DA Davidson Comments on Graco Inc.’s FY2024 Earnings (NYSE:GGG)

Graco Inc. (NYSE:GGG) – Research analysts at DA Davidson dropped their FY2024 EPS estimates for shares of Graco in a research report issued on Monday, April 29th. DA Davidson analyst M. Summerville now expects that the industrial products company will earn $3.10 per share for the year, down from their previous forecast of $3.12. The consensus estimate for Graco’s current full-year earnings is $3.06 per share.

Several other equities analysts also recently weighed in on GGG. Jefferies Financial Group increased their price target on shares of Graco from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. William Blair reiterated a “market perform” rating on shares of Graco in a research note on Friday, April 26th. Robert W. Baird decreased their target price on shares of Graco from $90.00 to $87.00 and set a “neutral” rating for the company in a research report on Friday, April 26th. Royal Bank of Canada upped their price target on shares of Graco from $91.00 to $93.00 and gave the company an “outperform” rating in a report on Wednesday, January 31st. Finally, StockNews.com lowered Graco from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $88.25.

Graco Trading Up 0.1 %

NYSE:GGG opened at $80.32 on Wednesday. The company has a market capitalization of $13.59 billion, a P/E ratio of 27.70, a PEG ratio of 2.68 and a beta of 0.81. Graco has a 12 month low of $69.78 and a 12 month high of $94.77. The firm has a fifty day simple moving average of $90.75 and a 200-day simple moving average of $85.12.

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

Hedge Funds Weigh In On Graco

A number of hedge funds have recently modified their holdings of GGG. Park Avenue Securities LLC boosted its holdings in shares of Graco by 1.9% in the first quarter. Park Avenue Securities LLC now owns 7,490 shares of the industrial products company’s stock valued at $700,000 after acquiring an additional 139 shares in the last quarter. Meeder Advisory Services Inc. boosted its holdings in Graco by 5.5% in the 3rd quarter. Meeder Advisory Services Inc. now owns 3,004 shares of the industrial products company’s stock valued at $219,000 after purchasing an additional 157 shares in the last quarter. Taylor Frigon Capital Management LLC increased its position in Graco by 0.9% during the 3rd quarter. Taylor Frigon Capital Management LLC now owns 18,734 shares of the industrial products company’s stock worth $1,365,000 after purchasing an additional 163 shares during the period. Spire Wealth Management raised its stake in shares of Graco by 0.3% during the 1st quarter. Spire Wealth Management now owns 66,975 shares of the industrial products company’s stock worth $6,260,000 after buying an additional 176 shares in the last quarter. Finally, Lindbrook Capital LLC lifted its holdings in shares of Graco by 24.3% in the 4th quarter. Lindbrook Capital LLC now owns 931 shares of the industrial products company’s stock valued at $81,000 after buying an additional 182 shares during the period. 93.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Graco

In other Graco news, VP Angela F. Wordell sold 3,588 shares of the stock in a transaction that occurred 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 sale, the vice president now directly owns 12,725 shares in the company, valued at approximately $1,191,060. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, VP Angela F. Wordell sold 3,588 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $1,191,060. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Jody H. Feragen sold 5,036 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $92.29, for a total transaction of $464,772.44. Following the completion of the sale, the director now owns 44,903 shares in the company, valued at $4,144,097.87. The disclosure for this sale can be found here. Insiders sold a total of 48,378 shares of company stock valued at $4,376,528 in the last three months. 2.63% of the stock is owned by corporate insiders.

Graco Dividend Announcement

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

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.