Burgundy Asset Management Ltd. Has $67.97 Million Stock Position in Graco Inc. (NYSE:GGG)

Burgundy Asset Management Ltd. grew its position in Graco Inc. (NYSE:GGG) by 1.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 857,281 shares of the industrial products company’s stock after acquiring an additional 14,527 shares during the quarter. Burgundy Asset Management Ltd. owned 0.51% of Graco worth $67,965,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Gradient Investments LLC bought a new position in Graco in the second quarter worth $27,000. Rise Advisors LLC bought a new position in shares of Graco during the 1st quarter worth about $38,000. New Covenant Trust Company N.A. acquired a new stake in shares of Graco during the 1st quarter valued at about $43,000. Tobam increased its stake in Graco by 90.2% in the first quarter. Tobam now owns 601 shares of the industrial products company’s stock valued at $56,000 after acquiring an additional 285 shares during the period. Finally, Blue Trust Inc. raised its position in Graco by 220.9% in the second quarter. Blue Trust Inc. now owns 690 shares of the industrial products company’s stock worth $55,000 after purchasing an additional 475 shares in the last quarter. Institutional investors and hedge funds own 93.88% of the company’s stock.

Graco Stock Performance

Graco stock opened at $83.70 on Thursday. The business’s fifty day moving average is $81.85 and its two-hundred day moving average is $84.02. The firm has a market cap of $14.16 billion, a P/E ratio of 28.86, a P/E/G ratio of 2.76 and a beta of 0.81. Graco Inc. has a 52 week low of $69.78 and a 52 week high of $94.77.

Graco (NYSE:GGG) last issued its quarterly earnings results 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. The business had revenue of $553.20 million for the quarter, compared to the consensus estimate of $562.27 million. Graco had a net margin of 23.16% and a return on equity of 22.40%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.75 EPS. On average, equities research analysts predict that Graco Inc. will post 2.98 earnings per share for the current year.

Graco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 6th. Investors of record on Monday, October 21st will be issued a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date of this dividend is Monday, October 21st. Graco’s dividend payout ratio is currently 35.17%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on GGG shares. Royal Bank of Canada decreased their price objective on Graco from $99.00 to $96.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Robert W. Baird dropped their price objective on Graco from $87.00 to $86.00 and set a “neutral” rating for the company in a research note on Friday, July 26th. StockNews.com cut Graco from a “buy” rating to a “hold” rating in a report on Wednesday, June 12th. Finally, DA Davidson lowered their target price on shares of Graco from $82.00 to $79.00 and set a “neutral” rating on the stock in a report on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $86.80.

Graco Profile

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.