco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 4th. Stockholders of record on Monday, October 19th will be issued a $0.2950 dividend. The ex-dividend date of this dividend is Monday, October 19th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.4%. Graco's dividend payout ratio is presently 37.11%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on GGG. DA Davidson reaffirmed a "neutral" rating and issued a $85.00 price target on shares of Graco in a report on Monday, July 27th. Weiss Ratings raised Graco from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 4th. Robert W. Baird set a $94.00 price objective on Graco in a research note on Friday, July 24th. Royal Bank Of Canada reduced their target price on Graco from $96.00 to $95.00 and set an "outperform" rating for the company in a research report on Wednesday. Finally, Wolfe Research lowered Graco from an "outperform" rating to a "peer perform" rating in a research note on Thursday, July 9th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Graco currently has an average rating of "Hold" and an average price target of $94.75.

About Graco

Graco Inc is a Minneapolis-based manufacturer of equipment used to manage, measure, control and apply fluids and coatings. Its products are used in industrial, commercial and residential applications, including fluid handling, lubrication, dispensing, sealing, bonding, painting and corrosion protection.

The company's product portfolio includes pumps, valves, meters, regulators, controls, proportioning systems and spray equipment. Graco also supplies equipment for paint and texture application, protective coatings, sealants and adhesives, vehicle servicing, and the automated lubrication of machinery.

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