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

Graco Inc. (NYSE:GGG) – Equities researchers at DA Davidson issued their Q2 2024 earnings per share estimates for shares of Graco in a research report issued on Monday, April 29th. DA Davidson analyst M. Summerville forecasts that the industrial products company will earn $0.81 per share for the quarter. The consensus estimate for Graco’s current full-year earnings is $3.06 per share. DA Davidson also issued estimates for Graco’s FY2025 earnings at $3.30 EPS.

GGG has been the subject of several other research reports. Jefferies Financial Group lifted their price objective on Graco from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Royal Bank of Canada lifted their price objective on Graco from $91.00 to $93.00 and gave the company an “outperform” rating in a research note on Wednesday, January 31st. William Blair reiterated a “market perform” rating on shares of Graco in a research note on Friday, April 26th. Robert W. Baird cut their target price on Graco from $90.00 to $87.00 and set a “neutral” rating on the stock in a research report on Friday, April 26th. Finally, StockNews.com lowered Graco from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $88.25.

Graco Price Performance

Shares of Graco stock opened at $80.32 on Tuesday. The business has a 50-day moving average of $90.75 and a 200 day moving average of $85.12. Graco has a 12 month low of $69.78 and a 12 month high of $94.77. The stock has a market capitalization of $13.59 billion, a price-to-earnings ratio of 27.70, a price-to-earnings-growth ratio of 2.68 and a beta of 0.81.

Graco (NYSE:GGG) last announced 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). Graco had a net margin of 23.15% and a return on equity of 23.01%. The firm had revenue of $492.19 million for the quarter, compared to analysts’ expectations of $536.19 million. During the same quarter last year, the business earned $0.74 earnings per share. The business’s revenue was down 7.1% compared to the same quarter last year.

Graco Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were paid a $0.255 dividend. The ex-dividend date of this dividend was Friday, April 12th. This represents a $1.02 annualized dividend and a dividend yield of 1.27%. Graco’s dividend payout ratio (DPR) is currently 35.17%.

Insider Buying and Selling at Graco

In other Graco news, insider Timothy R. White sold 2,895 shares of Graco stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $87.49, for a total value of $253,283.55. Following the transaction, the insider now directly owns 50,782 shares in the company, valued at approximately $4,442,917.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Timothy R. White sold 2,895 shares of Graco stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $87.49, for a total value of $253,283.55. Following the sale, the insider now directly owns 50,782 shares in the company, valued at $4,442,917.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Anthony J. Gargano sold 1,395 shares of Graco stock in a transaction that occurred 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 in the company, valued at $501,336. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 48,378 shares of company stock worth $4,376,528. 2.63% of the stock is currently owned by insiders.

Institutional Trading of Graco

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Graco by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 17,229,664 shares of the industrial products company’s stock worth $1,494,846,000 after purchasing an additional 144,146 shares in the last quarter. PineStone Asset Management Inc. raised its holdings in shares of Graco by 19.0% in the fourth quarter. PineStone Asset Management Inc. now owns 3,118,703 shares of the industrial products company’s stock worth $270,579,000 after acquiring an additional 498,724 shares during the last quarter. Allianz Asset Management GmbH raised its holdings in shares of Graco by 4.1% in the fourth quarter. Allianz Asset Management GmbH now owns 1,802,128 shares of the industrial products company’s stock worth $156,353,000 after acquiring an additional 71,788 shares during the last quarter. Norges Bank acquired a new position in shares of Graco in the fourth quarter worth $152,941,000. Finally, Northern Trust Corp raised its holdings in shares of Graco by 4.6% in the third quarter. Northern Trust Corp now owns 1,575,804 shares of the industrial products company’s stock worth $114,845,000 after acquiring an additional 69,151 shares during the last quarter. 93.88% of the stock is currently owned by hedge funds and other institutional investors.

Graco Company Profile

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.