Thrivent Financial for Lutherans Has $10.56 Million Holdings in Graco Inc. $GGG

Thrivent Financial for Lutherans cut its stake in Graco Inc. (NYSE:GGG) by 16.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 124,334 shares of the industrial products company’s stock after selling 23,647 shares during the period. Thrivent Financial for Lutherans owned approximately 0.07% of Graco worth $10,563,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of GGG. Nordea Investment Management AB lifted its position in shares of Graco by 432.6% during the 3rd quarter. Nordea Investment Management AB now owns 85,654 shares of the industrial products company’s stock worth $7,263,000 after buying an additional 69,573 shares during the period. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Graco by 154.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 64,341 shares of the industrial products company’s stock valued at $5,466,000 after acquiring an additional 39,031 shares during the period. Addenda Capital Inc. bought a new position in shares of Graco during the third quarter valued at $4,837,000. Nisa Investment Advisors LLC boosted its stake in shares of Graco by 18.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 81,202 shares of the industrial products company’s stock valued at $6,899,000 after purchasing an additional 12,575 shares in the last quarter. Finally, Rakuten Investment Management Inc. bought a new stake in shares of Graco in the 3rd quarter worth about $2,477,000. 93.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Graco

In other Graco news, EVP Kathryn L. Schoenrock sold 2,223 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $88.06, for a total transaction of $195,757.38. Following the transaction, the executive vice president directly owned 7,846 shares in the company, valued at approximately $690,918.76. This represents a 22.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director J Kevin Gilligan sold 12,870 shares of Graco stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $89.07, for a total transaction of $1,146,330.90. The SEC filing for this sale provides additional information. Corporate insiders own 2.19% of the company’s stock.

Graco Stock Performance

NYSE:GGG opened at $91.66 on Thursday. The stock’s fifty day moving average price is $84.69 and its two-hundred day moving average price is $84.01. Graco Inc. has a 52-week low of $72.06 and a 52-week high of $91.80. The company has a market cap of $15.20 billion, a price-to-earnings ratio of 29.66, a P/E/G ratio of 2.79 and a beta of 1.08.

Graco (NYSE:GGG) last released its earnings results on Monday, January 26th. The industrial products company reported $0.77 EPS for the quarter, meeting the consensus estimate of $0.77. The company had revenue of $593.16 million during the quarter, compared to analysts’ expectations of $591.99 million. Graco had a return on equity of 19.49% and a net margin of 23.33%.The business’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period last year, the firm earned $0.64 EPS. On average, equities analysts predict that Graco Inc. will post 3.06 EPS for the current fiscal year.

Graco declared that its board has authorized a share buyback plan on Friday, December 5th that authorizes the company to repurchase 15,000,000 outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Graco Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 4th. Shareholders of record on Monday, January 19th were issued a dividend of $0.295 per share. The ex-dividend date of this dividend was Friday, January 16th. This represents a $1.18 annualized dividend and a yield of 1.3%. This is an increase from Graco’s previous quarterly dividend of $0.28. Graco’s dividend payout ratio (DPR) is presently 38.19%.

Analyst Ratings Changes

Several brokerages recently issued reports on GGG. Weiss Ratings reissued a “hold (c+)” rating on shares of Graco in a report on Thursday, January 22nd. Jefferies Financial Group raised their price objective on shares of Graco from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday, January 28th. DA Davidson reissued a “neutral” rating and issued a $85.00 target price on shares of Graco in a report on Monday. KeyCorp restated a “sector weight” rating on shares of Graco in a research report on Tuesday, January 27th. Finally, Royal Bank Of Canada lifted their price objective on Graco from $97.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, January 28th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $96.50.

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.