Kornitzer Capital Management Inc. KS Takes Position in Graco Inc. $GGG

Kornitzer Capital Management Inc. KS acquired a new position in shares of Graco Inc. (NYSE:GGG) during the 1st quarter, HoldingsChannel reports. The firm acquired 15,300 shares of the industrial products company’s stock, valued at approximately $1,295,000.

A number of other large investors have also recently bought and sold shares of the business. Mercer Global Advisors Inc. ADV boosted its stake in Graco by 0.5% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 21,277 shares of the industrial products company’s stock valued at $1,745,000 after acquiring an additional 109 shares during the period. Stonebridge Capital Advisors LLC grew its holdings in shares of Graco by 0.3% during the second quarter. Stonebridge Capital Advisors LLC now owns 41,431 shares of the industrial products company’s stock valued at $3,562,000 after purchasing an additional 119 shares during the last quarter. ICW Investment Advisors LLC raised its position in shares of Graco by 5.2% during the 2nd quarter. ICW Investment Advisors LLC now owns 2,723 shares of the industrial products company’s stock worth $234,000 after purchasing an additional 135 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Graco by 5.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,813 shares of the industrial products company’s stock worth $231,000 after purchasing an additional 139 shares during the last quarter. Finally, Root Financial Partners LLC lifted its holdings in shares of Graco by 43.2% in the 1st quarter. Root Financial Partners LLC now owns 504 shares of the industrial products company’s stock worth $43,000 after purchasing an additional 152 shares during the last quarter. Institutional investors own 93.88% of the company’s stock.

Graco Stock Performance

Shares of GGG opened at $73.96 on Monday. Graco Inc. has a one year low of $72.51 and a one year high of $95.69. The stock’s fifty day moving average is $75.66 and its 200-day moving average is $83.22. The firm has a market capitalization of $12.28 billion, a price-to-earnings ratio of 24.09, a price-to-earnings-growth ratio of 2.38 and a beta of 0.93.

Graco (NYSE:GGG) last posted its quarterly earnings data on Wednesday, April 22nd. The industrial products company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.09). Graco had a return on equity of 18.66% and a net margin of 22.96%.The company had revenue of $540.14 million during the quarter, compared to analyst estimates of $561.35 million. During the same period in the previous year, the company earned $0.70 EPS. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. Analysts forecast that Graco Inc. will post 3.1 EPS for the current fiscal year.

Graco Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be given a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Monday, July 20th. Graco’s dividend payout ratio is 38.44%.

Insider Transactions at Graco

In other news, Director Andrea Helen Simon purchased 1,240 shares of the stock in a transaction dated Monday, April 27th. The shares were bought at an average cost of $80.53 per share, for a total transaction of $99,857.20. Following the transaction, the director owned 1,240 shares in the company, valued at $99,857.20. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Robert W. Baird reduced their price objective on Graco from $96.00 to $92.00 and set a “neutral” rating for the company in a research report on Friday, April 24th. Wolfe Research cut Graco from an “outperform” rating to a “peer perform” rating in a research note on Thursday. Royal Bank Of Canada reissued an “outperform” rating and set a $95.00 price target on shares of Graco in a report on Friday, April 24th. Weiss Ratings lowered shares of Graco from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $85.00 price objective on shares of Graco in a report on Monday, April 27th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $94.25.

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.