Morgan Stanley raised its stake in shares of Brady Corp (NYSE:BRC) by 68.2% in the 2nd quarter, Holdings Channel reports. The firm owned 251,018 shares of the industrial products company’s stock after acquiring an additional 101,753 shares during the period. Morgan Stanley’s holdings in Brady were worth $12,380,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Man Group plc lifted its holdings in shares of Brady by 377.6% in the 2nd quarter. Man Group plc now owns 257,252 shares of the industrial products company’s stock valued at $12,688,000 after acquiring an additional 203,392 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Brady by 33.1% in the 2nd quarter. Bank of America Corp DE now owns 129,729 shares of the industrial products company’s stock valued at $6,399,000 after acquiring an additional 32,229 shares during the last quarter. Balyasny Asset Management LLC bought a new position in shares of Brady in the 2nd quarter valued at about $477,000. Invesco Ltd. lifted its holdings in shares of Brady by 9.1% in the 2nd quarter. Invesco Ltd. now owns 467,660 shares of the industrial products company’s stock valued at $23,064,000 after acquiring an additional 38,916 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Brady by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 5,375,200 shares of the industrial products company’s stock valued at $265,104,000 after acquiring an additional 75,598 shares during the last quarter. 80.25% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE BRC opened at $53.89 on Friday. The company has a market cap of $2.86 billion, a P/E ratio of 21.91, a PEG ratio of 2.69 and a beta of 0.92. Brady Corp has a 1 year low of $38.81 and a 1 year high of $56.42. The firm has a 50-day simple moving average of $51.29 and a two-hundred day simple moving average of $49.26.
Brady (NYSE:BRC) last announced its quarterly earnings data on Friday, September 6th. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.07. The business had revenue of $295.30 million during the quarter, compared to the consensus estimate of $298.90 million. Brady had a net margin of 11.31% and a return on equity of 16.15%. The firm’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.66 earnings per share. As a group, research analysts predict that Brady Corp will post 2.57 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 10th will be paid a $0.218 dividend. The ex-dividend date is Wednesday, October 9th. This represents a $0.87 annualized dividend and a yield of 1.62%. This is an increase from Brady’s previous quarterly dividend of $0.21. Brady’s dividend payout ratio (DPR) is presently 35.37%.
A number of research analysts recently commented on the stock. ValuEngine downgraded shares of Brady from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Wells Fargo & Co set a $45.00 price target on shares of Brady and gave the company a “hold” rating in a report on Friday, July 12th. Zacks Investment Research raised shares of Brady from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a report on Wednesday, September 11th. Finally, Bank of America increased their price target on shares of Brady from $46.00 to $49.00 and gave the company an “underperform” rating in a report on Monday, September 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $49.25.
In other Brady news, VP Thomas J. Felmer sold 1,142 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $53.95, for a total value of $61,610.90. Following the completion of the sale, the vice president now owns 66,813 shares of the company’s stock, valued at $3,604,561.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Louis T. Bolognini sold 9,288 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $51.08, for a total transaction of $474,431.04. Following the completion of the sale, the senior vice president now directly owns 31,484 shares of the company’s stock, valued at approximately $1,608,202.72. The disclosure for this sale can be found here. In the last three months, insiders sold 117,136 shares of company stock valued at $5,040,816. 15.60% of the stock is owned by insiders.
Brady Corporation manufactures and supplies identification solutions (IDS) and workplace safety (WPS) products to identify and protect premises, products, and people in the United States and internationally. The IDS segment offers safety signs, pipe markers, labeling systems, spill control products, and lockout/tagout devices for facility identification and protection; materials and printing systems for product identification, brand protection labeling, work in process labeling, and finished product identification; and hand-held printers, wire markers, sleeves, and tags for wire identification, as well as software and services for safety compliance auditing, procedure writing, and training.
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