Graco Inc. (GGG) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS
Graco Inc. (NYSE:GGG) posted its quarterly earnings data on Wednesday. The company reported $0.95 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.06. The company had revenue of $327.20 million for the quarter, compared to analysts’ expectations of $331.66 million. Graco had a net margin of 15.01% and a return on equity of 30.04%. Graco’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.86 earnings per share.
Shares of Graco (NYSE:GGG) traded up 1.51% on Wednesday, reaching $72.46. 265,301 shares of the company’s stock were exchanged. Graco has a one year low of $63.05 and a one year high of $86.62. The company has a 50 day moving average price of $73.26 and a 200 day moving average price of $77.29. The firm has a market cap of $4.03 billion, a PE ratio of 21.36 and a beta of 1.51.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 2nd. Shareholders of record on Monday, October 17th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date of this dividend is Thursday, October 13th. Graco’s payout ratio is currently 38.94%.
In other news, insider Patrick J. Mchale sold 11,500 shares of Graco stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $74.19, for a total transaction of $853,185.00. Following the transaction, the insider now directly owns 142,230 shares of the company’s stock, valued at approximately $10,552,043.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 5.60% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fifth Third Bancorp boosted its position in Graco by 4.6% in the second quarter. Fifth Third Bancorp now owns 2,476 shares of the company’s stock worth $196,000 after buying an additional 110 shares during the last quarter. Hsbc Holdings PLC boosted its position in Graco by 1.4% in the second quarter. Hsbc Holdings PLC now owns 2,675 shares of the company’s stock worth $211,000 after buying an additional 36 shares during the last quarter. Stonebridge Capital Advisors LLC boosted its position in Graco by 13.1% in the second quarter. Stonebridge Capital Advisors LLC now owns 2,827 shares of the company’s stock worth $223,000 after buying an additional 327 shares during the last quarter. O Shaughnessy Asset Management LLC bought a new position in Graco during the second quarter worth $226,000. Finally, Advisor Group Inc. bought a new position in Graco during the second quarter worth $313,000. 90.53% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts recently weighed in on the stock. Zacks Investment Research cut shares of Graco from a “hold” rating to a “sell” rating in a research report on Thursday, July 14th. William Blair cut shares of Graco from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $89.00 to $78.00 in a research report on Thursday, July 21st. Finally, Deutsche Bank AG assumed coverage on shares of Graco in a research report on Tuesday, September 6th. They issued a “hold” rating and a $83.00 price objective on the stock. One research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $83.75.
Graco Company Profile
Graco Inc (Graco) is a manufacturing company. The Company designs, manufactures and markets equipment to pump, meter, mix and dispense fluid and powder materials. The Company operates through three segments: Industrial, Process and Contractor. The Industrial segment markets equipment and pre-engineered packages for moving and applying paints, coatings, sealants, adhesives and other fluids.
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