Royal London Asset Management Ltd. Lowers Stake in Graco Inc. $GGG

Key Points

• Royal London Asset Management cut its Graco stake by 75.4% in the second quarter, selling 59,102 shares and retaining 19,307 shares valued at approximately $1.46 million. Institutional investors collectively own 93.88% of Graco.
• Graco reported quarterly EPS of $0.91, beating estimates by $0.10, while revenue reached $590.55 million, below expectations but up 3.3% year over year.
• Shares opened at $76.94, near the lower end of their 52-week range. Analysts maintain a consensus “Hold” rating with an average price target of $95, while Graco’s quarterly dividend implies a 1.5% yield.

Royal London Asset Management Ltd. lowered its holdings in shares of Graco Inc. (NYSE:GGG - Free Report) by 75.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,307 shares of the industrial products company's stock after selling 59,102 shares during the period. Royal London Asset Management Ltd.'s holdings in Graco were worth $1,460,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Goldman Sachs Group Inc. lifted its holdings in shares of Graco by 15.6% during the first quarter. Goldman Sachs Group Inc. now owns 330,409 shares of the industrial products company's stock valued at $27,592,000 after purchasing an additional 44,573 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in shares of 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 buying an additional 452 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Graco by 97.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,765 shares of the industrial products company's stock valued at $152,000 after buying an additional 870 shares in the last quarter. Marshall Wace LLP increased its position in Graco by 559.5% during the 2nd quarter. Marshall Wace LLP now owns 108,100 shares of the industrial products company's stock valued at $9,293,000 after buying an additional 91,708 shares in the last quarter. Finally, Federated Hermes Inc. raised its stake in Graco by 4.2% during the second quarter. Federated Hermes Inc. now owns 21,289 shares of the industrial products company's stock valued at $1,830,000 after buying an additional 852 shares during the last quarter. Institutional investors own 93.88% of the company's stock.

Graco Stock Down 0.6%

Shares of NYSE GGG opened at $76.94 on Wednesday. The firm has a market cap of $12.46 billion, a P/E ratio of 24.20, a PEG ratio of 2.43 and a beta of 0.92. Graco Inc. has a twelve month low of $72.51 and a twelve month high of $95.69. The company has a 50 day moving average of $78.25 and a 200 day moving average of $81.31.

Graco (NYSE:GGG - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The industrial products company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.81 by $0.10. The business had revenue of $590.55 million for the quarter, compared to the consensus estimate of $608.06 million. Graco had a return on equity of 19.54% and a net margin of 23.53%.The company's revenue was up 3.3% compared to the same quarter last year. During the same period last year, the business posted $0.75 EPS. As a group, equities analysts expect that Graco Inc. will post 3.19 earnings per share for the current fiscal year.

Graco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a dividend of $0.295 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $1.18 annualized dividend and a dividend yield of 1.5%. Graco's dividend payout ratio (DPR) is 37.11%.

Analysts Set New Price Targets

Several research firms have commented on GGG. DA Davidson reissued a "neutral" rating and issued a $85.00 target price on shares of Graco in a report on Monday, July 27th. Weiss Ratings upgraded Graco from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 4th. Royal Bank Of Canada lifted their price target on Graco from $92.00 to $96.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Wolfe Research cut shares of Graco from an "outperform" rating to a "peer perform" rating in a research note on Thursday, July 9th. Finally, Robert W. Baird set a $94.00 price objective on shares of Graco in a research report on Friday, July 24th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, Graco has a consensus rating of "Hold" and an average 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.

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