Zacks: Brokerages Expect Graco Inc. (GGG) Will Announce Quarterly Sales of $355.12 Million
Brokerages predict that Graco Inc. (NYSE:GGG) will announce $355.12 million in sales for the current fiscal quarter, Zacks reports. Eight analysts have made estimates for Graco’s earnings, with the lowest sales estimate coming in at $350.00 million and the highest estimate coming in at $360.20 million. Graco posted sales of $327.19 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 8.5%. The company is scheduled to report its next quarterly earnings results after the market closes on Wednesday, October 25th.
On average, analysts expect that Graco will report full-year sales of $355.12 million for the current fiscal year, with estimates ranging from $1.42 billion to $1.45 billion. For the next financial year, analysts forecast that the company will post sales of $1.51 billion per share, with estimates ranging from $1.47 billion to $1.53 billion. Zacks’ sales averages are a mean average based on a survey of analysts that cover Graco.
Graco (NYSE:GGG) last posted its quarterly earnings results on Wednesday, July 26th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.32. Graco had a net margin of 6.50% and a return on equity of 40.21%. The firm had revenue of $379.50 million for the quarter, compared to analyst estimates of $369.36 million. During the same quarter in the previous year, the business posted $0.89 earnings per share. The firm’s quarterly revenue was up 9.0% compared to the same quarter last year.
GGG has been the topic of several analyst reports. Zacks Investment Research upgraded shares of Graco from a “hold” rating to a “buy” rating and set a $127.00 price objective on the stock in a report on Monday, July 31st. Wolfe Research upgraded shares of Graco from an “underperform” rating to a “peer perform” rating and set a $100.00 price objective on the stock in a report on Monday, July 31st. FBR & Co restated a “marketperform” rating on shares of Graco in a report on Tuesday, July 11th. Royal Bank Of Canada restated a “hold” rating on shares of Graco in a report on Friday, July 28th. Finally, Robert W. Baird restated a “hold” rating and issued a $129.00 price objective on shares of Graco in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Graco presently has an average rating of “Hold” and a consensus target price of $110.00.
In other news, Director Eric Etchart sold 757 shares of the stock in a transaction on Friday, September 15th. The shares were sold at an average price of $119.20, for a total transaction of $90,234.40. Following the completion of the sale, the director now owns 12,464 shares of the company’s stock, valued at $1,485,708.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP David M. Ahlers sold 22,500 shares of the stock in a transaction on Friday, September 15th. The stock was sold at an average price of $120.01, for a total transaction of $2,700,225.00. Following the sale, the vice president now directly owns 42,047 shares of the company’s stock, valued at approximately $5,046,060.47. The disclosure for this sale can be found here. Insiders have sold 68,258 shares of company stock valued at $7,758,309 in the last three months. 5.70% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Graco by 2.1% during the second quarter. Vanguard Group Inc. now owns 4,991,585 shares of the industrial products company’s stock worth $545,481,000 after acquiring an additional 104,725 shares in the last quarter. BlackRock Inc. increased its position in shares of Graco by 1.0% during the second quarter. BlackRock Inc. now owns 4,414,343 shares of the industrial products company’s stock worth $482,397,000 after acquiring an additional 43,669 shares in the last quarter. Fiera Capital Corp increased its position in shares of Graco by 7.3% during the second quarter. Fiera Capital Corp now owns 3,021,561 shares of the industrial products company’s stock worth $330,196,000 after acquiring an additional 206,130 shares in the last quarter. State Street Corp increased its position in shares of Graco by 3.2% during the first quarter. State Street Corp now owns 1,465,590 shares of the industrial products company’s stock worth $137,974,000 after acquiring an additional 45,636 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Graco by 59.8% during the first quarter. Goldman Sachs Group Inc. now owns 652,883 shares of the industrial products company’s stock worth $61,463,000 after acquiring an additional 244,321 shares in the last quarter. 86.82% of the stock is owned by institutional investors.
Graco (GGG) traded down 0.10% during trading on Thursday, reaching $124.73. 47,884 shares of the company’s stock traded hands. Graco has a 12 month low of $69.33 and a 12 month high of $125.52. The firm’s 50 day moving average is $117.90 and its 200 day moving average is $109.39. The company has a market cap of $6.98 billion, a P/E ratio of 79.14 and a beta of 1.25.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Monday, October 16th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.15%. The ex-dividend date is Friday, October 13th. Graco’s payout ratio is presently 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Stock Ratings for Graco Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Graco Inc. and related stocks with our FREE daily email newsletter.