TD Asset Management Inc Sells 42,560 Shares of Graco Inc. $GGG

Key Points

• TD Asset Management Inc reduced its stake in Graco Inc. by 5.2%, selling 42,560 shares, and now owns approximately 0.47% of the company worth $66,923,000.
• The stock has a consensus rating of "Moderate Buy" with a target price of $94.50, and it has been recently covered by several analysts, including Robert W. Baird and Wolfe Research.
• Graco announced a quarterly dividend of $0.275, representing a 1.3% yield, which is to be paid to shareholders of record on October 20th.

TD Asset Management Inc trimmed its stake in Graco Inc. (NYSE:GGG - Free Report) by 5.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 778,443 shares of the industrial products company's stock after selling 42,560 shares during the period. TD Asset Management Inc owned approximately 0.47% of Graco worth $66,923,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of GGG. Millennium Management LLC raised its stake in shares of Graco by 572.1% in the first quarter. Millennium Management LLC now owns 437,661 shares of the industrial products company's stock valued at $36,549,000 after acquiring an additional 372,543 shares during the period. PineStone Asset Management Inc. grew its holdings in Graco by 9.1% during the 2nd quarter. PineStone Asset Management Inc. now owns 3,911,372 shares of the industrial products company's stock valued at $336,261,000 after purchasing an additional 326,877 shares during the last quarter. Nuveen LLC purchased a new stake in Graco in the 1st quarter worth about $26,540,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Graco by 225.4% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 223,569 shares of the industrial products company's stock worth $18,670,000 after purchasing an additional 154,853 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Graco by 12.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,337,457 shares of the industrial products company's stock worth $111,691,000 after purchasing an additional 146,424 shares during the last quarter. Hedge funds and other institutional investors own 93.88% of the company's stock.

Analyst Upgrades and Downgrades

GGG has been the topic of a number of analyst reports. Robert W. Baird upped their target price on Graco from $88.00 to $91.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Graco in a research report on Wednesday, October 8th. Finally, Wolfe Research started coverage on Graco in a research report on Wednesday, June 18th. They set an "outperform" rating for the company. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $94.50.

Graco Price Performance

Shares of NYSE GGG opened at $82.19 on Thursday. Graco Inc. has a 1-year low of $72.06 and a 1-year high of $92.86. The business has a fifty day moving average price of $84.69 and a 200 day moving average price of $84.03. The stock has a market capitalization of $13.62 billion, a P/E ratio of 29.15, a price-to-earnings-growth ratio of 2.76 and a beta of 1.07.

Graco (NYSE:GGG - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The industrial products company reported $0.75 EPS for the quarter, missing analysts' consensus estimates of $0.78 by ($0.03). Graco had a return on equity of 19.05% and a net margin of 22.26%.The firm had revenue of $571.81 million during the quarter, compared to the consensus estimate of $590.57 million. During the same quarter in the prior year, the firm posted $0.77 earnings per share. The business's revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Graco Inc. will post 3.06 earnings per share for the current fiscal year.

Graco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 5th. Shareholders of record on Monday, October 20th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.3%. The ex-dividend date is Monday, October 20th. Graco's dividend payout ratio (DPR) is 39.01%.

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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