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

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

Graco Price Performance

Graco stock traded down $0.55 during midday trading on Thursday, hitting $82.35. 1,022,893 shares of the company were exchanged, compared to its average volume of 730,942. Graco has a fifty-two week low of $69.78 and a fifty-two week high of $94.77. The company’s fifty day moving average price is $83.88 and its 200-day moving average price is $82.79. The company has a market cap of $13.93 billion, a PE ratio of 28.58, a price-to-earnings-growth ratio of 2.88 and a beta of 0.81.

Graco Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on GGG shares. Robert W. Baird cut their target price on Graco from $87.00 to $86.00 and set a “neutral” rating on the stock in a research report on Friday, July 26th. Royal Bank of Canada reduced their price objective on Graco from $99.00 to $96.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Finally, DA Davidson reissued a “neutral” rating and set a $79.00 target price on shares of Graco in a research report on Friday, September 27th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average 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.