Zacks Research Equities Analysts Lower Earnings Estimates for Graco Inc. (NYSE:GGG)

Graco Inc. (NYSE:GGG) – Zacks Research dropped their Q3 2024 earnings estimates for shares of Graco in a report released on Monday, September 2nd. Zacks Research analyst R. Department now anticipates that the industrial products company will post earnings of $0.75 per share for the quarter, down from their previous estimate of $0.76. The consensus estimate for Graco’s current full-year earnings is $2.98 per share. Zacks Research also issued estimates for Graco’s Q4 2024 earnings at $0.79 EPS, FY2024 earnings at $2.96 EPS, Q1 2026 earnings at $0.72 EPS and FY2026 earnings at $3.36 EPS.

Graco (NYSE:GGG) last posted its quarterly earnings data on Wednesday, July 24th. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.01. Graco had a return on equity of 22.40% and a net margin of 23.16%. The business had revenue of $553.20 million for the quarter, compared to analysts’ expectations of $562.27 million. During the same quarter last year, the firm earned $0.75 earnings per share. The business’s revenue was down 1.1% on a year-over-year basis.

Several other brokerages have also weighed in on GGG. Royal Bank of Canada cut their target price on Graco from $99.00 to $96.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. StockNews.com lowered Graco from a “buy” rating to a “hold” rating in a research report on Wednesday, June 12th. DA Davidson cut their target price on Graco from $82.00 to $79.00 and set a “neutral” rating on the stock in a research report on Friday, July 26th. Finally, Robert W. Baird cut their target price on Graco from $87.00 to $86.00 and set a “neutral” rating on the stock in a research report on Friday, July 26th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Graco has an average rating of “Hold” and an average target price of $86.80.

Graco Stock Down 1.8 %

GGG stock opened at $80.11 on Wednesday. Graco has a 52-week low of $69.78 and a 52-week high of $94.77. The stock’s fifty day simple moving average is $81.17 and its 200-day simple moving average is $84.51. The stock has a market capitalization of $13.55 billion, a price-to-earnings ratio of 27.62, a price-to-earnings-growth ratio of 2.80 and a beta of 0.82.

Graco Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 7th. Shareholders of record on Monday, July 22nd were given a $0.255 dividend. This represents a $1.02 annualized dividend and a yield of 1.27%. The ex-dividend date was Monday, July 22nd. Graco’s dividend payout ratio (DPR) is presently 35.17%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC purchased a new position in Graco in the second quarter valued at about $985,000. Northwestern Mutual Wealth Management Co. raised its position in Graco by 38.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,063 shares of the industrial products company’s stock valued at $164,000 after purchasing an additional 570 shares during the period. SkyView Investment Advisors LLC raised its position in Graco by 8.2% in the second quarter. SkyView Investment Advisors LLC now owns 10,863 shares of the industrial products company’s stock valued at $861,000 after purchasing an additional 827 shares during the period. Mackenzie Financial Corp raised its position in Graco by 152.3% in the second quarter. Mackenzie Financial Corp now owns 20,357 shares of the industrial products company’s stock valued at $1,614,000 after purchasing an additional 12,289 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in Graco by 17.9% in the second quarter. The Manufacturers Life Insurance Company now owns 139,107 shares of the industrial products company’s stock valued at $11,028,000 after purchasing an additional 21,141 shares during the period. 93.88% of the stock is owned by hedge funds and other institutional investors.

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.