Graco (NYSE:GGG) Releases Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Graco (NYSE:GGG) released its quarterly earnings results on Wednesday. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.10, FiscalAI reports. Graco had a net margin of 22.96% and a return on equity of 18.66%. The company had revenue of $590.55 million during the quarter, compared to the consensus estimate of $608.06 million. During the same period in the prior year, the firm earned $0.75 earnings per share. Graco’s revenue was up 3.3% on a year-over-year basis.

Graco Stock Up 1.2%

Shares of GGG opened at $73.99 on Thursday. The stock has a market cap of $12.28 billion, a P/E ratio of 24.10, a P/E/G ratio of 2.36 and a beta of 0.93. The business’s 50 day moving average price is $74.97 and its 200-day moving average price is $82.71. Graco has a 52 week low of $72.51 and a 52 week high of $95.69.

Graco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be given a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, July 20th. Graco’s payout ratio is currently 38.44%.

Insider Activity at Graco

In related news, Director Andrea Helen Simon purchased 1,240 shares of Graco stock in a transaction dated Monday, April 27th. The stock was purchased at an average cost of $80.53 per share, for a total transaction of $99,857.20. Following the completion of the acquisition, the director directly owned 1,240 shares of the company’s stock, valued at $99,857.20. The trade was a ? increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.18% of the company’s stock.

Institutional Investors Weigh In On Graco

Institutional investors have recently made changes to their positions in the company. Corient Private Wealth LLC raised its stake in shares of Graco by 297.2% in the fourth quarter. Corient Private Wealth LLC now owns 112,524 shares of the industrial products company’s stock worth $9,224,000 after purchasing an additional 84,197 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its position in shares of Graco by 0.5% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 21,277 shares of the industrial products company’s stock valued at $1,745,000 after buying an additional 109 shares during the last quarter. Vident Advisory LLC increased its holdings in Graco by 1.6% in the 4th quarter. Vident Advisory LLC now owns 10,355 shares of the industrial products company’s stock worth $849,000 after buying an additional 160 shares in the last quarter. EP Wealth Advisors LLC bought a new stake in Graco in the 4th quarter worth about $597,000. Finally, Fuller & Thaler Asset Management Inc. raised its position in Graco by 28.3% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 125,121 shares of the industrial products company’s stock worth $10,256,000 after buying an additional 27,600 shares during the last quarter. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Weiss Ratings cut Graco from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday. Royal Bank Of Canada restated an “outperform” rating and issued a $92.00 target price (down from $95.00) on shares of Graco in a research note on Thursday, July 16th. DA Davidson restated a “neutral” rating and set a $85.00 price target on shares of Graco in a research report on Monday, April 27th. Robert W. Baird reduced their price target on Graco from $96.00 to $92.00 and set a “neutral” rating on the stock in a research note on Friday, April 24th. Finally, Wolfe Research downgraded Graco from an “outperform” rating to a “peer perform” rating in a report on Thursday, July 9th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $93.50.

Graco Company Profile

Graco Inc is a leading manufacturer of fluid handling systems and components, headquartered in Minneapolis, Minnesota. Founded in 1926, the company has built a reputation for innovation in spray finishing, lubrication, and fluid management technologies. Graco’s solutions are designed to address the needs of paint and coatings applicators, general industry, and process fluids in a variety of end markets.

The company’s product portfolio includes airless and air-assisted spray equipment, pumps for oil and gas applications, industrial lubrication systems, and automated dispensing equipment.