Canoe Financial LP Cuts Stock Holdings in Graco Inc. $GGG

Canoe Financial LP reduced its position in Graco Inc. (NYSE:GGG) by 9.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 441,774 shares of the industrial products company’s stock after selling 44,600 shares during the quarter. Canoe Financial LP’s holdings in Graco were worth $37,396,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Graco in the fourth quarter valued at $161,949,000. Bank of Montreal Can boosted its stake in shares of Graco by 1,636.9% during the 4th quarter. Bank of Montreal Can now owns 1,011,196 shares of the industrial products company’s stock worth $82,888,000 after acquiring an additional 952,977 shares in the last quarter. Caisse de depot et placement du Quebec boosted its stake in shares of Graco by 236.4% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,279,553 shares of the industrial products company’s stock worth $108,711,000 after acquiring an additional 899,174 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Graco by 20,706.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 556,362 shares of the industrial products company’s stock valued at $45,605,000 after acquiring an additional 553,688 shares during the period. Finally, AQR Capital Management LLC increased its stake in shares of Graco by 116.8% in the 2nd quarter. AQR Capital Management LLC now owns 735,146 shares of the industrial products company’s stock valued at $63,201,000 after purchasing an additional 396,125 shares in the last quarter. 93.88% of the stock is owned by hedge funds and other institutional investors.

Graco Stock Down 0.0%

GGG stock opened at $76.40 on Monday. The stock has a market capitalization of $12.68 billion, a P/E ratio of 24.89, a P/E/G ratio of 2.46 and a beta of 0.93. The firm has a 50-day simple moving average of $77.41 and a 200-day simple moving average of $83.80. Graco Inc. has a 52 week low of $73.15 and a 52 week high of $95.69.

Graco (NYSE:GGG) last released its quarterly earnings results on Wednesday, April 22nd. The industrial products company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.09). The company had revenue of $540.14 million for the quarter, compared to analyst estimates of $561.35 million. Graco had a return on equity of 18.66% and a net margin of 22.96%.The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter last year, the company earned $0.70 EPS. On average, analysts expect that Graco Inc. will post 3.1 earnings per share for the current year.

Graco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be paid a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 1.5%. The ex-dividend date is Monday, July 20th. Graco’s payout ratio is 38.44%.

Insider Activity at Graco

In other news, Director Andrea Helen Simon bought 1,240 shares of Graco stock in a transaction on Monday, April 27th. The stock was acquired at an average price of $80.53 per share, with a total value of $99,857.20. Following the completion of the acquisition, the director directly owned 1,240 shares of the company’s stock, valued at $99,857.20. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.18% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on GGG shares. Robert W. Baird lowered their price target on Graco from $96.00 to $92.00 and set a “neutral” rating on the stock in a research report on Friday, April 24th. DA Davidson restated a “neutral” rating and issued a $85.00 price objective on shares of Graco in a research report on Monday, April 27th. Weiss Ratings downgraded Graco from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $95.00 target price on shares of Graco in a research report on Friday, April 24th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Graco presently has an average rating of “Hold” and an average price target of $94.25.

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.