Lecap Asset Management Ltd. Reduces Holdings in Graco Inc. (NYSE:GGG)

Lecap Asset Management Ltd. cut its stake in Graco Inc. (NYSE:GGG) by 6.5% in the third quarter, Holdings Channel.com reports. The fund owned 20,188 shares of the industrial products company’s stock after selling 1,410 shares during the quarter. Lecap Asset Management Ltd.’s holdings in Graco were worth $1,767,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of GGG. Gradient Investments LLC purchased a new position in Graco during the 2nd quarter worth $27,000. New Covenant Trust Company N.A. purchased a new position in shares of Graco during the first quarter worth about $43,000. UMB Bank n.a. increased its position in Graco by 187.8% in the 3rd quarter. UMB Bank n.a. now owns 495 shares of the industrial products company’s stock valued at $43,000 after acquiring an additional 323 shares during the period. Blue Trust Inc. raised its stake in Graco by 220.9% during the 2nd quarter. Blue Trust Inc. now owns 690 shares of the industrial products company’s stock valued at $55,000 after acquiring an additional 475 shares during the last quarter. Finally, Tobam lifted its position in Graco by 90.2% during the 1st quarter. Tobam now owns 601 shares of the industrial products company’s stock worth $56,000 after acquiring an additional 285 shares during the period. Institutional investors and hedge funds own 93.88% of the company’s stock.

Graco Price Performance

Graco stock opened at $83.82 on Wednesday. The stock’s 50 day moving average price is $83.83 and its 200 day moving average price is $82.79. Graco Inc. has a 1-year low of $69.78 and a 1-year high of $94.77. The company has a market cap of $14.18 billion, a PE ratio of 28.90, a price-to-earnings-growth ratio of 2.88 and a beta of 0.81.

Graco (NYSE:GGG) last issued its earnings results on Wednesday, July 24th. The industrial products company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.76 by $0.01. The company had revenue of $553.20 million for the quarter, compared to analyst estimates of $562.27 million. Graco had a net margin of 23.16% and a return on equity of 22.40%. The business’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.75 EPS. On average, equities research analysts anticipate that Graco Inc. will post 2.98 EPS for the current fiscal year.

Graco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 6th. Investors of record on Monday, October 21st will be issued a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend is Monday, October 21st. Graco’s dividend payout ratio is currently 35.17%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Royal Bank of Canada dropped their target price on Graco from $99.00 to $96.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. DA Davidson reiterated a “neutral” rating and issued a $79.00 price objective on shares of Graco in a research report on Friday, September 27th. Finally, Robert W. Baird cut their price objective on shares of Graco from $87.00 to $86.00 and set a “neutral” rating for the company in a research report on Friday, July 26th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Graco currently has a consensus rating of “Hold” and a consensus price target of $90.25.

Graco 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.