Graco Inc. (NYSE:GGG) currently trades at $90.27 which is about 0.76% higher than the 52-week high of $91.23. The trading volume at ready counter moved to 561,983.00 shares as compared to 295,107.00 shares average traded volume. The stock failed to get pushed above the $90.60 barrier, the intraday high, after opening at $87.50. Analysts have a consensus target price of $79.00 in the 12-month period. Its market capitalization has now reached to $5.04B.
Graco Inc. (NYSE:GGG) was dropped to Underweight from Equal Weight at Barclays. It has earned a consensus buy rating, according to Zacks Investment Research. No analyst has rated the stock with a sell rating, 9 have assigned a hold rating, Zero says it’s a buy and 2 have assigned a strong buy rating to the company.
Graco Inc. (GGG) on January 31, 2017 announced results for the quarter and year ended December 30, 2016.
- Earnings (loss) for the quarter and year included non-cash impairment charges of $192 million ($161 million after tax effects) related to assets of businesses acquired in 2014 and 2015 that have significant exposure to oil and natural gas markets.
- Sales for the quarter increased 7 percent. The fiscal fourth quarter of 2016 included 14 weeks compared to 13 weeks in 2015.
- Gross margin rates remained strong, consistent with last year’s rates.
- Operating earnings before non-cash impairment charges were up 12 percent for the quarter compared to the fourth quarter last year.
- Earnings for the year 2015 included net investment income of $192 million ($141 million after tax effects) from Liquid Finishing businesses sold in the second quarter of 2015.
- Net earnings for the year 2015 included non-recurring income tax benefits totaling $9 million, or $0.15 per diluted share.
“The Company posted the highest quarterly sales growth rate of the year in the 14-week fourth quarter, with double-digit performance from our Contractor segment and high single-digit growth from our EMEA region,” said Patrick J. McHale, Graco’s President and Chief Executive Officer. “On an organic, constant currency basis we achieved growth in every region and reportable segment for the quarter and the full year, with the exception of our Process segment, which continues to experience headwinds from ongoing weakness in the oil and natural gas market. The large impairment charge in our Oil and Natural Gas business this quarter is a disappointment, but we remain committed to the long-term potential of this business. We continue to invest in commercial resources to expand geographic coverage, drive innovation, grow our channel, and increase market share. As the market recovers, we expect to benefit from these actions and will strive to turn this business into a solid performer for Graco.”