Graco (NYSE:GGG) Announces Earnings Results

Graco (NYSE:GGG) announced its quarterly earnings results on Wednesday. The industrial products company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.01, Briefing.com reports. The firm had revenue of $553.20 million for the quarter, compared to the consensus estimate of $562.27 million. Graco had a return on equity of 22.82% and a net margin of 23.16%. The business’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.75 earnings per share.

Graco Stock Up 1.4 %

Graco stock traded up $1.16 during trading hours on Friday, reaching $84.95. 276,955 shares of the company’s stock were exchanged, compared to its average volume of 736,350. The firm’s 50 day simple moving average is $80.37 and its 200 day simple moving average is $85.40. Graco has a twelve month low of $69.78 and a twelve month high of $94.77. The firm has a market capitalization of $14.37 billion, a PE ratio of 29.06, a PEG ratio of 2.68 and a beta of 0.82.

Graco Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 7th. Shareholders of record on Monday, July 22nd will be issued a dividend of $0.255 per share. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $1.02 dividend on an annualized basis and a yield of 1.20%. Graco’s payout ratio is currently 35.17%.

Analysts Set New Price Targets

Several equities analysts have recently commented on GGG shares. Robert W. Baird decreased their target price on Graco from $87.00 to $86.00 and set a “neutral” rating on the stock in a research report on Friday. William Blair restated a “market perform” rating on shares of Graco in a research note on Friday, April 26th. DA Davidson cut their target price on Graco from $82.00 to $79.00 and set a “neutral” rating for the company in a research note on Friday. Royal Bank of Canada cut their target price on Graco from $99.00 to $96.00 and set an “outperform” rating for the company in a research note on Friday. Finally, StockNews.com cut Graco from a “buy” rating to a “hold” rating in a research note on Wednesday, June 12th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $86.80.

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.