Graco Inc. (GGG) Holdings Reduced by Renaissance Technologies LLC

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Renaissance Technologies LLC reduced its position in Graco Inc. (NYSE:GGG) by 20.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 430,100 shares of the industrial products company’s stock after selling 111,700 shares during the period. Renaissance Technologies LLC’s holdings in Graco were worth $19,449,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. grew its stake in Graco by 2.0% in the 2nd quarter. BlackRock Inc. now owns 14,712,692 shares of the industrial products company’s stock worth $665,308,000 after acquiring an additional 289,609 shares during the period. Fiera Capital Corp grew its stake in Graco by 4.7% in the 2nd quarter. Fiera Capital Corp now owns 9,937,963 shares of the industrial products company’s stock worth $449,394,000 after acquiring an additional 447,854 shares during the period. Russell Investments Group Ltd. grew its stake in Graco by 12.2% in the 1st quarter. Russell Investments Group Ltd. now owns 2,088,179 shares of the industrial products company’s stock worth $95,035,000 after acquiring an additional 227,135 shares during the period. Northern Trust Corp grew its stake in Graco by 140.5% in the 1st quarter. Northern Trust Corp now owns 1,298,830 shares of the industrial products company’s stock worth $59,383,000 after acquiring an additional 758,808 shares during the period. Finally, Old Mutual Global Investors UK Ltd. grew its stake in Graco by 10.7% in the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 1,229,544 shares of the industrial products company’s stock worth $56,214,000 after acquiring an additional 118,518 shares during the period. 85.68% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE GGG opened at $46.57 on Wednesday. Graco Inc. has a 52-week low of $40.19 and a 52-week high of $49.69. The firm has a market cap of $7.85 billion, a PE ratio of 27.89, a P/E/G ratio of 2.94 and a beta of 1.10. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.65 and a quick ratio of 1.64.

Graco (NYSE:GGG) last announced its quarterly earnings data on Wednesday, July 25th. The industrial products company reported $0.48 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 period in the prior year, the firm earned $1.38 earnings per share. The firm’s quarterly revenue was up 11.9% on a year-over-year basis. sell-side analysts expect that Graco Inc. will post 1.84 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 7th. Investors of record on Monday, October 22nd will be given a dividend of $0.1325 per share. The ex-dividend date of this dividend is Friday, October 19th. This represents a $0.53 dividend on an annualized basis and a yield of 1.14%. Graco’s dividend payout ratio (DPR) is 37.06%.

In related news, Director Jack W. Eugster sold 32,297 shares of the company’s 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Caroline M. Chambers sold 97,500 shares of the company’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $47.10, for a total transaction of $4,592,250.00. Following the sale, the insider now directly owns 119,092 shares of the company’s stock, valued at $5,609,233.20. The disclosure for this sale can be found here. 5.10% of the stock is currently owned by corporate insiders.

GGG has been the subject of several research reports. Zacks Investment Research raised shares of Graco from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a research note on Friday, July 6th. Oppenheimer reissued a “hold” rating on shares of Graco in a research note on Wednesday, August 22nd. DA Davidson set a $49.00 price objective on shares of Graco and gave the company a “hold” rating in a research note on Monday, August 20th. Finally, Royal Bank of Canada reissued a “hold” rating and set a $49.00 price objective on shares of Graco in a research note on Friday, July 27th. One analyst has rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $49.17.

About Graco

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.

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Want to see what other hedge funds are holding GGG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Graco Inc. (NYSE:GGG).

Institutional Ownership by Quarter for Graco (NYSE:GGG)

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