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

Graco (NYSE:GGG) released its quarterly earnings data on Wednesday. The industrial products company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.10, FiscalAI reports. The company had revenue of $590.55 million for the quarter, compared to the consensus estimate of $608.06 million. Graco had a return on equity of 18.66% and a net margin of 22.96%.

Graco Trading Up 1.2%

NYSE:GGG traded up $0.86 during trading hours on Wednesday, hitting $73.99. 1,327,279 shares of the company were exchanged, compared to its average volume of 1,211,363. The stock has a market capitalization of $12.28 billion, a price-to-earnings ratio of 24.10, a price-to-earnings-growth ratio of 2.37 and a beta of 0.93. Graco has a one year low of $72.51 and a one year high of $95.69. The company has a fifty day simple moving average of $75.03 and a 200 day simple moving average of $82.77.

Graco Dividend Announcement

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

Insider Activity at Graco

In related news, Director Andrea Helen Simon purchased 1,240 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was bought at an average price of $80.53 per share, with a total value of $99,857.20. Following the completion of the purchase, the director owned 1,240 shares in the company, valued at approximately $99,857.20. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 2.18% of the company’s stock.

Institutional Trading of Graco

Several institutional investors have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. raised its holdings in Graco by 982.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 452 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Graco by 41.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 746 shares of the industrial products company’s stock valued at $62,000 after purchasing an additional 219 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Graco in the 4th quarter valued at $63,000. EverSource Wealth Advisors LLC lifted its holdings in Graco by 97.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,765 shares of the industrial products company’s stock valued at $152,000 after buying an additional 870 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Graco by 5.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,813 shares of the industrial products company’s stock valued at $231,000 after buying an additional 139 shares during the period. 93.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on GGG shares. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $92.00 target price (down from $95.00) on shares of Graco in a report on Thursday, July 16th. Weiss Ratings cut Graco from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, June 5th. Robert W. Baird lowered their price objective on Graco from $96.00 to $92.00 and set a “neutral” rating for the company in a research note on Friday, April 24th. DA Davidson reaffirmed a “neutral” rating and issued a $85.00 price objective on shares of Graco in a research note on Monday, April 27th. Finally, Wolfe Research lowered shares of Graco from an “outperform” rating to a “peer perform” rating in a report on Thursday, July 9th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Graco has an average rating of “Hold” and an average 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.