Graco (NYSE:GGG) Announces Quarterly Earnings Results

by · The Cerbat Gem

Graco (NYSE:GGGGet Free Report) released its quarterly earnings data on Monday. The industrial products company reported $0.77 earnings per share for the quarter, hitting the consensus estimate of $0.77, FiscalAI reports. Graco had a net margin of 22.72% and a return on equity of 18.89%. The firm had revenue of $593.16 million for the quarter, compared to the consensus estimate of $591.99 million.

Graco Stock Performance

Shares of NYSE GGG traded up $0.24 during mid-day trading on Monday, hitting $86.79. 1,100,269 shares of the stock traded hands, compared to its average volume of 779,352. The stock has a fifty day moving average price of $83.51 and a 200-day moving average price of $83.93. The company has a market cap of $14.39 billion, a price-to-earnings ratio of 29.62, a PEG ratio of 2.73 and a beta of 1.09. Graco has a 52 week low of $72.06 and a 52 week high of $89.67.

Graco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 4th. Shareholders of record on Monday, January 19th will be given a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Friday, January 16th. This is an increase from Graco’s previous quarterly dividend of $0.28. Graco’s payout ratio is presently 40.27%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in GGG. Goldman Sachs Group Inc. boosted its position in shares of Graco by 15.6% during the first quarter. Goldman Sachs Group Inc. now owns 330,409 shares of the industrial products company’s stock worth $27,592,000 after acquiring an additional 44,573 shares during the last quarter. Geneos Wealth Management Inc. increased its position in Graco by 982.6% during the first quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company’s stock valued at $42,000 after acquiring an additional 452 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Graco by 97.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,765 shares of the industrial products company’s stock worth $152,000 after purchasing an additional 870 shares during the period. Marshall Wace LLP lifted its stake in shares of Graco by 559.5% during the 2nd quarter. Marshall Wace LLP now owns 108,100 shares of the industrial products company’s stock worth $9,293,000 after acquiring an additional 91,708 shares during the last quarter. Finally, Federated Hermes Inc. boosted its stake in shares of Graco by 4.2% during the second quarter. Federated Hermes Inc. now owns 21,289 shares of the industrial products company’s stock valued at $1,830,000 after purchasing an additional 852 shares during the period. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Graco announced that its board has authorized a stock buyback plan on Friday, December 5th that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have recently commented on GGG shares. KeyCorp reiterated a “sector weight” rating on shares of Graco in a report on Thursday, October 23rd. Robert W. Baird set a $89.00 price objective on shares of Graco in a report on Friday, October 24th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Graco in a research report on Thursday. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of Graco in a report on Thursday, January 15th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $87.00.

View Our Latest Report on Graco

Graco Company Profile

(Get Free Report)

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.

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