Palisades Hudson Asset Management L.P. Buys Shares of 2,275 Graco Inc. (GGG)

Palisades Hudson Asset Management L.P. bought a new stake in Graco Inc. (NYSE:GGG) during the first quarter, Holdings Channel reports. The firm bought 2,275 shares of the industrial products company’s stock, valued at approximately $214,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Creative Planning increased its stake in shares of Graco by 5.4% in the first quarter. Creative Planning now owns 1,496 shares of the industrial products company’s stock valued at $141,000 after buying an additional 76 shares in the last quarter. Mosaic Family Wealth LLC increased its stake in shares of Graco by 3.6% in the first quarter. Mosaic Family Wealth LLC now owns 1,789 shares of the industrial products company’s stock valued at $168,000 after buying an additional 62 shares in the last quarter. TLP Group LLC acquired a new stake in shares of Graco during the first quarter valued at $193,000. Canada Pension Plan Investment Board increased its stake in shares of Graco by 425.0% in the first quarter. Canada Pension Plan Investment Board now owns 2,100 shares of the industrial products company’s stock valued at $198,000 after buying an additional 1,700 shares in the last quarter. Finally, Park National Corp OH acquired a new stake in shares of Graco during the first quarter valued at $203,000. 91.07% of the stock is currently owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for Graco (NYSE:GGG)

Graco Inc. (GGG) traded up 0.29% during trading on Friday, reaching $111.27. The company had a trading volume of 350,775 shares. The firm has a 50-day moving average price of $110.91 and a 200 day moving average price of $95.71. Graco Inc. has a 12-month low of $69.33 and a 12-month high of $114.65. The stock has a market cap of $6.18 billion, a P/E ratio of 103.80 and a beta of 1.17.

Graco (NYSE:GGG) last posted its quarterly earnings data on Wednesday, April 26th. The industrial products company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.30. Graco had a net margin of 4.53% and a return on equity of 35.25%. The company had revenue of $340.59 million for the quarter, compared to the consensus estimate of $315.62 million. During the same quarter in the previous year, the firm posted $0.70 EPS. The business’s revenue was up 11.7% compared to the same quarter last year. Equities research analysts predict that Graco Inc. will post $4.15 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 2nd. Investors of record on Monday, July 17th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Thursday, July 13th. This represents a $1.44 dividend on an annualized basis and a yield of 1.29%. Graco’s payout ratio is currently 135.85%.

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GGG has been the subject of several recent analyst reports. Zacks Investment Research upgraded Graco from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research note on Friday, February 24th. TheStreet upgraded Graco from a “c+” rating to a “b+” rating in a research note on Thursday, April 27th. Deutsche Bank AG restated a “hold” rating and set a $110.00 target price (up from $105.00) on shares of Graco in a research note on Monday, June 5th. BidaskClub downgraded Graco from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $89.00 price target on shares of Graco in a research note on Tuesday, April 11th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Graco has an average rating of “Hold” and a consensus target price of $97.40.

In related news, VP Brian J. Zumbolo sold 25,500 shares of the company’s stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $108.25, for a total value of $2,760,375.00. Following the sale, the vice president now owns 26,719 shares of the company’s stock, valued at $2,892,331.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Peter J. O’shea sold 15,986 shares of the company’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $113.50, for a total transaction of $1,814,411.00. Following the completion of the sale, the vice president now directly owns 20,638 shares in the company, valued at approximately $2,342,413. The disclosure for this sale can be found here. In the last three months, insiders sold 689,172 shares of company stock worth $16,070,548. 5.70% of the stock is currently owned by insiders.

Graco Company Profile

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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