In a significant shift, iA Global Asset Management Inc. has reduced its holdings in W.W. Grainger, Inc. (NYSE: GWW) by an extraordinary 80.9% during the third quarter of 2023. This adjustment, disclosed in a recent 13F filing with the U.S. Securities and Exchange Commission (SEC), leaves the fund with just 427 shares after selling 1,811 shares during the reporting period. As of the latest filing, iA Global’s stake in the industrial products company is valued at approximately $407,000.
Several other investment firms have also altered their positions in W.W. Grainger recently. Notably, Hilltop National Bank initiated a new investment valued at around $25,000 in the second quarter. Meanwhile, Quaker Wealth Management LLC significantly increased its stake by 196.0%, bringing its total holdings to 24 shares worth $25,000 after acquiring an additional 49 shares in the last quarter. Similarly, Accredited Investors Inc. and Brown Lisle Cummings Inc. also made new investments and increased their respective stakes in the company, highlighting a shift in institutional interest.
Insider Transactions and Company Performance
In addition to institutional adjustments, insider trading activity has also been notable. Krantz Nancy L. Berardinelli, a vice president at W.W. Grainger, sold 195 shares on December 16, 2023, at an average price of $1,023.93, resulting in a transaction valued at approximately $199,666.35. This sale reflects a 5.79% reduction in her holdings, leaving her with 3,174 shares valued at around $3,249,953.82.
CEO Donald G. Macpherson also participated in transactions, offloading 14,523 shares on December 4, 2023, for a total of $14,128,119.63. Following this sale, Macpherson retains 107,862 shares, valued at approximately $104,929,232.22, marking an 11.87% decrease in his ownership.
In total, insiders sold 26,881 shares valued at around $26,157,155 in the last quarter. Currently, company insiders hold 6.10% of W.W. Grainger’s stock.
W.W. Grainger’s stock has experienced a slight decline, down 1.0% recently. On October 31, 2023, the company reported earnings of $10.21 per share (EPS) for the quarter, outpacing analysts’ expectations of $9.95 by $0.26. The firm reported revenues of $4.66 billion, which also exceeded forecasts of $4.64 billion. Compared to the same period last year, revenue rose by 6.1%.
Dividends and Analyst Opinions
W.W. Grainger announced a quarterly dividend of $2.26, which was paid on December 1, 2023, to investors registered by November 10, 2023. This dividend translates to an annualized figure of $9.04, with a yield of 0.9%. The company’s dividend payout ratio currently stands at 25.35%.
Equity analysts have weighed in on W.W. Grainger’s performance, with JPMorgan Chase & Co. raising its price target from $1,045.00 to $1,100.00 while maintaining a “neutral” rating. Conversely, Morgan Stanley reduced its target from $1,150.00 to $1,100.00, assigning an “equal weight” rating. Other analysts, including Royal Bank of Canada and Barclays, have adjusted their ratings and targets as well, reflecting mixed sentiments about the stock. Currently, the consensus rating for W.W. Grainger is “Reduce,” with a target price of $1,016.57 according to MarketBeat.com.
Founded in 1927 and headquartered in Lake Forest, Illinois, W.W. Grainger, Inc. is a leading industrial supply distributor, providing maintenance, repair, and operations (MRO) products to various sectors, including manufacturing, healthcare, and government. The company’s extensive product range and distribution network position it as a significant player in the industrial supply market.
