Graco Inc. (NYSE:GGG – Get Rating) – Investment analysts at Zacks Research upped their Q2 2023 earnings per share (EPS) estimates for Graco in a report issued on Tuesday, May 16th. Zacks Research analyst S. Roy now anticipates that the industrial products company will earn $0.77 per share for the quarter, up from their prior forecast of $0.72. The consensus estimate for Graco’s current full-year earnings is $3.03 per share. Zacks Research also issued estimates for Graco’s Q3 2023 earnings at $0.76 EPS, Q4 2023 earnings at $0.77 EPS, FY2023 earnings at $3.03 EPS, Q1 2024 earnings at $0.77 EPS, Q3 2024 earnings at $0.78 EPS, Q4 2024 earnings at $0.81 EPS, FY2024 earnings at $3.14 EPS, Q1 2025 earnings at $0.84 EPS and FY2025 earnings at $3.59 EPS.
GGG has been the subject of several other reports. DA Davidson upped their target price on Graco from $70.00 to $75.00 in a report on Thursday, April 27th. StockNews.com assumed coverage on Graco in a research report on Thursday. They issued a “buy” rating on the stock. Royal Bank of Canada raised their target price on Graco from $82.00 to $89.00 in a research report on Friday, April 28th. Robert W. Baird raised their target price on Graco from $75.00 to $83.00 in a research report on Friday, April 28th. Finally, Seaport Res Ptn raised Graco from a “neutral” rating to a “buy” rating in a research report on Thursday, February 2nd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $79.25.
Graco Stock Down 0.5 %
Graco (NYSE:GGG – Get Rating) last announced its earnings results on Wednesday, April 26th. The industrial products company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.13. The business had revenue of $529.65 million during the quarter, compared to the consensus estimate of $501.87 million. Graco had a return on equity of 26.12% and a net margin of 22.44%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.57 EPS.
Insider Transactions at Graco
In related news, insider Jeffrey P. Johnson sold 4,830 shares of the company’s stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $78.54, for a total value of $379,348.20. Following the completion of the transaction, the insider now directly owns 30,835 shares in the company, valued at $2,421,780.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Claudio Merengo sold 21,793 shares of the company’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $80.32, for a total value of $1,750,413.76. Following the completion of the sale, the insider now owns 18,286 shares of the company’s stock, valued at $1,468,731.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jeffrey P. Johnson sold 4,830 shares of the company’s stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $78.54, for a total value of $379,348.20. Following the completion of the sale, the insider now directly owns 30,835 shares of the company’s stock, valued at approximately $2,421,780.90. The disclosure for this sale can be found here. Insiders sold a total of 42,943 shares of company stock valued at $3,433,404 over the last three months. 2.98% of the stock is currently owned by insiders.
Institutional Trading of Graco
Several large investors have recently added to or reduced their stakes in GGG. Moneta Group Investment Advisors LLC lifted its holdings in shares of Graco by 102,901.6% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 4,793,696 shares of the industrial products company’s stock valued at $322,424,000 after purchasing an additional 4,789,042 shares in the last quarter. Morgan Stanley grew its position in Graco by 156.6% during the fourth quarter. Morgan Stanley now owns 4,453,162 shares of the industrial products company’s stock worth $299,520,000 after buying an additional 2,718,018 shares in the last quarter. Norges Bank acquired a new stake in Graco during the fourth quarter worth about $116,116,000. BlackRock Inc. boosted its holdings in Graco by 10.0% during the first quarter. BlackRock Inc. now owns 16,868,602 shares of the industrial products company’s stock valued at $1,231,577,000 after purchasing an additional 1,538,176 shares in the last quarter. Finally, StonePine Asset Management Inc. raised its stake in shares of Graco by 626.8% in the first quarter. StonePine Asset Management Inc. now owns 1,643,741 shares of the industrial products company’s stock valued at $120,010,000 after acquiring an additional 1,417,574 shares during the last quarter. 85.85% of the stock is currently owned by institutional investors and hedge funds.
Graco Company Profile
Graco, Inc is a manufacturing company, which engages in the design, manufacture, and sale of systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials. It operates through the following segments: Industrial, Process, and Contractor. The Industrial segment markets equipment and pre-engineered packages for moving and applying paints, coatings, sealants, adhesives, and other fluids.
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