Graco Inc. (GGG) Declares Quarterly Dividend of $0.40
Graco Inc. (NYSE:GGG) announced a quarterly dividend on Friday, December 8th, RTT News reports. Shareholders of record on Monday, January 22nd will be paid a dividend of 0.3975 per share by the industrial products company on Wednesday, February 7th. This represents a $1.59 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Friday, January 19th. This is a boost from Graco’s previous quarterly dividend of $0.36.
Graco has decreased its dividend by an average of 0.6% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. Graco has a dividend payout ratio of 36.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Graco to earn $1.57 per share next year, which means the company should continue to be able to cover its $0.53 annual dividend with an expected future payout ratio of 33.8%.
Shares of Graco (NYSE GGG) opened at $47.17 on Thursday. The firm has a market cap of $7,846.97, a price-to-earnings ratio of 74.48, a price-to-earnings-growth ratio of 2.82 and a beta of 1.23. The company has a current ratio of 2.23, a quick ratio of 1.46 and a debt-to-equity ratio of 0.31. Graco has a 12-month low of $28.50 and a 12-month high of $47.72.
In related news, VP Karen Park Gallivan sold 27,000 shares of the stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $46.67, for a total value of $1,260,090.00. Following the completion of the transaction, the vice president now directly owns 72,305 shares in the company, valued at approximately $3,374,474.35. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Mark W. Sheahan sold 30,000 shares of the stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $131.31, for a total transaction of $3,939,300.00. Following the completion of the transaction, the vice president now owns 49,538 shares of the company’s stock, valued at $6,504,834.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 734,752 shares of company stock valued at $18,245,690. Corporate insiders own 5.70% of the company’s stock.
Several brokerages have weighed in on GGG. Oppenheimer reissued a “hold” rating on shares of Graco in a research report on Thursday, December 28th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $49.00 target price on shares of Graco in a research report on Thursday, January 4th. B. Riley reaffirmed a “neutral” rating on shares of Graco in a research report on Wednesday, November 1st. Robert W. Baird reaffirmed a “hold” rating and issued a $45.00 target price on shares of Graco in a research report on Friday, October 27th. Finally, Zacks Investment Research raised shares of Graco from a “sell” rating to a “hold” rating in a research report on Thursday, January 4th. Thirteen analysts have rated the stock with a hold rating, The stock presently has an average rating of “Hold” and an average target price of $41.67.
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Graco Inc designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. The Company specializes in equipment for applications that involve materials with viscosities, materials with abrasive or corrosive properties, and multiple-component materials that require ratio control.
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