Graco Inc. (NYSE:GGG) to Issue $0.26 Quarterly Dividend

Graco Inc. (NYSE:GGG) announced a quarterly dividend on Monday, September 16th, Wall Street Journal reports. Stockholders of record on Monday, October 21st will be given a dividend of 0.255 per share by the industrial products company on Wednesday, November 6th. This represents a $1.02 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Monday, October 21st.

Graco has raised its dividend payment by an average of 10.3% annually over the last three years and has raised its dividend every year for the last 28 years. Graco has a dividend payout ratio of 32.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Graco to earn $3.15 per share next year, which means the company should continue to be able to cover its $1.02 annual dividend with an expected future payout ratio of 32.4%.

Graco Price Performance

Shares of Graco stock traded up $0.66 on Monday, hitting $83.75. The company had a trading volume of 362,035 shares, compared to its average volume of 734,668. The firm has a market capitalization of $14.17 billion, a P/E ratio of 28.65, a P/E/G ratio of 2.76 and a beta of 0.81. Graco has a twelve month low of $69.78 and a twelve month high of $94.77. The stock has a 50-day moving average of $81.53 and a 200-day moving average of $84.13.

Graco (NYSE:GGG) last announced its quarterly earnings data on Wednesday, July 24th. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.01. The company had revenue of $553.20 million for the quarter, compared to analysts’ expectations of $562.27 million. Graco had a return on equity of 22.40% and a net margin of 23.16%. The business’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.75 EPS. Equities analysts predict that Graco will post 2.98 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. DA Davidson reduced their target price on Graco from $82.00 to $79.00 and set a “neutral” rating on the stock in a report on Friday, July 26th. Robert W. Baird cut their price objective on shares of Graco from $87.00 to $86.00 and set a “neutral” rating for the company in a research report on Friday, July 26th. StockNews.com downgraded Graco from a “buy” rating to a “hold” rating in a research report on Wednesday, June 12th. Finally, Royal Bank of Canada cut their price objective on shares of Graco from $99.00 to $96.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Graco has an average rating of “Hold” and an average target price of $86.80.

Graco Company Profile

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.