Seaport Res Ptn Comments on Graco Inc.’s Q2 2024 Earnings (NYSE:GGG)

Graco Inc. (NYSE:GGG) – Investment analysts at Seaport Res Ptn dropped their Q2 2024 earnings per share estimates for shares of Graco in a research note issued to investors on Sunday, April 28th. Seaport Res Ptn analyst W. Liptak now forecasts that the industrial products company will post earnings of $0.74 per share for the quarter, down from their previous forecast 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.

GGG has been the topic of a number of other reports. Robert W. Baird reduced their target price on shares of Graco from $90.00 to $87.00 and set a “neutral” rating on the stock in a report on Friday. Royal Bank of Canada upped their price objective on shares of Graco from $91.00 to $93.00 and gave the company an “outperform” rating in a research note on Wednesday, January 31st. William Blair reaffirmed a “market perform” rating on shares of Graco in a research note on Friday. StockNews.com lowered Graco from a “buy” rating to a “hold” rating in a research note on Friday. Finally, 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 report on Thursday, January 11th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Graco presently has an average rating of “Hold” and a consensus target price of $88.25.

Graco Stock Performance

GGG stock opened at $81.97 on Tuesday. The firm has a market cap of $13.86 billion, a P/E ratio of 28.27, a PEG ratio of 2.63 and a beta of 0.81. The stock’s 50 day moving average price is $90.91 and its 200 day moving average price is $85.07. Graco has a 1 year low of $69.78 and a 1 year high of $94.77.

Graco (NYSE:GGG) last announced its quarterly 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). Graco had a net margin of 23.15% and a return on equity of 23.01%. The business had revenue of $492.19 million during the quarter, compared to analysts’ expectations of $536.19 million. During the same period last year, the company earned $0.74 EPS. The firm’s revenue for the quarter was down 7.1% on a year-over-year basis.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Tobam grew its position in shares of Graco by 2,330.8% during the fourth quarter. Tobam now owns 316 shares of the industrial products company’s stock worth $27,000 after buying an additional 303 shares in the last quarter. Sound Income Strategies LLC acquired a new position in Graco during the 4th quarter worth $28,000. Fortitude Family Office LLC bought a new stake in shares of Graco in the 4th quarter worth about $29,000. Rise Advisors LLC acquired a new stake in shares of Graco in the 1st quarter valued at about $38,000. Finally, Northwest Financial Advisors bought a new position 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.

Insider Transactions at Graco

In other Graco news, insider Christian E. Rothe sold 15,000 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $90.04, for a total transaction of $1,350,600.00. Following the completion of the sale, the insider now owns 25,583 shares of the company’s stock, valued at $2,303,493.32. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, VP Angela F. Wordell sold 3,588 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $93.60, for a total value of $335,836.80. Following the completion of the sale, the vice president now directly owns 12,725 shares in the company, valued at approximately $1,191,060. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Christian E. Rothe sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $90.04, for a total value of $1,350,600.00. Following the completion of the transaction, the insider now owns 25,583 shares of the company’s stock, valued at approximately $2,303,493.32. The disclosure for this sale can be found here. Insiders sold a total of 48,378 shares of company stock worth $4,376,528 in the last ninety days. Insiders own 2.63% of the company’s stock.

Graco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be paid a dividend of $0.255 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $1.02 annualized dividend and a dividend yield of 1.24%. Graco’s dividend payout ratio is presently 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.