Should You Hold Graco (GGG)?

Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 8.70% net of fees in the second quarter, outperforming the Russell Midcap Growth Index’s 6.23% return. Year-to-date, the strategy returned 19.82% net of fees compared to a 15.94% return for the benchmark. The strategy benefited from the positive stock selection in five of the seven sectors in which it is invested. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Mid Cap Strategy highlighted stocks like Graco Inc. (NYSE:GGG) in the second quarter 2023 investor letter. Based in Minneapolis, Minnesota, Graco Inc. (NYSE:GGG) manufactures and markets systems and equipment to move, measure, control, dispense, and spray fluid and powder materials. On August 10, 2023, Graco Inc. (NYSE:GGG) stock closed at $77.28 per share. One-month return of Graco Inc. (NYSE:GGG) was -10.46%, and its shares gained 10.86% of their value over the last 52 weeks. Graco Inc. (NYSE:GGG) has a market capitalization of $13.009 billion.

Conestoga Mid Cap Strategy made the following comment about Graco Inc. (NYSE:GGG) in its second quarter 2023 investor letter:

“Graco Inc. (NYSE:GGG): GGG specializes in equipment that measures, mixes, and dispenses fluids for the construction and industrial markets, including automotive manufacturing and hand-held paint sprayers. The company has experienced demand strength across its three business segments, while also exhibiting profit margin gains from improved price vs. cost dynamics.”

Factory, Industrial

Photo by Lalit Kumar on Unsplash

Graco Inc. (NYSE:GGG) is not on our list of 30 Most Popular Stocks Among Hedge Funds As per our database, 22 hedge fund portfolios held Graco Inc. (NYSE:GGG) at the end of first quarter which was 29 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.