Graco (NYSE:GGG) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Graco (NYSE:GGG) posted its quarterly earnings results on Wednesday. The industrial products company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.76 by $0.01, Briefing.com reports. Graco had a net margin of 23.15% and a return on equity of 23.01%. The business had revenue of $553.20 million for the quarter, compared to analysts’ expectations of $562.27 million. During the same period in the previous year, the company posted $0.75 EPS. Graco’s revenue was down 1.1% on a year-over-year basis.

Graco Price Performance

GGG stock traded up $2.71 on Thursday, reaching $83.79. 1,360,978 shares of the company were exchanged, compared to its average volume of 739,585. The firm has a market capitalization of $14.17 billion, a PE ratio of 28.89, a PEG ratio of 2.71 and a beta of 0.82. Graco has a 12 month low of $69.78 and a 12 month high of $94.77. The stock’s fifty day moving average price is $80.37 and its 200 day moving average price is $85.40.

Graco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 7th. Stockholders of record on Monday, July 22nd will be given a $0.255 dividend. The ex-dividend date is Monday, July 22nd. This represents a $1.02 annualized dividend and a dividend yield of 1.22%. Graco’s dividend payout ratio is 35.17%.

Wall Street Analysts Forecast Growth

GGG has been the subject of a number of recent research reports. William Blair reiterated a “market perform” rating on shares of Graco in a report on Friday, April 26th. Robert W. Baird decreased their price objective on shares of Graco from $90.00 to $87.00 and set a “neutral” rating for the company in a report on Friday, April 26th. StockNews.com cut shares of Graco from a “buy” rating to a “hold” rating in a report on Wednesday, June 12th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $103.00 price objective on shares of Graco in a report on Thursday, June 27th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Graco presently has an average rating of “Hold” and an average price target of $90.75.

About Graco

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.