Griffin Asset Management Inc. Trims Stake in Graco Inc. (GGG)

Griffin Asset Management Inc. trimmed its position in Graco Inc. (NYSE:GGG) by 6.0% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 40,746 shares of the industrial products company’s stock after selling 2,600 shares during the period. Griffin Asset Management Inc.’s holdings in Graco were worth $1,843,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Signaturefd LLC raised its holdings in shares of Graco by 727.8% during the second quarter. Signaturefd LLC now owns 2,235 shares of the industrial products company’s stock valued at $101,000 after buying an additional 1,965 shares during the last quarter. Fort L.P. bought a new stake in shares of Graco during the second quarter valued at approximately $119,000. Itau Unibanco Holding S.A. bought a new stake in shares of Graco during the second quarter valued at approximately $162,000. Meeder Asset Management Inc. raised its holdings in shares of Graco by 51.9% during the second quarter. Meeder Asset Management Inc. now owns 4,086 shares of the industrial products company’s stock valued at $185,000 after buying an additional 1,396 shares during the last quarter. Finally, Cetera Advisor Networks LLC bought a new stake in shares of Graco during the first quarter valued at approximately $200,000. 85.68% of the stock is currently owned by hedge funds and other institutional investors.

In related news, insider Caroline M. Chambers sold 97,500 shares of Graco stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $47.10, for a total value of $4,592,250.00. Following the completion of the sale, the insider now owns 119,092 shares of the company’s stock, valued at approximately $5,609,233.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jack W. Eugster sold 32,297 shares of Graco stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of $46.66, for a total transaction of $1,506,978.02. Following the completion of the sale, the director now directly owns 103,251 shares of the company’s stock, valued at approximately $4,817,691.66. The disclosure for this sale can be found here. 5.10% of the stock is currently owned by insiders.

NYSE GGG traded down $0.36 on Friday, hitting $44.28. 510,556 shares of the stock were exchanged, compared to its average volume of 658,261. Graco Inc. has a 52-week low of $40.22 and a 52-week high of $49.69. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.64 and a current ratio of 2.65. The stock has a market cap of $7.75 billion, a price-to-earnings ratio of 30.97, a PEG ratio of 2.91 and a beta of 1.09.

Graco (NYSE:GGG) last posted its quarterly earnings results on Wednesday, July 25th. The industrial products company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.02). Graco had a net margin of 18.07% and a return on equity of 40.67%. The company had revenue of $424.60 million for the quarter, compared to analysts’ expectations of $421.19 million. During the same quarter in the prior year, the firm earned $1.38 earnings per share. The company’s revenue was up 11.9% on a year-over-year basis. On average, research analysts forecast that Graco Inc. will post 1.84 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 7th. Investors of record on Monday, October 22nd will be paid a $0.1325 dividend. This represents a $0.53 annualized dividend and a dividend yield of 1.20%. The ex-dividend date is Friday, October 19th. Graco’s payout ratio is presently 37.06%.

GGG has been the topic of several recent analyst reports. Zacks Investment Research cut Graco from a “hold” rating to a “sell” rating in a report on Tuesday, September 25th. Oppenheimer reissued a “hold” rating on shares of Graco in a report on Thursday, July 26th. Royal Bank of Canada reissued a “hold” rating and set a $49.00 target price on shares of Graco in a report on Friday, July 27th. DA Davidson set a $49.00 target price on Graco and gave the stock a “hold” rating in a report on Monday, August 20th. Finally, ValuEngine cut Graco from a “hold” rating to a “sell” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $49.17.

Graco Profile

Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. Its Industrial segment offers proportioning systems that are used to spray polyurethane foam and polyurea coatings; vapor-abrasive blasting equipment; equipment that pumps, meters, mixes, and dispenses sealant, adhesive, and composite materials; and gel coat equipment, chop and wet-out systems, resin transfer molding systems, and applicators.

Further Reading: Stock Split

Institutional Ownership by Quarter for Graco (NYSE:GGG)

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