Graco (NYSE:GGG) Announces Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Graco (NYSE:GGG) announced its quarterly earnings data on Wednesday. The industrial products company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.02), FiscalAI reports. Graco had a net margin of 23.53% and a return on equity of 19.54%. The firm had revenue of $586.39 million for the quarter, compared to the consensus estimate of $589.73 million.

Graco Stock Up 0.9%

GGG traded up $0.74 on Wednesday, hitting $81.83. The company’s stock had a trading volume of 1,656,792 shares, compared to its average volume of 1,415,081. The company’s 50 day simple moving average is $78.79 and its 200-day simple moving average is $78.54. The firm has a market cap of $13.25 billion, a P/E ratio of 25.73, a price-to-earnings-growth ratio of 2.50 and a beta of 0.89. Graco has a 12 month low of $72.51 and a 12 month high of $95.69.

Graco Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 4th. Investors of record on Monday, October 19th will be paid a dividend of $0.2950 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Monday, October 19th. Graco’s dividend payout ratio is presently 37.11%.

Analyst Upgrades and Downgrades

GGG has been the topic of several research reports. DA Davidson restated a “neutral” rating and issued a $85.00 target price on shares of Graco in a research note on Monday, July 27th. Weiss Ratings raised Graco from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 4th. Wolfe Research downgraded Graco from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 9th. Robert W. Baird set a $94.00 price objective on Graco in a report on Friday, July 24th. Finally, Royal Bank Of Canada decreased their price objective on Graco from $96.00 to $95.00 and set an “outperform” rating for the company in a report on Wednesday, October 14th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $94.75.

Graco Company Profile

Graco Inc is a global manufacturer of equipment used to move, measure, control, dispense and apply fluids and other materials. Its products are used in industrial, commercial and residential applications involving paints, coatings, sealants, adhesives, lubricants, chemicals and other fluids.

The company’s product portfolio includes pumps, valves, meters, regulators, fluid-management systems, lubrication equipment, spray-applied coating and finishing systems, sealant and adhesive equipment, and contractor-oriented painting and texture application tools.