KLP Kapitalforvaltning AS Purchases 1,100 Shares of Graco Inc. $GGG

KLP Kapitalforvaltning AS increased its position in shares of Graco Inc. (NYSE:GGG) by 1.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 59,000 shares of the industrial products company’s stock after acquiring an additional 1,100 shares during the period. KLP Kapitalforvaltning AS’s holdings in Graco were worth $5,072,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of GGG. Millennium Management LLC grew its position in shares of Graco by 572.1% in the 1st quarter. Millennium Management LLC now owns 437,661 shares of the industrial products company’s stock valued at $36,549,000 after buying an additional 372,543 shares during the last quarter. PineStone Asset Management Inc. grew its position in shares of Graco by 9.1% in the 2nd quarter. PineStone Asset Management Inc. now owns 3,911,372 shares of the industrial products company’s stock valued at $336,261,000 after buying an additional 326,877 shares during the last quarter. Nuveen LLC bought a new stake in shares of Graco in the 1st quarter valued at about $26,540,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Graco by 225.4% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 223,569 shares of the industrial products company’s stock valued at $18,670,000 after buying an additional 154,853 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Graco by 12.3% in 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 buying an additional 146,424 shares during the last quarter. Institutional investors own 93.88% of the company’s stock.

Graco Price Performance

Shares of Graco stock opened at $80.15 on Friday. Graco Inc. has a one year low of $72.06 and a one year high of $92.86. The stock’s 50-day moving average is $84.78 and its 200 day moving average is $84.08. The firm has a market cap of $13.28 billion, a price-to-earnings ratio of 28.42, a PEG ratio of 2.76 and a beta of 1.07.

Graco (NYSE:GGG) last announced its earnings results on Wednesday, July 23rd. The industrial products company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.03). Graco had a net margin of 22.26% and a return on equity of 19.05%. The business had revenue of $571.81 million for the quarter, compared to the consensus estimate of $590.57 million. During the same quarter in the previous year, the company earned $0.77 EPS. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, sell-side analysts expect that Graco Inc. will post 3.06 EPS for the current fiscal year.

Graco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 5th. Investors 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 1.4%. Graco’s dividend payout ratio is presently 39.01%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on GGG shares. Robert W. Baird upped their price target on Graco from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, July 25th. Wolfe Research started coverage on Graco in a research report on Wednesday, June 18th. They issued an “outperform” rating on the stock. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Graco in a research report on Wednesday. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average 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.