Graco Inc. (GGG) Expected to Announce Quarterly Sales of $355.84 Million
Analysts predict that Graco Inc. (NYSE:GGG) will report $355.84 million in sales for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have made estimates for Graco’s earnings, with the highest sales estimate coming in at $360.20 million and the lowest estimate coming in at $350.00 million. Graco posted sales of $327.19 million during the same quarter last year, which suggests a positive year-over-year growth rate of 8.8%. The company is scheduled to issue its next earnings results after the market closes on Wednesday, October 25th.
According to Zacks, analysts expect that Graco will report full-year sales of $355.84 million for the current fiscal year, with estimates ranging from $1.42 billion to $1.45 billion. For the next financial year, analysts expect that the company will post sales of $1.51 billion per share, with estimates ranging from $1.47 billion to $1.54 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Graco.
Graco (NYSE:GGG) last released its earnings results on Wednesday, July 26th. The industrial products company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.32. Graco had a return on equity of 40.21% and a net margin of 6.50%. The business had revenue of $379.50 million during the quarter, compared to the consensus estimate of $369.36 million. During the same period last year, the company earned $0.89 earnings per share. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year.
Several equities analysts recently issued reports on the company. KeyCorp reissued a “hold” rating on shares of Graco in a research note on Friday. Robert W. Baird reissued a “hold” rating and set a $129.00 target price on shares of Graco in a research note on Wednesday, October 4th. Wolfe Research reissued a “market perform” rating on shares of Graco in a research note on Tuesday, August 1st. Zacks Investment Research raised Graco from a “hold” rating to a “buy” rating and set a $127.00 target price on the stock in a research note on Monday, July 31st. Finally, Royal Bank Of Canada reissued a “hold” rating on shares of Graco in a research note on Friday, July 28th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $110.00.
In other Graco news, Director Eric Etchart sold 759 shares of the stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $124.90, for a total value of $94,799.10. Following the sale, the director now owns 11,983 shares of the company’s stock, valued at approximately $1,496,676.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Karen Park Gallivan sold 12,242 shares of the stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $115.00, for a total value of $1,407,830.00. Following the completion of the sale, the vice president now directly owns 27,264 shares in the company, valued at approximately $3,135,360. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,258 shares of company stock worth $7,758,089. 5.70% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. Prudential Financial Inc. raised its position in Graco by 19.0% in the 2nd quarter. Prudential Financial Inc. now owns 327,738 shares of the industrial products company’s stock valued at $35,816,000 after purchasing an additional 52,346 shares in the last quarter. BB&T Securities LLC raised its position in Graco by 0.5% in the 2nd quarter. BB&T Securities LLC now owns 6,930 shares of the industrial products company’s stock valued at $757,000 after purchasing an additional 36 shares in the last quarter. Morgan Stanley raised its position in Graco by 12.3% in the 1st quarter. Morgan Stanley now owns 148,597 shares of the industrial products company’s stock valued at $13,989,000 after purchasing an additional 16,224 shares in the last quarter. Capstone Asset Management Co. raised its position in Graco by 2.5% in the 2nd quarter. Capstone Asset Management Co. now owns 5,646 shares of the industrial products company’s stock valued at $617,000 after purchasing an additional 140 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Graco by 8.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 305,782 shares of the industrial products company’s stock valued at $33,416,000 after purchasing an additional 23,718 shares in the last quarter. 86.91% of the stock is currently owned by institutional investors.
Graco (NYSE:GGG) traded up 1.74% during mid-day trading on Tuesday, hitting $129.44. The stock had a trading volume of 167,452 shares. The company has a market cap of $7.25 billion, a PE ratio of 82.13 and a beta of 1.25. The firm’s 50-day moving average price is $122.28 and its 200 day moving average price is $112.54. Graco has a one year low of $72.88 and a one year high of $129.46.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Monday, October 16th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend is Friday, October 13th. Graco’s payout ratio is 92.90%.
Graco Inc designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. The Company specializes in equipment for applications that involve materials with viscosities, materials with abrasive or corrosive properties, and multiple-component materials that require ratio control.
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