QRG Capital Management Inc. Buys 3,636 Shares of Graco Inc. $GGG

Key Points

• QRG Capital Management Inc. increased its stake in Graco Inc. by 17.6% during the second quarter, owning a total of 24,260 shares worth approximately $2.09 million.
• Graco's recent quarterly earnings missed estimates, reporting $0.75 EPS against expectations of $0.78, with revenue also falling short at $571.81 million.
• The company declared a quarterly dividend of $0.275 per share, with an upcoming payment date of November 5th and an annualized dividend yield of 1.3%.

QRG Capital Management Inc. grew its position in Graco Inc. (NYSE:GGG - Free Report) by 17.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,260 shares of the industrial products company's stock after purchasing an additional 3,636 shares during the period. QRG Capital Management Inc.'s holdings in Graco were worth $2,086,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. eCIO Inc. bought a new stake in Graco in the 1st quarter worth about $32,000. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Graco by 41.5% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 481 shares of the industrial products company's stock worth $41,000 after buying an additional 141 shares during the last quarter. WPG Advisers LLC bought a new stake in Graco during the first quarter worth $41,000. Geneos Wealth Management Inc. lifted its holdings in Graco by 982.6% during the first quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company's stock worth $42,000 after acquiring an additional 452 shares during the period. Finally, Golden State Wealth Management LLC lifted its holdings in Graco by 128.9% during the first quarter. Golden State Wealth Management LLC now owns 689 shares of the industrial products company's stock worth $58,000 after acquiring an additional 388 shares during the period. Hedge funds and other institutional investors own 93.88% of the company's stock.

Graco Price Performance

Shares of NYSE:GGG opened at $83.43 on Wednesday. Graco Inc. has a one year low of $72.06 and a one year high of $92.86. The company has a market cap of $13.82 billion, a price-to-earnings ratio of 29.59, a PEG ratio of 2.86 and a beta of 1.07. The firm has a fifty day moving average price of $84.88 and a two-hundred day moving average price of $84.12.

Graco (NYSE:GGG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $0.75 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.03). The business 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%.The company's quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the business posted $0.77 EPS. Equities research analysts expect that Graco Inc. will post 3.06 EPS for the current fiscal year.

Graco Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on GGG shares. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Graco in a research report on Saturday, September 27th. Robert W. Baird increased their price target on shares of Graco from $88.00 to $91.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Finally, Wolfe Research began coverage on shares of Graco in a research note on Wednesday, June 18th. They issued an "outperform" rating on the stock. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Graco has an average rating of "Moderate Buy" and an average price target of $94.50.

About Graco

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.

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