US Bancorp DE Grows Stake in Graco Inc. $GGG

Key Points

• US Bancorp DE has increased its stake in Graco Inc. by 6.5%, owning approximately 312,160 shares valued at $26.8 million after purchasing an additional 18,949 shares in the second quarter.
• Graco's stock is currently down 2.1%, trading at $80.15, while its recent quarterly earnings missed expectations with a reported $0.75 EPS against a consensus estimate of $0.78.
• The company announced a quarterly dividend of $0.275, set to be paid on November 5th, with a current annual dividend yield of 1.4%.

US Bancorp DE grew its position in shares of Graco Inc. (NYSE:GGG - Free Report) by 6.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 312,160 shares of the industrial products company's stock after purchasing an additional 18,949 shares during the period. US Bancorp DE owned approximately 0.19% of Graco worth $26,836,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. eCIO Inc. purchased a new position in shares of Graco during the 1st quarter valued at $32,000. WPG Advisers LLC purchased a new position in shares of Graco during the 1st quarter valued at $41,000. Thurston Springer Miller Herd & Titak Inc. grew its position in shares of Graco by 41.5% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 481 shares of the industrial products company's stock valued at $41,000 after purchasing an additional 141 shares in the last quarter. Geneos Wealth Management Inc. grew its position in Graco by 982.6% in 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 in the last quarter. Finally, Golden State Wealth Management LLC grew its position in Graco by 128.9% in 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 in the last quarter. 93.88% of the stock is currently owned by hedge funds and other institutional investors.

Graco Stock Down 2.1%

Graco stock opened at $80.15 on Friday. The company has a market capitalization of $13.28 billion, a PE ratio of 28.42, a P/E/G ratio of 2.76 and a beta of 1.07. The firm has a fifty day simple moving average of $84.78 and a two-hundred day simple moving average of $84.08. Graco Inc. has a twelve month low of $72.06 and a twelve month high of $92.86.

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

Graco Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend is Monday, October 20th. This represents a $1.10 annualized dividend and a yield of 1.4%. Graco's payout ratio is currently 39.01%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Weiss Ratings reiterated a "buy (b-)" rating on shares of Graco in a research report on Wednesday. Robert W. Baird upped their target price on shares of Graco from $88.00 to $91.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Finally, Wolfe Research assumed coverage on shares of Graco in a research report on Wednesday, June 18th. They issued an "outperform" rating for the company. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Graco currently has a consensus rating of "Moderate Buy" and a consensus target price of $94.50.

Graco Company 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.

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