Fenimore Asset Management Inc Raises Holdings in Graco Inc. $GGG

Fenimore Asset Management Inc grew its holdings in Graco Inc. (NYSE:GGG) by 0.7% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,098,618 shares of the industrial products company’s stock after buying an additional 7,822 shares during the period. Graco accounts for approximately 1.9% of Fenimore Asset Management Inc’s portfolio, making the stock its 24th largest position. Fenimore Asset Management Inc owned about 0.66% of Graco worth $94,448,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. PineStone Asset Management Inc. grew its holdings in Graco by 9.1% during the second quarter. PineStone Asset Management Inc. now owns 3,911,372 shares of the industrial products company’s stock worth $336,261,000 after acquiring an additional 326,877 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Graco by 2.7% in the first quarter. Principal Financial Group Inc. now owns 2,390,940 shares of the industrial products company’s stock worth $199,667,000 after acquiring an additional 62,761 shares during the last quarter. Invesco Ltd. raised its position in shares of Graco by 1.6% in the first quarter. Invesco Ltd. now owns 1,828,962 shares of the industrial products company’s stock valued at $152,737,000 after buying an additional 28,795 shares during the last quarter. Amundi boosted its holdings in shares of Graco by 7.2% during the first quarter. Amundi now owns 1,797,477 shares of the industrial products company’s stock worth $144,194,000 after purchasing an additional 120,875 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Graco by 12.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,337,457 shares of the industrial products company’s stock valued at $111,691,000 after acquiring an additional 146,424 shares during the last quarter. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Graco Stock Down 0.1%

Shares of NYSE GGG opened at $84.75 on Monday. The firm’s 50-day moving average price is $84.89 and its two-hundred day moving average price is $84.11. Graco Inc. has a 52-week low of $72.06 and a 52-week high of $92.86. The stock has a market capitalization of $14.04 billion, a P/E ratio of 30.05, a P/E/G ratio of 2.86 and a beta of 1.07.

Graco (NYSE:GGG) last released its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.03). Graco had a net margin of 22.26% and a return on equity of 19.05%. The company had revenue of $571.81 million for the quarter, compared to analyst estimates of $590.57 million. During the same quarter in the prior year, the firm earned $0.77 EPS. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, equities research analysts expect that Graco Inc. will post 3.06 earnings per share for the current year.

Graco Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 5th. Stockholders of record on Monday, October 20th will be given a dividend of $0.275 per share. The ex-dividend date is Monday, October 20th. This represents a $1.10 annualized dividend and a dividend yield of 1.3%. Graco’s payout ratio is currently 39.01%.

Analyst Ratings Changes

Several brokerages have commented on GGG. Robert W. Baird upped their price target on Graco from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, July 25th. Wolfe Research began coverage on Graco in a research report on Wednesday, June 18th. They set an “outperform” rating on the stock. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Graco in a research note on Saturday, September 27th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $94.50.

Graco Company Profile

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.