Whittier Trust Co. of Nevada Inc. Trims Position in Graco Inc. $GGG

Key Points

• Whittier Trust Co. of Nevada sharply cut its Graco stake in the first quarter, selling 94,067 shares and reducing its holdings by 98.4% to just 1,505 shares worth about $127,000.
• Graco’s stock traded down 2.5% and opened at $73.29, near its 52-week low of $73.03. The shares remain well below the 200-day moving average of $83.35.
• Recent earnings missed expectations: Graco reported EPS of $0.66 versus the $0.75 consensus and revenue of $540.14 million versus $561.35 million expected. The company also announced a quarterly dividend of $0.295 per share, payable August 5.

Whittier Trust Co. of Nevada Inc. decreased its holdings in shares of Graco Inc. (NYSE:GGG - Free Report) by 98.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,505 shares of the industrial products company's stock after selling 94,067 shares during the quarter. Whittier Trust Co. of Nevada Inc.'s holdings in Graco were worth $127,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in GGG. State Street Corp increased its stake in shares of Graco by 3.2% during the 4th quarter. State Street Corp now owns 7,813,877 shares of the industrial products company's stock valued at $640,503,000 after acquiring an additional 242,817 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Graco by 5.9% in the fourth quarter. Geode Capital Management LLC now owns 4,652,241 shares of the industrial products company's stock worth $380,642,000 after acquiring an additional 261,126 shares during the last quarter. Morgan Stanley grew its holdings in Graco by 5.4% in the fourth quarter. Morgan Stanley now owns 4,057,036 shares of the industrial products company's stock valued at $332,556,000 after purchasing an additional 206,949 shares during the period. Amundi grew its holdings in Graco by 2.6% in the third quarter. Amundi now owns 2,076,887 shares of the industrial products company's stock valued at $176,016,000 after purchasing an additional 53,126 shares during the period. Finally, Norges Bank acquired a new position in Graco during the fourth quarter worth approximately $161,949,000. Hedge funds and other institutional investors own 93.88% of the company's stock.

Wall Street Analyst Weigh In

GGG has been the topic of a number of recent analyst reports. DA Davidson reaffirmed a "neutral" rating and set a $85.00 price target on shares of Graco in a research note on Monday, April 27th. Weiss Ratings downgraded Graco from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, June 5th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $95.00 target price on shares of Graco in a research report on Friday, April 24th. Finally, Robert W. Baird reduced their target price on Graco from $96.00 to $92.00 and set a "neutral" rating on the stock in a report on Friday, April 24th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Graco has an average rating of "Hold" and a consensus price target of $94.25.

Insider Activity

In related news, Director Andrea Helen Simon bought 1,240 shares of the company's stock in a transaction that occurred on Monday, April 27th. The shares were acquired at an average cost of $80.53 per share, for a total transaction of $99,857.20. Following the acquisition, the director owned 1,240 shares in the company, valued at $99,857.20. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.18% of the company's stock.

Graco Trading Down 2.5%

Shares of GGG stock opened at $73.29 on Thursday. The company's fifty day simple moving average is $75.91 and its 200-day simple moving average is $83.35. Graco Inc. has a 52 week low of $73.03 and a 52 week high of $95.69. The company has a market cap of $12.16 billion, a PE ratio of 23.87, a P/E/G ratio of 2.42 and a beta of 0.93.

Graco (NYSE:GGG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The industrial products company reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.75 by ($0.09). Graco had a return on equity of 18.66% and a net margin of 22.96%.The business had revenue of $540.14 million for the quarter, compared to analysts' expectations of $561.35 million. During the same period last year, the company posted $0.70 earnings per share. The firm's revenue for the quarter was up 2.2% on a year-over-year basis. Equities research analysts expect that Graco Inc. will post 3.1 EPS for the current fiscal year.

Graco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a $0.295 dividend. The ex-dividend date is Monday, July 20th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.6%. Graco's dividend payout ratio (DPR) is 38.44%.

About Graco

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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