NorthCrest Asset Manangement LLC Makes New Investment in Graco Inc. $GGG

NorthCrest Asset Manangement LLC acquired a new stake in Graco Inc. (NYSE:GGG) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,351 shares of the industrial products company’s stock, valued at approximately $498,000.

A number of other hedge funds have also recently modified their holdings of GGG. GAMMA Investing LLC lifted its holdings in Graco by 24.2% in the third quarter. GAMMA Investing LLC now owns 5,219 shares of the industrial products company’s stock valued at $401,000 after acquiring an additional 1,016 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Graco by 30.1% during the third quarter. Farther Finance Advisors LLC now owns 6,043 shares of the industrial products company’s stock worth $464,000 after acquiring an additional 1,398 shares during the last quarter. North Point Portfolio Managers Corp OH acquired a new stake in Graco during the third quarter worth $186,000. Versant Capital Management Inc raised its position in Graco by 559.7% in the third quarter. Versant Capital Management Inc now owns 1,458 shares of the industrial products company’s stock valued at $112,000 after purchasing an additional 1,237 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its position in Graco by 9.3% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 3,806 shares of the industrial products company’s stock valued at $288,000 after purchasing an additional 324 shares during the period. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Graco Price Performance

Shares of GGG stock traded up $0.28 during trading hours on Friday, reaching $82.06. 1,191,897 shares of the stock were exchanged, compared to its average volume of 1,655,939. The business’s fifty day moving average is $78.89 and its two-hundred day moving average is $78.63. Graco Inc. has a 12-month low of $72.51 and a 12-month high of $95.69. The firm has a market capitalization of $13.29 billion, a P/E ratio of 25.80, a P/E/G ratio of 2.54 and a beta of 0.89.

Graco (NYSE:GGG) last posted its earnings results on Wednesday, July 22nd. The industrial products company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.81 by $0.10. The firm had revenue of $590.55 million for the quarter, compared to analyst estimates of $608.06 million. Graco had a return on equity of 19.54% and a net margin of 23.53%. Graco’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.75 earnings per share. As a group, equities research analysts predict that Graco Inc. will post 3.22 earnings per share for the current fiscal year.

Graco Announces Dividend

The firm 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 $0.2950 dividend. The ex-dividend date is Monday, October 19th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.4%. Graco’s dividend payout ratio is presently 37.11%.

Wall Street Analysts Forecast Growth

GGG has been the subject of a number of recent analyst reports. DA Davidson reissued a “neutral” rating and set a $85.00 price objective on shares of Graco in a research report on Monday, July 27th. Wolfe Research cut shares of Graco from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 9th. Weiss Ratings raised shares of Graco from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 4th. Robert W. Baird set a $94.00 price target on shares of Graco in a research report on Friday, July 24th. Finally, Royal Bank Of Canada reduced their price target on shares of Graco from $96.00 to $95.00 and set an “outperform” rating on the stock in a research note on Wednesday. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Graco has an average rating of “Hold” and a consensus target price of $94.75.

Graco Profile

Graco Inc is a Minneapolis-based manufacturer of equipment used to manage, measure, control and apply fluids and coatings. Its products are used in industrial, commercial and residential applications, including fluid handling, lubrication, dispensing, sealing, bonding, painting and corrosion protection.

The company’s product portfolio includes pumps, valves, meters, regulators, controls, proportioning systems and spray equipment. Graco also supplies equipment for paint and texture application, protective coatings, sealants and adhesives, vehicle servicing, and the automated lubrication of machinery.