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

Graco Inc. (NYSE:GGG) – Stock analysts at DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for Graco in a report issued on Monday, April 29th. DA Davidson analyst M. Summerville anticipates 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 $3.06 per share. DA Davidson also issued estimates for Graco’s FY2025 earnings at $3.30 EPS.

Other equities analysts have also recently issued research reports about the company. StockNews.com cut Graco from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Jefferies Financial Group boosted their price objective on Graco from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. William Blair reissued a “market perform” rating on shares of Graco in a research report on Friday, April 26th. Robert W. Baird cut their price objective on Graco from $90.00 to $87.00 and set a “neutral” rating for the company in a research report on Friday, April 26th. Finally, Royal Bank of Canada boosted their price objective on Graco from $91.00 to $93.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 31st. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $88.25.

Graco Price Performance

Shares of NYSE:GGG opened at $80.32 on Tuesday. Graco has a fifty-two week low of $69.78 and a fifty-two week high of $94.77. The business has a 50-day moving average of $90.75 and a two-hundred day moving average of $85.12. The stock has a market capitalization of $13.59 billion, a P/E ratio of 27.70, a P/E/G ratio of 2.68 and a beta of 0.81.

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

Graco Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were paid a dividend of $0.255 per share. The ex-dividend date was Friday, April 12th. This represents a $1.02 annualized dividend and a yield of 1.27%. Graco’s dividend payout ratio is 35.17%.

Insider Activity at Graco

In related news, insider Timothy R. White sold 2,895 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $87.49, for a total transaction of $253,283.55. Following 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 is available at this hyperlink. In other news, insider Anthony J. Gargano sold 1,395 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $88.00, for a total value of $122,760.00. Following the sale, the insider now directly owns 5,697 shares in the company, valued at approximately $501,336. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Timothy R. White sold 2,895 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $87.49, for a total value of $253,283.55. Following the completion of the sale, the insider now owns 50,782 shares in the company, valued at $4,442,917.18. The disclosure for this sale can be found here. Insiders have sold 48,378 shares of company stock worth $4,376,528 over the last three months. Company insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Graco

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Graco by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 17,229,664 shares of the industrial products company’s stock valued at $1,494,846,000 after purchasing an additional 144,146 shares during the period. PineStone Asset Management Inc. boosted its holdings in shares of Graco by 19.0% in the 4th 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 in the last quarter. Allianz Asset Management GmbH boosted its holdings in shares of Graco by 4.1% in the 4th 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 in the last quarter. Norges Bank acquired a new position in shares of Graco in the 4th quarter worth approximately $152,941,000. Finally, Northern Trust Corp boosted its holdings in shares of Graco by 4.6% in the 3rd 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 in the last quarter. 93.88% of the stock is currently owned by 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.