These transactions were part of a routine Form 4 filing with the Securities and Exchange Commission. For deeper insights into insider transactions and comprehensive financial analysis, including Graco's Pro Research Report, visit InvestingPro. For deeper insights into insider transactions and comprehensive financial analysis, including Graco's Pro Research Report, visit InvestingPro. The shares were sold at a weighted average price of $91.0636, with individual sale prices ranging from $91.00 to $91.1389.
In a concurrent transaction, O'Shea exercised stock options to acquire 15,000 shares at a price of $23.8467 per share, amounting to a total value of $357,700. Following these transactions, O'Shea holds 14,516.102 shares of Graco Inc (NYSE:GGG). common stock.
These transactions were part of a routine Form 4 filing with the Securities and Exchange Commission.
In other recent news, Graco Inc. has extended the maturity of its $750 million credit facility from March 25, 2026, to October 25, 2029, providing the company with increased financial flexibility. Additionally, the company reported a decrease in sales and adjusted net earnings in the third quarter, with figures coming in at $519 million and $122 million respectively, representing a 4% and 8% drop. Despite these figures, Goldman Sachs (NYSE:GS) maintained a Neutral stance on Graco.
Furthermore, Graco announced a restructuring into four business divisions aimed at improving growth and efficiency. The acquisitions of PCT Systems and Corob are expected to increase annual revenues by approximately $130 million. Despite mixed results, Graco has maintained its full-year 2024 organic growth guidance at a low single-digit decline.
These recent developments underscore Graco's proactive management of financial resources and commitment to exploring new market opportunities. Goldman Sachs has slightly lowered its earnings per share estimates for Graco from 2024 to 2026 due to anticipated weaker growth. Despite the challenges, Graco's pricing strategy has led to a 50 basis point increase in gross margins for the quarter.
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