Graco Inc. Forecasted to Post FY2024 Earnings of $3.10 Per Share (NYSE:GGG)

Graco Inc. (NYSE:GGG - Free Report) - Equities researchers at DA Davidson reduced their FY2024 earnings estimates for Graco in a research report issued on Monday, April 29th. DA Davidson analyst M. Summerville now expects that the industrial products company will post earnings of $3.10 per share for the year, down from their prior estimate of $3.12. The consensus estimate for Graco's current full-year earnings is $3.06 per share.

Graco (NYSE:GGG - Get Free Report) last announced its 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 company had revenue of $492.19 million during the quarter, compared to analyst estimates of $536.19 million. During the same quarter last year, the business earned $0.74 EPS. The firm's revenue for the quarter was down 7.1% compared to the same quarter last year.

A number of other equities analysts also recently commented on GGG. William Blair reaffirmed a "market perform" rating on shares of Graco in a research note 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. Jefferies Financial Group lifted their target price on shares of Graco from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday, January 11th. Royal Bank of Canada lifted their target price 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. Finally, 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 research note on Friday, April 26th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $88.25.

Graco Price Performance

GGG traded up $0.12 on Wednesday, reaching $80.32. 1,493,548 shares of the company's stock were exchanged, compared to its average volume of 683,115. The stock has a market cap of $13.59 billion, a PE ratio of 27.70, a P/E/G ratio of 2.68 and a beta of 0.81. Graco has a twelve month low of $69.78 and a twelve month high of $94.77. The stock's fifty day moving average price is $90.75 and its 200-day moving average price is $85.12.

Hedge Funds Weigh In On Graco

Large investors have recently bought and sold shares of the company. Tobam grew its stake in Graco by 2,330.8% in the 4th quarter. Tobam now owns 316 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 303 shares during the last quarter. Sound Income Strategies LLC purchased a new position in shares of Graco during the fourth quarter valued at approximately $28,000. Fortitude Family Office LLC purchased a new position in shares of Graco during the fourth quarter valued at approximately $29,000. Rise Advisors LLC purchased a new position in shares of Graco during the first quarter valued at approximately $38,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Graco by 3,063.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 601 shares of the industrial products company's stock valued at $44,000 after buying an additional 582 shares during the period. Hedge funds and other institutional investors own 93.88% of the company's stock.

Insiders Place Their Bets

In other Graco news, VP Angela F. Wordell sold 3,588 shares of the business'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 transaction of $335,836.80. Following the completion of the transaction, the vice president now owns 12,725 shares in the company, valued at approximately $1,191,060. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Timothy R. White sold 2,895 shares of the company's stock in a transaction 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 transaction, the insider now owns 50,782 shares in the company, valued at approximately $4,442,917.18. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Angela F. Wordell sold 3,588 shares of the company'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 transaction, the vice president now owns 12,725 shares of the company's stock, valued at approximately $1,191,060. The disclosure for this sale can be found here. Insiders sold 48,378 shares of company stock worth $4,376,528 in the last 90 days. Corporate insiders own 2.63% of the company's stock.

Graco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be paid a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend is Friday, April 12th. Graco's payout ratio is currently 35.17%.

About Graco

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.