Narwhal Capital Management Has $5.02 Million Stock Position in Graco Inc. $GGG

Narwhal Capital Management lowered its holdings in shares of Graco Inc. (NYSE:GGG) by 28.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 59,095 shares of the industrial products company’s stock after selling 23,286 shares during the period. Narwhal Capital Management’s holdings in Graco were worth $5,021,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Addenda Capital Inc. acquired a new stake in shares of Graco in the third quarter valued at about $4,837,000. Generali Asset Management SPA SGR bought a new stake in Graco in the second quarter valued at approximately $3,806,000. WealthPlan Investment Management LLC boosted its holdings in Graco by 10.6% in the second quarter. WealthPlan Investment Management LLC now owns 129,189 shares of the industrial products company’s stock valued at $11,106,000 after acquiring an additional 12,352 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Graco by 82.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 180,509 shares of the industrial products company’s stock valued at $16,027,000 after purchasing an additional 81,706 shares during the period. Finally, Vest Financial LLC raised its holdings in Graco by 28.1% during the 2nd quarter. Vest Financial LLC now owns 49,303 shares of the industrial products company’s stock worth $4,239,000 after purchasing an additional 10,828 shares during the last quarter. Institutional investors own 93.88% of the company’s stock.

Wall Street Analyst Weigh In

GGG has been the topic of a number of analyst reports. KeyCorp reaffirmed a “sector weight” rating on shares of Graco in a research note on Thursday, October 23rd. Robert W. Baird set a $89.00 price target on shares of Graco in a research report on Friday, October 24th. Finally, Weiss Ratings lowered Graco from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $87.00.

Graco Stock Up 0.8%

Shares of NYSE GGG opened at $85.87 on Friday. The firm has a market cap of $14.24 billion, a PE ratio of 29.31, a P/E/G ratio of 2.69 and a beta of 1.09. The company’s fifty day simple moving average is $82.47 and its 200 day simple moving average is $84.02. Graco Inc. has a 12-month low of $72.06 and a 12-month high of $89.67.

Graco (NYSE:GGG) last posted its quarterly earnings results on Wednesday, October 22nd. The industrial products company reported $0.73 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.02). Graco had a net margin of 22.72% and a return on equity of 18.89%. The company had revenue of $543.36 million during the quarter, compared to the consensus estimate of $563.07 million. During the same period last year, the firm posted $0.71 earnings per share. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, equities analysts predict that Graco Inc. will post 3.06 earnings per share for the current year.

Graco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 4th. Investors of record on Monday, January 19th will be paid a dividend of $0.295 per share. This is an increase from Graco’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, January 16th. This represents a $1.18 dividend on an annualized basis and a yield of 1.4%. Graco’s dividend payout ratio (DPR) is currently 37.54%.

Graco announced that its board has approved a stock buyback plan on Friday, December 5th that permits the company to buyback 15,000,000 shares. This buyback authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Graco Company Profile

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.