TD Asset Management Inc Reduces Holdings in Graco Inc. (NYSE:GGG)

Key Points

• TD Asset Management Inc reduced its holdings in Graco Inc. by 6.2%, selling 54,113 shares and owning 821,003 shares worth $68.56 million as of the latest SEC filing.
• Graco announced a $0.275 quarterly dividend to be paid on August 6th, representing an annualized yield of 1.30%.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Graco, with an average price target of $94.50.

TD Asset Management Inc reduced its stake in shares of Graco Inc. (NYSE:GGG - Free Report) by 6.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 821,003 shares of the industrial products company's stock after selling 54,113 shares during the period. TD Asset Management Inc owned approximately 0.49% of Graco worth $68,562,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wood Tarver Financial Group LLC purchased a new position in shares of Graco during the fourth quarter worth $46,000. Golden State Wealth Management LLC raised its holdings in shares of 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 purchasing an additional 388 shares during the last quarter. Sit Investment Associates Inc. purchased a new position in shares of Graco during the fourth quarter worth $80,000. USA Financial Formulas raised its holdings in shares of Graco by 43.6% during the first quarter. USA Financial Formulas now owns 1,057 shares of the industrial products company's stock worth $88,000 after purchasing an additional 321 shares during the last quarter. Finally, Fifth Third Bancorp raised its holdings in shares of Graco by 21.1% during the first quarter. Fifth Third Bancorp now owns 1,834 shares of the industrial products company's stock worth $153,000 after purchasing an additional 319 shares during the last quarter. 93.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider David J. Thompson sold 3,588 shares of Graco stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $86.23, for a total value of $309,393.24. Following the sale, the insider owned 27,520 shares in the company, valued at $2,373,049.60. This trade represents a 11.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GGG. Wolfe Research began coverage on shares of Graco in a report on Wednesday, June 18th. They set an "outperform" rating for the company. Robert W. Baird raised their target price on shares of Graco from $88.00 to $91.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, Graco presently has an average rating of "Moderate Buy" and a consensus price target of $94.50.

Graco Trading Up 1.3%

GGG traded up $1.05 on Thursday, reaching $84.48. The stock had a trading volume of 191,750 shares, compared to its average volume of 830,278. Graco Inc. has a 12-month low of $72.06 and a 12-month high of $92.86. The business's 50-day moving average price is $85.67 and its two-hundred day moving average price is $84.16. The company has a market cap of $14.00 billion, a P/E ratio of 29.94, a price-to-earnings-growth ratio of 2.85 and a beta of 1.06.

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

Graco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 6th. Stockholders of record on Monday, July 21st will be given a $0.275 dividend. The ex-dividend date is Monday, July 21st. This represents a $1.10 annualized dividend and a dividend yield of 1.30%. Graco's dividend payout ratio (DPR) is 39.01%.

Graco Profile

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.