Graco Inc. $GGG Position Lowered by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC reduced its position in Graco Inc. (NYSE:GGG) by 29.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,992 shares of the industrial products company’s stock after selling 9,786 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Graco were worth $1,738,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. California State Teachers Retirement System grew its position in shares of Graco by 6,804.1% in the 2nd quarter. California State Teachers Retirement System now owns 20,492,805 shares of the industrial products company’s stock worth $1,549,461,000 after acquiring an additional 20,195,984 shares in the last quarter. BlackRock Inc. acquired a new position in Graco in the second quarter worth $1,396,470,000. Geode Capital Management LLC increased its stake in Graco by 5.9% during the fourth quarter. Geode Capital Management LLC now owns 4,652,241 shares of the industrial products company’s stock valued at $380,642,000 after purchasing an additional 261,126 shares during the last quarter. Amundi raised its holdings in shares of Graco by 7.5% during the second quarter. Amundi now owns 2,090,184 shares of the industrial products company’s stock worth $158,039,000 after purchasing an additional 146,032 shares during the period. Finally, Norges Bank bought a new position in shares of Graco in the 4th quarter worth about $161,949,000. Institutional investors and hedge funds own 93.88% of the company’s stock.

Graco Stock Down 0.2%

Shares of GGG opened at $76.53 on Tuesday. The firm has a 50-day moving average price of $78.55 and a 200 day moving average price of $80.26. The firm has a market capitalization of $12.39 billion, a PE ratio of 24.07, a P/E/G ratio of 2.41 and a beta of 0.92. Graco Inc. has a 52-week low of $72.51 and a 52-week high of $95.69.

Graco (NYSE:GGG) last released its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.10. Graco had a net margin of 23.53% and a return on equity of 19.54%. The company had revenue of $590.55 million for the quarter, compared to the consensus estimate of $608.06 million. During the same period in the previous year, the firm earned $0.75 EPS. Graco’s revenue was up 3.3% on a year-over-year basis. On average, equities analysts expect that Graco Inc. will post 3.19 EPS for the current year.

Graco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 4th. Stockholders of record on Monday, October 19th will be issued a $0.295 dividend. The ex-dividend date is Monday, October 19th. This represents a $1.18 annualized dividend and a dividend yield of 1.5%. Graco’s dividend payout ratio is 37.11%.

Analysts Set New Price Targets

GGG has been the topic of a number of recent research reports. Royal Bank Of Canada raised their target price on shares of Graco from $92.00 to $96.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Wolfe Research downgraded Graco from an “outperform” rating to a “peer perform” rating in a report on Thursday, July 9th. Robert W. Baird set a $94.00 price objective on Graco in a research note on Friday, July 24th. Weiss Ratings raised Graco from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 4th. Finally, DA Davidson reissued a “neutral” rating and set a $85.00 price target on shares of Graco in a report on Monday, July 27th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $95.00.

About Graco

Graco Inc is a manufacturer of equipment used to manage, measure, control and apply fluids and coatings. Its products include pumps, valves, meters, regulators, dispensing systems, spray equipment and automated lubrication systems used in manufacturing, construction, vehicle service and other industrial applications.

The company serves a range of end markets through businesses focused on contractor equipment, industrial systems and process equipment. Its offerings support applications such as painting and protective coatings, sealant and adhesive dispensing, lubrication, fluid transfer, water and wastewater treatment, and the handling of chemicals and other materials.

Founded in Minneapolis in 1926, Graco traces its origins to equipment developed for dispensing automotive grease.