Brokers Issue Forecasts for Graco Inc.’s Q2 2024 Earnings (NYSE:GGG)

Graco Inc. (NYSE:GGG) – Stock analysts at Seaport Res Ptn reduced their Q2 2024 earnings per share (EPS) estimates for shares of Graco in a report issued on Sunday, April 28th. Seaport Res Ptn analyst W. Liptak now forecasts that the industrial products company will earn $0.74 per share for the quarter, down from their prior forecast of $0.77. The consensus estimate for Graco’s current full-year earnings is $3.14 per share. Seaport Res Ptn also issued estimates for Graco’s Q3 2024 earnings at $0.80 EPS, FY2024 earnings at $3.03 EPS, Q1 2025 earnings at $0.69 EPS, Q2 2025 earnings at $0.82 EPS, Q4 2025 earnings at $0.94 EPS and FY2025 earnings at $3.33 EPS.

Graco (NYSE:GGG) last issued 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). Graco had a net margin of 23.15% and a return on equity of 23.01%. The business had revenue of $492.19 million during the quarter, compared to the consensus estimate of $536.19 million. During the same quarter last year, the business earned $0.74 EPS. The firm’s quarterly revenue was down 7.1% compared to the same quarter last year.

GGG has been the topic of a number of other research reports. Jefferies Financial Group upped their price target on Graco from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. William Blair restated a “market perform” rating on shares of Graco in a research report on Friday. StockNews.com cut shares of Graco from a “buy” rating to a “hold” rating in a research report 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 note on Wednesday, January 31st. Finally, Robert W. Baird dropped their price objective on Graco from $90.00 to $87.00 and set a “neutral” rating on the stock in a research note on Friday. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Graco has an average rating of “Hold” and a consensus price target of $88.25.

Graco Stock Performance

Shares of NYSE:GGG opened at $81.97 on Tuesday. The firm has a market cap of $13.86 billion, a PE ratio of 28.27, a price-to-earnings-growth ratio of 2.63 and a beta of 0.81. Graco has a 52 week low of $69.78 and a 52 week high of $94.77. The firm’s fifty day moving average is $90.91 and its 200-day moving average is $85.07.

Graco Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be issued a dividend of $0.255 per share. The ex-dividend date is Friday, April 12th. This represents a $1.02 dividend on an annualized basis and a yield of 1.24%. Graco’s dividend payout ratio is currently 35.17%.

Insider Buying and Selling at Graco

In related news, VP Angela F. Wordell sold 3,588 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $93.60, for a total value of $335,836.80. Following 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 legal filing with the SEC, which is available through the SEC website. In other Graco 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 sale, the vice president now owns 12,725 shares in the company, valued at $1,191,060. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jody H. Feragen sold 5,036 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $92.29, for a total value of $464,772.44. Following the completion of the sale, the director now directly owns 44,903 shares in the company, valued at $4,144,097.87. The disclosure for this sale can be found here. Insiders sold 48,378 shares of company stock valued at $4,376,528 in the last quarter. Company insiders own 2.63% of the company’s stock.

Hedge Funds Weigh In On Graco

Several institutional investors and hedge funds have recently modified their holdings of the stock. Tobam increased its stake in Graco by 2,330.8% during the 4th quarter. Tobam now owns 316 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 303 shares in the last quarter. Sound Income Strategies LLC purchased a new stake in shares of Graco during the fourth quarter valued at approximately $28,000. Fortitude Family Office LLC bought a new stake in shares of Graco during the fourth quarter valued at approximately $29,000. Rise Advisors LLC purchased a new position in Graco in the 1st quarter worth approximately $38,000. Finally, Northwest Financial Advisors bought a new position in Graco in the 4th quarter valued at approximately $50,000. 93.88% of the stock is currently owned by institutional investors.

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.