Principal Financial Group Inc. Cuts Holdings in Graco Inc. $GGG

Principal Financial Group Inc. lowered its stake in Graco Inc. (NYSE:GGG) by 0.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,389,963 shares of the industrial products company’s stock after selling 16,346 shares during the period. Principal Financial Group Inc. owned about 1.44% of Graco worth $202,314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Graco during the fourth quarter worth approximately $161,949,000. Bank of Montreal Can lifted its stake in Graco by 1,636.9% in the fourth quarter. Bank of Montreal Can now owns 1,011,196 shares of the industrial products company’s stock worth $82,888,000 after acquiring an additional 952,977 shares during the last quarter. Caisse de depot et placement du Quebec grew its holdings in Graco by 236.4% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,279,553 shares of the industrial products company’s stock worth $108,711,000 after acquiring an additional 899,174 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Graco by 20,706.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 556,362 shares of the industrial products company’s stock worth $45,605,000 after acquiring an additional 553,688 shares in the last quarter. Finally, Hsbc Holdings PLC increased its position in shares of Graco by 51.8% in the 1st quarter. Hsbc Holdings PLC now owns 1,194,254 shares of the industrial products company’s stock valued at $101,061,000 after purchasing an additional 407,557 shares during the last quarter. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Analyst Upgrades and Downgrades

GGG has been the subject of several recent analyst reports. Weiss Ratings cut shares of Graco from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Wolfe Research lowered Graco from an “outperform” rating to a “peer perform” rating in a report on Thursday, July 9th. Robert W. Baird cut their price target on Graco from $96.00 to $92.00 and set a “neutral” rating on the stock in a research note on Friday, April 24th. DA Davidson restated a “neutral” rating and issued a $85.00 price target on shares of Graco in a research note on Monday, April 27th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $95.00 price target on shares of Graco in a report on Friday, April 24th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $94.25.

Graco Trading Down 0.1%

Shares of NYSE:GGG opened at $73.83 on Wednesday. The firm has a 50 day simple moving average of $75.43 and a 200-day simple moving average of $83.08. Graco Inc. has a twelve month low of $72.51 and a twelve month high of $95.69. The company has a market capitalization of $12.25 billion, a PE ratio of 24.05, a P/E/G ratio of 2.38 and a beta of 0.93.

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

Graco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be issued a dividend of $0.295 per share. The ex-dividend date of this dividend is Monday, July 20th. This represents a $1.18 annualized dividend and a dividend yield of 1.6%. Graco’s dividend payout ratio (DPR) is presently 38.44%.

Insider Activity at Graco

In other news, Director Andrea Helen Simon bought 1,240 shares of the business’s stock in a transaction dated Monday, April 27th. The shares were acquired at an average price of $80.53 per share, for a total transaction of $99,857.20. Following the completion of the transaction, the director owned 1,240 shares of the company’s stock, valued at approximately $99,857.20. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.18% of the company’s stock.

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.