Graco (NYSE:GGG) Issues Quarterly Earnings Results

Graco (NYSE:GGG) issued its earnings results on Wednesday. The industrial products company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.81 by $0.10, FiscalAI reports. The business had revenue of $590.55 million during 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 Price Performance

GGG stock traded up $0.86 during midday trading on Wednesday, reaching $73.99. The company had a trading volume of 1,327,482 shares, compared to its average volume of 1,215,858. Graco has a 1 year low of $72.51 and a 1 year high of $95.69. The company has a market capitalization of $12.28 billion, a P/E ratio of 24.10, a P/E/G ratio of 2.37 and a beta of 0.93. The firm has a 50-day moving average price of $75.03 and a 200-day moving average price of $82.77.

Graco Dividend Announcement

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

Insider Buying and Selling at Graco

In related news, Director Andrea Helen Simon acquired 1,240 shares of the stock in a transaction dated Monday, April 27th. The shares were purchased at an average price of $80.53 per share, for a total transaction of $99,857.20. Following the transaction, the director owned 1,240 shares in the company, valued at $99,857.20. This represents a ? increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.18% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its stake in 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 purchasing an additional 44,573 shares during the last quarter. Geneos Wealth Management Inc. increased its position in shares of Graco by 982.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 452 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Graco by 97.2% during the 2nd 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 in the last quarter. Marshall Wace LLP raised its holdings 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 valued at $9,293,000 after buying an additional 91,708 shares in the last quarter. Finally, Federated Hermes Inc. raised its holdings in shares of Graco by 4.2% during the 2nd quarter. Federated Hermes Inc. now owns 21,289 shares of the industrial products company’s stock valued at $1,830,000 after buying an additional 852 shares in the last quarter. Institutional investors own 93.88% of the company’s stock.

Analysts Set New Price Targets

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