Graco Inc. to Post Q3 2024 Earnings of $0.75 Per Share, Zacks Research Forecasts (NYSE:GGG)

Graco Inc. (NYSE:GGG) – Research analysts at Zacks Research decreased their Q3 2024 EPS estimates for shares of Graco in a research report issued on Monday, September 2nd. Zacks Research analyst R. Department now expects that the industrial products company will post earnings per share of $0.75 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.

Several other analysts also recently commented on the stock. StockNews.com downgraded shares of Graco from a “buy” rating to a “hold” rating in a report on Wednesday, June 12th. Royal Bank of Canada cut their price objective on Graco from $99.00 to $96.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. DA Davidson reduced their price target on shares of Graco from $82.00 to $79.00 and set a “neutral” rating for the company in a research report on Friday, July 26th. Finally, Robert W. Baird decreased their price target on shares of Graco from $87.00 to $86.00 and set a “neutral” rating for the company in a research note 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. Based on data from MarketBeat.com, Graco has a consensus rating of “Hold” and an average price target of $86.80.

Graco Trading Down 2.1 %

Shares of NYSE:GGG opened at $81.63 on Wednesday. The stock has a market cap of $13.81 billion, a PE ratio of 28.15, a price-to-earnings-growth ratio of 2.80 and a beta of 0.82. The stock’s fifty day simple moving average is $81.10 and its two-hundred day simple moving average is $84.57. Graco has a 1-year low of $69.78 and a 1-year high of $94.77.

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

Hedge Funds Weigh In On Graco

Several hedge funds have recently made changes to their positions in GGG. Gradient Investments LLC bought a new position in Graco in the 2nd quarter worth about $27,000. Rise Advisors LLC purchased a new position in Graco during the first quarter valued at approximately $38,000. New Covenant Trust Company N.A. purchased a new position in Graco during the first quarter valued at approximately $43,000. Northwest Financial Advisors bought a new stake in Graco during the 4th quarter worth approximately $50,000. Finally, Tobam lifted its stake in Graco by 90.2% in the 1st quarter. Tobam now owns 601 shares of the industrial products company’s stock worth $56,000 after purchasing an additional 285 shares in the last quarter. 93.88% of the stock is currently owned by hedge funds and other institutional investors.

Graco Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders of record on Monday, July 22nd were issued a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date was Monday, July 22nd. 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.