Schwartz Investment Counsel Inc. reduced its holdings in shares of Graco Inc. (NYSE:GGG) by 5.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 299,150 shares of the industrial products company’s stock after selling 18,000 shares during the period. Graco accounts for about 2.3% of Schwartz Investment Counsel Inc.’s investment portfolio, making the stock its 11th largest holding. Schwartz Investment Counsel Inc. owned about 0.53% of Graco worth $37,002,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Advisors Asset Management Inc. raised its holdings in Graco by 106.1% in the second quarter. Advisors Asset Management Inc. now owns 1,123 shares of the industrial products company’s stock worth $123,000 after buying an additional 578 shares during the last quarter. Acrospire Investment Management LLC raised its holdings in Graco by 200.0% in the second quarter. Acrospire Investment Management LLC now owns 1,200 shares of the industrial products company’s stock worth $131,000 after buying an additional 800 shares during the last quarter. Fiduciary Trust Co. purchased a new position in Graco in the second quarter worth about $180,000. Mosaic Family Wealth LLC raised its holdings in Graco by 5.1% in the second quarter. Mosaic Family Wealth LLC now owns 1,880 shares of the industrial products company’s stock worth $205,000 after buying an additional 91 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new position in Graco in the first quarter worth about $206,000. 87.18% of the stock is owned by institutional investors.
In related news, insider David M. Lowe sold 30,000 shares of the stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $115.50, for a total value of $3,465,000.00. Following the completion of the transaction, the insider now directly owns 164,809 shares of the company’s stock, valued at approximately $19,035,439.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric Etchart sold 757 shares of the stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $119.20, for a total transaction of $90,234.40. Following the completion of the transaction, the director now directly owns 12,464 shares of the company’s stock, valued at $1,485,708.80. The disclosure for this sale can be found here. Insiders sold a total of 162,516 shares of company stock valued at $10,298,479 over the last ninety days. 5.70% of the stock is currently owned by insiders.
Shares of Graco Inc. (NYSE GGG) traded up 0.69% on Tuesday, reaching $131.65. 52,503 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $124.28 and a 200-day moving average price of $113.88. The company has a market cap of $7.37 billion, a PE ratio of 83.53 and a beta of 1.25. Graco Inc. has a 12-month low of $73.40 and a 12-month high of $134.11.
Graco (NYSE:GGG) last released its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $1.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.09. The business had revenue of $379.81 million during the quarter, compared to analyst estimates of $356.30 million. Graco had a net margin of 7.72% and a return on equity of 42.05%. The company’s quarterly revenue was up 16.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.95 earnings per share. Equities research analysts anticipate that Graco Inc. will post $4.39 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Monday, October 16th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend is Friday, October 13th. Graco’s payout ratio is 75.79%.
GGG has been the subject of several recent analyst reports. Zacks Investment Research raised shares of Graco from a “hold” rating to a “buy” rating and set a $127.00 target price for the company in a report on Monday, July 31st. BidaskClub raised shares of Graco from a “hold” rating to a “buy” rating in a report on Friday, August 18th. FBR & Co set a $140.00 target price on shares of Graco and gave the stock a “hold” rating in a report on Thursday, October 26th. KeyCorp reaffirmed a “hold” rating on shares of Graco in a report on Friday, October 20th. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $129.00 target price on shares of Graco in a report on Wednesday, October 4th. Nine research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $116.75.
Graco Inc designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. The Company specializes in equipment for applications that involve materials with viscosities, materials with abrasive or corrosive properties, and multiple-component materials that require ratio control.
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