Franklin Resources Inc. Has $10.41 Million Stock Position in Graco Inc. (NYSE:GGG)

Franklin Resources Inc. raised its holdings in Graco Inc. (NYSE:GGG - Free Report) by 37.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 119,708 shares of the industrial products company's stock after buying an additional 32,475 shares during the period. Franklin Resources Inc. owned about 0.07% of Graco worth $10,413,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Brooklyn Investment Group bought a new stake in Graco in the 3rd quarter valued at $30,000. UMB Bank n.a. lifted its stake in shares of Graco by 187.8% during the 3rd quarter. UMB Bank n.a. now owns 495 shares of the industrial products company's stock worth $43,000 after buying an additional 323 shares during the last quarter. Eastern Bank acquired a new stake in shares of Graco during the 3rd quarter worth about $59,000. Northwest Investment Counselors LLC bought a new stake in shares of Graco during the 3rd quarter worth about $67,000. Finally, Huntington National Bank grew its stake in Graco by 60.4% in the 3rd quarter. Huntington National Bank now owns 953 shares of the industrial products company's stock valued at $83,000 after buying an additional 359 shares during the last quarter. 93.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider David J. Thompson sold 3,216 shares of Graco stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $88.31, for a total transaction of $284,004.96. Following the sale, the insider now directly owns 27,246 shares in the company, valued at $2,406,094.26. This trade represents a 10.56 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Caroline M. Chambers sold 8,280 shares of the company's stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $90.57, for a total transaction of $749,919.60. Following the completion of the transaction, the insider now owns 57,612 shares of the company's stock, valued at approximately $5,217,918.84. This trade represents a 12.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 31,098 shares of company stock worth $2,776,150. Insiders own 2.63% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. DA Davidson restated a "neutral" rating and set a $79.00 price objective on shares of Graco in a research report on Friday, September 27th. Royal Bank of Canada reduced their price target on Graco from $96.00 to $93.00 and set an "outperform" rating for the company in a research note on Friday, October 25th. BNP Paribas raised Graco from a "neutral" rating to an "outperform" rating and set a $105.00 price objective on the stock in a report on Thursday. Finally, Robert W. Baird dropped their target price on Graco from $88.00 to $85.00 and set a "neutral" rating for the company in a report on Friday, October 25th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Graco has a consensus rating of "Hold" and an average target price of $92.40.

Graco Price Performance

Graco stock traded down $0.04 during mid-day trading on Friday, reaching $84.71. 2,901,580 shares of the company were exchanged, compared to its average volume of 751,494. The company has a fifty day simple moving average of $87.18 and a 200-day simple moving average of $83.73. The firm has a market cap of $14.30 billion, a PE ratio of 29.93, a PEG ratio of 3.11 and a beta of 0.83. Graco Inc. has a 12 month low of $77.49 and a 12 month high of $94.77.

Graco (NYSE:GGG - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $0.71 EPS for the quarter, missing analysts' consensus estimates of $0.76 by ($0.05). The company had revenue of $519.21 million during the quarter, compared to analyst estimates of $538.19 million. Graco had a net margin of 22.87% and a return on equity of 21.24%. The firm's revenue for the quarter was down 3.8% compared to the same quarter last year. During the same period last year, the firm earned $0.76 EPS. Sell-side analysts anticipate that Graco Inc. will post 2.89 earnings per share for the current year.

Graco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Monday, January 20th will be issued a dividend of $0.275 per share. The ex-dividend date is Friday, January 17th. This is an increase from Graco's previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a dividend yield of 1.30%. Graco's dividend payout ratio is 38.87%.

About Graco

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.