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

Graco Inc. (NYSE:GGG) – Investment analysts at DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for Graco in a research note issued 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.

GGG has been the subject of a number of other reports. William Blair reaffirmed a “market perform” rating on shares of Graco in a report on Friday. Jefferies Financial Group upped their price target on Graco from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. StockNews.com lowered shares of Graco from a “buy” rating to a “hold” rating in a research report on Friday. Royal Bank of Canada upped their price objective 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. Finally, Robert W. Baird dropped their price target on shares of Graco from $90.00 to $87.00 and set a “neutral” rating on the stock in a research note on Friday. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $88.25.

Graco Price Performance

GGG stock opened at $81.97 on Tuesday. Graco has a 12 month low of $69.78 and a 12 month high of $94.77. 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. The company has a fifty day moving average price of $90.91 and a 200 day moving average price of $85.07.

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

Graco Announces Dividend

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

Insider Transactions at Graco

In other Graco news, VP Angela F. Wordell sold 3,588 shares of the firm’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 sale, the vice president now directly owns 12,725 shares of the company’s stock, valued at approximately $1,191,060. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Anthony J. Gargano sold 1,395 shares of the stock in a transaction on 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 owns 5,697 shares of the company’s stock, valued at $501,336. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Angela F. Wordell sold 3,588 shares of Graco 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 disclosure for this sale can be found here. Insiders sold 48,378 shares of company stock valued at $4,376,528 in the last 90 days. 2.63% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Graco

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