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

Graco Inc. (NYSE:GGG) – Analysts at DA Davidson issued their Q2 2024 earnings estimates for Graco in a note issued to investors on Monday, April 29th. DA Davidson analyst M. Summerville expects 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.

Graco (NYSE:GGG) last issued its earnings results on Wednesday, April 24th. The industrial products company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.09). The firm 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%. The business’s revenue for the quarter was down 7.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.74 EPS.

A number of other brokerages also recently commented on GGG. Royal Bank of Canada boosted their target price on shares of Graco from $91.00 to $93.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 31st. Robert W. Baird lowered their target price on shares of Graco from $90.00 to $87.00 and set a “neutral” rating for the company in a research note on Friday, April 26th. StockNews.com downgraded shares of Graco from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. William Blair reissued a “market perform” rating on shares of Graco in a research report on Friday, April 26th. Finally, Jefferies Financial Group boosted their price target on shares of Graco from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $88.25.

Graco Trading Down 2.2 %

Shares of GGG stock opened at $80.16 on Tuesday. The firm has a fifty day moving average price of $90.91 and a 200 day moving average price of $85.07. The company has a market cap of $13.56 billion, a P/E ratio of 27.64, a PEG ratio of 2.63 and a beta of 0.81. Graco has a 12 month low of $69.78 and a 12 month high of $94.77.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in GGG. Private Trust Co. NA increased its stake in shares of Graco by 298.9% during the third quarter. Private Trust Co. NA now owns 714 shares of the industrial products company’s stock worth $52,000 after acquiring an additional 535 shares during the period. Chevy Chase Trust Holdings LLC acquired a new position in shares of Graco during the third quarter worth about $1,992,000. Cambridge Investment Research Advisors Inc. increased its stake in shares of Graco by 19.4% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 68,477 shares of the industrial products company’s stock worth $4,991,000 after acquiring an additional 11,139 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in shares of Graco by 0.7% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 30,968 shares of the industrial products company’s stock worth $2,257,000 after acquiring an additional 215 shares during the period. Finally, Bridges Investment Management Inc. acquired a new position in shares of Graco during the third quarter worth about $1,217,000. 93.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Graco

In other news, VP Angela F. Wordell sold 3,588 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $93.60, for a total value of $335,836.80. Following the completion of the sale, the vice president now directly owns 12,725 shares of the company’s stock, valued at $1,191,060. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Anthony J. Gargano sold 1,395 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $88.00, for a total value of $122,760.00. Following the completion of the sale, the insider now directly owns 5,697 shares of the company’s stock, valued at $501,336. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 shares were 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 directly owns 12,725 shares of the company’s stock, valued at $1,191,060. The disclosure for this sale can be found here. Insiders sold a total of 48,378 shares of company stock valued at $4,376,528 over the last ninety days. Insiders own 2.63% of the company’s stock.

Graco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be given a $0.255 dividend. The ex-dividend date is Friday, April 12th. This represents a $1.02 dividend on an annualized basis and a yield of 1.27%. Graco’s dividend payout ratio (DPR) is presently 35.17%.

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.