Graco Inc. to Post Q2 2024 Earnings of $0.74 Per Share, Seaport Res Ptn Forecasts (NYSE:GGG)

Graco Inc. (NYSE:GGG) – Equities researchers at Seaport Res Ptn dropped their Q2 2024 EPS estimates for Graco in a note issued to investors on Sunday, April 28th. Seaport Res Ptn analyst W. Liptak now forecasts that the industrial products company will post earnings per share of $0.74 for the quarter, down from their previous estimate 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 for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $536.19 million. During the same period in the previous year, the business posted $0.74 EPS. Graco’s revenue was down 7.1% compared to the same quarter last year.

GGG has been the topic of several other research reports. Jefferies Financial Group increased their price target on Graco from $90.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Robert W. Baird lowered their price target on Graco from $90.00 to $87.00 and set a “neutral” rating on the stock in a report on Friday, April 26th. William Blair reiterated a “market perform” rating on shares of Graco in a report 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. Finally, Royal Bank of Canada raised their price objective 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. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $88.25.

Graco Stock Down 2.2 %

Shares of GGG stock opened at $80.16 on Tuesday. Graco has a 12 month low of $69.78 and a 12 month high of $94.77. The business’s 50 day moving average is $90.91 and its two-hundred day moving average is $85.07. The company has a market cap of $13.56 billion, a PE ratio of 27.64, a price-to-earnings-growth ratio of 2.63 and a beta of 0.81.

Graco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be paid 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 1.27%. Graco’s dividend payout ratio is currently 35.17%.

Insiders Place Their Bets

In other Graco news, insider Timothy R. White sold 2,895 shares of Graco stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $87.49, for a total transaction of $253,283.55. Following the sale, the insider now owns 50,782 shares in the company, valued at $4,442,917.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Graco news, insider Timothy R. White sold 2,895 shares of Graco stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $87.49, for a total transaction of $253,283.55. Following the sale, the insider now owns 50,782 shares in the company, valued at $4,442,917.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Angela F. Wordell sold 3,588 shares of the business’s 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 completion of the sale, 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 have sold 48,378 shares of company stock worth $4,376,528 over the last 90 days. Corporate insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Graco

Institutional investors and hedge funds have recently made changes to their positions in the company. Private Trust Co. NA lifted its position in Graco by 298.9% during the 3rd quarter. Private Trust Co. NA now owns 714 shares of the industrial products company’s stock worth $52,000 after buying an additional 535 shares in the last quarter. Chevy Chase Trust Holdings LLC acquired a new position in Graco during the 3rd quarter worth about $1,992,000. Cambridge Investment Research Advisors Inc. lifted its position in Graco by 19.4% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 68,477 shares of the industrial products company’s stock worth $4,991,000 after buying an additional 11,139 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Graco by 0.7% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 30,968 shares of the industrial products company’s stock worth $2,257,000 after buying an additional 215 shares in the last quarter. Finally, Bridges Investment Management Inc. acquired a new position in Graco during the 3rd quarter worth about $1,217,000. Institutional investors and hedge funds own 93.88% of the company’s stock.

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.