Canoe Financial LP Has $12.22 Million Stake in Graco Inc. (NYSE:GGG)

Canoe Financial LP lessened its position in shares of Graco Inc. (NYSE:GGG) by 78.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 139,471 shares of the industrial products company’s stock after selling 502,681 shares during the period. Canoe Financial LP owned 0.08% of Graco worth $12,223,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of GGG. Wealth Enhancement Advisory Services LLC boosted its position in shares of Graco by 9.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 88,143 shares of the industrial products company’s stock valued at $8,238,000 after purchasing an additional 7,611 shares in the last quarter. Diversified Trust Co increased its stake in shares of Graco by 80.6% in the 1st quarter. Diversified Trust Co now owns 19,321 shares of the industrial products company’s stock valued at $1,806,000 after acquiring an additional 8,625 shares in the last quarter. Claro Advisors LLC boosted its stake in Graco by 2.5% during the first quarter. Claro Advisors LLC now owns 9,021 shares of the industrial products company’s stock worth $843,000 after acquiring an additional 224 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Graco by 671.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,320 shares of the industrial products company’s stock worth $123,000 after acquiring an additional 1,149 shares in the last quarter. Finally, State of Michigan Retirement System grew its holdings in Graco by 2.3% in the first quarter. State of Michigan Retirement System now owns 44,464 shares of the industrial products company’s stock worth $4,156,000 after purchasing an additional 1,000 shares during the period. Institutional investors and hedge funds own 93.88% of the company’s stock.

Graco Stock Down 0.2 %

GGG stock opened at $82.14 on Monday. The firm has a market capitalization of $13.89 billion, a PE ratio of 28.32, a P/E/G ratio of 2.82 and a beta of 0.81. Graco Inc. has a twelve month low of $70.80 and a twelve month high of $94.77. The stock’s 50 day moving average is $83.93 and its 200-day moving average is $82.58.

Graco (NYSE:GGG) last issued its quarterly earnings data on Wednesday, October 23rd. The industrial products company reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.05). Graco had a net margin of 23.16% and a return on equity of 22.40%. The company had revenue of $519.21 million for the quarter, compared to the consensus estimate of $538.19 million. During the same quarter last year, the business posted $0.76 earnings per share. Graco’s revenue was down 3.8% on a year-over-year basis. On average, equities research analysts anticipate that Graco Inc. will post 2.98 earnings per share for the current fiscal year.

Graco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 6th. Shareholders of record on Monday, October 21st will be given a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date is Monday, October 21st. Graco’s payout ratio is 35.17%.

Wall Street Analyst Weigh In

GGG has been the topic of several research reports. DA Davidson reiterated a “neutral” rating and set a $79.00 price objective on shares of Graco in a report on Friday, September 27th. Robert W. Baird decreased their price objective on Graco from $88.00 to $85.00 and set a “neutral” rating for the company in a report on Friday. Finally, Royal Bank of Canada decreased their price objective on Graco from $96.00 to $93.00 and set an “outperform” rating for the company in a report on Friday. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $89.25.

About Graco

Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The Contractor segment offers sprayers to apply paint to walls and other structures; two-component proportioning systems that are used to spray polyurethane foam and polyurea coatings; and viscous coatings to roofs, as well as markings on roads, parking lots, athletic fields, and floors.