Graco (NYSE:GGG) Announces Earnings Results, Misses Estimates By $0.05 EPS

Graco (NYSE:GGG) posted its earnings results on Wednesday. The industrial products company reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.05), Briefing.com reports. Graco had a net margin of 23.16% and a return on equity of 22.40%. The firm had revenue of $519.21 million during the quarter, compared to analyst estimates of $538.19 million. During the same quarter in the previous year, the business posted $0.76 earnings per share. The business’s quarterly revenue was down 3.8% compared to the same quarter last year.

Graco Stock Performance

Shares of NYSE:GGG traded down $0.55 during midday trading on Thursday, reaching $82.35. 1,022,893 shares of the company’s stock were exchanged, compared to its average volume of 730,942. The company’s 50 day simple moving average is $83.90 and its two-hundred day simple moving average is $82.79. The firm has a market capitalization of $13.93 billion, a PE ratio of 28.40, a price-to-earnings-growth ratio of 2.88 and a beta of 0.81. Graco has a 12 month low of $69.78 and a 12 month high of $94.77.

Graco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 6th. Stockholders of record on Monday, October 21st will be issued a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date is Monday, October 21st. Graco’s payout ratio is 35.17%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Royal Bank of Canada reduced their price target on shares of Graco from $99.00 to $96.00 and set an “outperform” rating for the company in a report on Friday, July 26th. DA Davidson reissued a “neutral” rating and issued a $79.00 price target on shares of Graco in a report on Friday, September 27th. Finally, Robert W. Baird reduced their price target on shares of Graco from $87.00 to $86.00 and set a “neutral” rating for the company in a report on Friday, July 26th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $90.25.

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.