The Manufacturers Life Insurance Company Invests $5.36 Million in Graco Inc. $GGG

The Manufacturers Life Insurance Company bought a new position in shares of Graco Inc. (NYSE:GGG) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 70,921 shares of the industrial products company’s stock, valued at approximately $5,362,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV boosted its stake in shares of Graco by 0.5% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 21,277 shares of the industrial products company’s stock worth $1,745,000 after buying an additional 109 shares during the last quarter. Stonebridge Capital Advisors LLC raised its holdings in Graco by 0.3% during the second quarter. Stonebridge Capital Advisors LLC now owns 41,431 shares of the industrial products company’s stock worth $3,562,000 after acquiring an additional 119 shares in the last quarter. ICW Investment Advisors LLC raised its holdings in Graco by 5.2% during the second quarter. ICW Investment Advisors LLC now owns 2,723 shares of the industrial products company’s stock worth $234,000 after acquiring an additional 135 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Graco by 5.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,813 shares of the industrial products company’s stock valued at $231,000 after purchasing an additional 139 shares during the last quarter. Finally, Root Financial Partners LLC boosted its position in Graco by 43.2% during the first quarter. Root Financial Partners LLC now owns 504 shares of the industrial products company’s stock valued at $43,000 after purchasing an additional 152 shares during the last quarter. 93.88% of the stock is currently owned by institutional investors and hedge funds.

Graco Trading Down 2.4%

GGG stock opened at $77.42 on Tuesday. Graco Inc. has a 1-year low of $72.51 and a 1-year high of $95.69. The business’s 50 day simple moving average is $78.20 and its 200 day simple moving average is $81.43. The firm has a market capitalization of $12.54 billion, a PE ratio of 24.35, a PEG ratio of 2.49 and a beta of 0.92.

Graco (NYSE:GGG) last released its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.10. Graco had a net margin of 23.53% and a return on equity of 19.54%. The firm had revenue of $590.55 million during the quarter, compared to analysts’ expectations of $608.06 million. During the same period in the previous year, the business posted $0.75 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, sell-side analysts predict that Graco Inc. will post 3.19 EPS for the current fiscal year.

Graco Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a $0.295 dividend. This represents a $1.18 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Monday, July 20th. Graco’s dividend payout ratio is currently 37.11%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Wolfe Research lowered Graco from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 9th. DA Davidson reissued a “neutral” rating and issued a $85.00 target price on shares of Graco in a research note on Monday, July 27th. Royal Bank Of Canada boosted their target price on shares of Graco from $92.00 to $96.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Robert W. Baird set a $94.00 price target on shares of Graco in a research note on Friday, July 24th. Finally, Weiss Ratings raised shares of Graco from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 4th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $95.00.

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.