Graco Inc. (NYSE:GGG) Forecasted to Earn Q2 2024 Earnings of $0.75 Per Share

Graco Inc. (NYSE:GGG) – Research analysts at Zacks Research cut their Q2 2024 earnings per share estimates for Graco in a research report issued to clients and investors on Wednesday, May 15th. Zacks Research analyst R. Department now anticipates that the industrial products company will post earnings per share of $0.75 for the quarter, down from their previous forecast of $0.76. The consensus estimate for Graco’s current full-year earnings is $3.07 per share. Zacks Research also issued estimates for Graco’s Q3 2024 earnings at $0.78 EPS, FY2024 earnings at $2.99 EPS, Q1 2025 earnings at $0.70 EPS, Q2 2025 earnings at $0.86 EPS, Q4 2025 earnings at $0.87 EPS, FY2025 earnings at $3.18 EPS and Q1 2026 earnings at $0.75 EPS.

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 company had revenue of $492.19 million during the quarter, compared to the consensus estimate of $536.19 million. During the same period last year, the business earned $0.74 EPS. The firm’s quarterly revenue was down 7.1% compared to the same quarter last year.

GGG has been the subject of several other research reports. Robert W. Baird cut their target price on 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 increased their target price on Graco from $91.00 to $93.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 31st. StockNews.com cut Graco from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Finally, William Blair reiterated a “market perform” rating on shares of Graco in a research report on Friday, April 26th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Graco currently has a consensus rating of “Hold” and an average target price of $88.25.

Graco Stock Down 0.5 %

NYSE GGG opened at $83.02 on Friday. Graco has a 52 week low of $69.78 and a 52 week high of $94.77. The stock’s 50-day moving average price is $88.64 and its 200-day moving average price is $85.89. The company has a market capitalization of $14.04 billion, a P/E ratio of 28.63, a price-to-earnings-growth ratio of 2.72 and a beta of 0.84.

Hedge Funds Weigh In On Graco

Institutional investors and hedge funds have recently modified their holdings of the stock. Park Avenue Securities LLC lifted its stake in shares of Graco by 1.9% during the 1st quarter. Park Avenue Securities LLC now owns 7,490 shares of the industrial products company’s stock worth $700,000 after acquiring an additional 139 shares during the last quarter. Meeder Advisory Services Inc. lifted its stake in shares of Graco by 5.5% during the 3rd quarter. Meeder Advisory Services Inc. now owns 3,004 shares of the industrial products company’s stock worth $219,000 after acquiring an additional 157 shares during the last quarter. Spire Wealth Management lifted 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 acquiring an additional 176 shares during the last quarter. Lindbrook Capital LLC lifted its stake in shares of Graco by 24.3% during the 4th quarter. Lindbrook Capital LLC now owns 931 shares of the industrial products company’s stock worth $81,000 after acquiring an additional 182 shares during the last quarter. Finally, Valley Wealth Managers Inc. lifted its stake in shares of Graco by 5.9% during the 3rd quarter. Valley Wealth Managers Inc. now owns 3,427 shares of the industrial products company’s stock worth $250,000 after acquiring an additional 192 shares during the last quarter. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Insider Buying and Selling at Graco

In other Graco news, VP Angela F. Wordell sold 3,588 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was 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 accessible through this link. In other news, Director Jody H. Feragen sold 5,036 shares of Graco stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $92.29, for a total value of $464,772.44. Following the completion of the transaction, the director now owns 44,903 shares in the company, valued at approximately $4,144,097.87. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Angela F. Wordell sold 3,588 shares of Graco stock in a transaction that occurred 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 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 44,088 shares of company stock worth $4,000,485 in the last quarter. 2.63% of the stock is owned by corporate insiders.

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.