Burgundy Asset Management Ltd. Purchases 14,527 Shares of Graco Inc. (NYSE:GGG)

Burgundy Asset Management Ltd. increased its position in Graco Inc. (NYSE:GGG) by 1.7% in the second quarter, Holdings Channel.com reports. The firm owned 857,281 shares of the industrial products company’s stock after acquiring an additional 14,527 shares during the period. Burgundy Asset Management Ltd.’s holdings in Graco were worth $67,965,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. raised its stake in shares of Graco by 35.5% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,509 shares of the industrial products company’s stock worth $391,000 after buying an additional 1,182 shares during the last quarter. Financial Advocates Investment Management acquired a new position in shares of Graco in the 4th quarter valued at $243,000. Norges Bank acquired a new position in shares of Graco in the 4th quarter valued at $152,941,000. BI Asset Management Fondsmaeglerselskab A S boosted its position in shares of Graco by 38.8% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 7,214 shares of the industrial products company’s stock worth $626,000 after purchasing an additional 2,017 shares during the last quarter. Finally, Corient Private Wealth LLC grew its stake in shares of Graco by 106.4% during the fourth quarter. Corient Private Wealth LLC now owns 32,521 shares of the industrial products company’s stock worth $2,822,000 after purchasing an additional 16,766 shares during the period. 93.88% of the stock is owned by institutional investors.

Graco Stock Performance

NYSE GGG opened at $83.70 on Thursday. The stock has a market cap of $14.16 billion, a price-to-earnings ratio of 28.86, a PEG ratio of 2.76 and a beta of 0.81. The business has a 50 day simple moving average of $81.85 and a 200 day simple moving average of $84.02. 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 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. The company had revenue of $553.20 million during 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 revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.75 earnings per share. On average, analysts predict that Graco Inc. will post 2.98 EPS for the current year.

Graco Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. DA Davidson reduced their target price on Graco from $82.00 to $79.00 and set a “neutral” rating on the stock in a report on Friday, July 26th. Robert W. Baird reduced their price objective on shares of Graco from $87.00 to $86.00 and set a “neutral” rating on the stock in a research note on Friday, July 26th. StockNews.com downgraded shares of Graco from a “buy” rating to a “hold” rating in a research note on Wednesday, June 12th. Finally, Royal Bank of Canada reduced their price target on shares of Graco from $99.00 to $96.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Graco currently has an average rating of “Hold” and a consensus price target of $86.80.

Graco Company 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.