DA Davidson Weighs in on Graco Inc.’s Q2 2024 Earnings (NYSE:GGG)

Graco Inc. (NYSE:GGG) – DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for Graco in a note issued to investors on Monday, April 29th. DA Davidson analyst M. Summerville forecasts that the industrial products company will post earnings of $0.81 per share for the quarter. The consensus estimate for Graco’s current full-year earnings is $3.14 per share. DA Davidson also issued estimates for Graco’s FY2025 earnings at $3.30 EPS.

A number of other analysts have also commented on the company. William Blair reissued a “market perform” rating on shares of Graco in a research note on Friday. Royal Bank of Canada lifted their target price on shares of Graco from $91.00 to $93.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 31st. Robert W. Baird dropped their price target on shares of Graco from $90.00 to $87.00 and set a “neutral” rating for the company in a research note on Friday. Jefferies Financial Group boosted their price objective on shares of Graco from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Finally, StockNews.com lowered Graco from a “buy” rating to a “hold” rating in a research report on Friday. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $88.25.

Graco Stock Down 0.7 %

NYSE GGG opened at $81.97 on Tuesday. Graco has a twelve month low of $69.78 and a twelve month high of $94.77. The business’s fifty day moving average is $90.91 and its 200 day moving average is $85.07. The company has a market cap of $13.86 billion, a price-to-earnings ratio of 28.27, a price-to-earnings-growth ratio of 2.63 and a beta of 0.81.

Graco (NYSE:GGG) last released its quarterly earnings data on Wednesday, April 24th. The industrial products company reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.09). The company had revenue of $492.19 million for the quarter, compared to analyst estimates of $536.19 million. Graco had a return on equity of 23.01% and a net margin of 23.15%. Graco’s revenue for the quarter was down 7.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.74 earnings per share.

Graco Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be paid a $0.255 dividend. This represents a $1.02 annualized dividend and a yield of 1.24%. The ex-dividend date is Friday, April 12th. Graco’s dividend payout ratio (DPR) is presently 35.17%.

Insiders Place Their Bets

In related news, VP Angela F. Wordell sold 3,588 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $93.60, for a total transaction of $335,836.80. Following the transaction, the vice president now owns 12,725 shares in the company, valued at approximately $1,191,060. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Timothy R. White sold 2,895 shares of Graco stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $87.49, for a total transaction of $253,283.55. Following the completion of the transaction, the insider now directly owns 50,782 shares in the company, valued at $4,442,917.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Angela F. Wordell sold 3,588 shares of the company’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $93.60, for a total transaction of $335,836.80. Following the completion of the sale, the vice president now owns 12,725 shares in the company, valued at approximately $1,191,060. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,378 shares of company stock worth $4,376,528. Corporate insiders own 2.63% of the company’s stock.

Institutional Trading of Graco

Institutional investors have recently made changes to their positions in the company. Tobam grew its position in Graco by 2,330.8% in the 4th quarter. Tobam now owns 316 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 303 shares in the last quarter. Sound Income Strategies LLC bought a new position in shares of Graco in the fourth quarter valued at approximately $28,000. Fortitude Family Office LLC bought a new stake in Graco during the fourth quarter worth $29,000. Rise Advisors LLC bought a new stake in Graco during the first quarter worth $38,000. Finally, Allspring Global Investments Holdings LLC boosted its position in Graco by 3,063.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 601 shares of the industrial products company’s stock worth $44,000 after purchasing an additional 582 shares during the last quarter. Institutional investors own 93.88% of the company’s stock.

About Graco

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.