Graco Inc. (NYSE:GGG – Get Free Report) declared a quarterly dividend on Friday, December 6th,RTT News reports. Investors of record on Monday, January 20th will be paid a dividend of 0.275 per share by the industrial products company on Wednesday, February 5th. This represents a $1.10 annualized dividend and a yield of 1.32%. The ex-dividend date of this dividend is Friday, January 17th. This is a positive change from Graco’s previous quarterly dividend of $0.26.
Graco has increased its dividend by an average of 10.8% annually over the last three years and has raised its dividend every year for the last 29 years. Graco has a dividend payout ratio of 33.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Graco to earn $3.06 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 35.9%.
Graco Stock Up 1.5 %
Shares of Graco stock opened at $83.07 on Wednesday. The stock has a market cap of $14.03 billion, a P/E ratio of 29.35, a P/E/G ratio of 3.04 and a beta of 0.84. Graco has a 12-month low of $77.49 and a 12-month high of $94.77. The business’s 50 day moving average is $87.10 and its 200-day moving average is $84.20.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on the stock. DA Davidson reiterated a “neutral” rating and issued a $79.00 target price on shares of Graco in a research note on Friday, September 27th. Robert W. Baird cut their price objective on Graco from $88.00 to $85.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. BNP Paribas raised Graco from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Thursday, December 19th. Finally, Royal Bank of Canada raised their price target on Graco from $93.00 to $97.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $91.50.
Check Out Our Latest Report on GGG
Insider Activity
In other Graco news, insider David J. Thompson sold 3,216 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $88.31, for a total value of $284,004.96. Following the completion of the sale, the insider now owns 27,246 shares of the company’s stock, valued at $2,406,094.26. The trade was a 10.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Caroline M. Chambers sold 8,280 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $90.57, for a total transaction of $749,919.60. Following the transaction, the insider now directly owns 57,612 shares in the company, valued at $5,217,918.84. This represents a 12.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,098 shares of company stock valued at $2,776,150. 2.63% of the stock is owned by insiders.
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.
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