Russell Investments Group Ltd. cut its stake in shares of Brady Corp (NYSE:BRC) by 15.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 78,237 shares of the industrial products company’s stock after selling 14,046 shares during the quarter. Russell Investments Group Ltd. owned 0.15% of Brady worth $3,016,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. lifted its holdings in Brady by 5.2% in the first quarter. BlackRock Inc. now owns 6,397,705 shares of the industrial products company’s stock valued at $237,676,000 after acquiring an additional 315,983 shares during the period. JPMorgan Chase & Co. increased its position in Brady by 3.1% during the 1st quarter. JPMorgan Chase & Co. now owns 4,149,195 shares of the industrial products company’s stock worth $154,142,000 after purchasing an additional 124,401 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Brady by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,777,888 shares of the industrial products company’s stock worth $66,049,000 after purchasing an additional 15,853 shares in the last quarter. Wells Fargo & Company MN increased its position in Brady by 12.9% during the 2nd quarter. Wells Fargo & Company MN now owns 1,413,776 shares of the industrial products company’s stock worth $54,501,000 after purchasing an additional 161,439 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Brady by 2.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 772,353 shares of the industrial products company’s stock worth $29,774,000 after purchasing an additional 19,475 shares in the last quarter. 75.59% of the stock is owned by hedge funds and other institutional investors.
BRC has been the subject of a number of recent research reports. Zacks Investment Research upgraded Brady from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research report on Monday, September 17th. ValuEngine upgraded Brady from a “hold” rating to a “buy” rating in a report on Thursday, September 6th. Sidoti cut Brady from a “buy” rating to a “neutral” rating in a report on Tuesday, September 18th. Finally, Bank of America set a $42.00 price target on Brady and gave the company a “sell” rating in a report on Monday, September 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $42.25.
Shares of NYSE:BRC traded down $0.04 during trading on Friday, reaching $39.96. 266,584 shares of the stock were exchanged, compared to its average volume of 230,993. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.88 and a current ratio of 2.47. Brady Corp has a 12-month low of $35.00 and a 12-month high of $47.35. The stock has a market capitalization of $2.28 billion, a P/E ratio of 19.59, a PEG ratio of 2.65 and a beta of 1.16.
Brady (NYSE:BRC) last released its quarterly earnings results on Thursday, September 13th. The industrial products company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.52 by $0.14. The firm had revenue of $297.50 million for the quarter, compared to analyst estimates of $297.04 million. Brady had a return on equity of 14.67% and a net margin of 7.76%. Brady’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.48 EPS. Analysts predict that Brady Corp will post 2.2 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 31st. Shareholders of record on Wednesday, October 10th will be given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 8.51%. This is a positive change from Brady’s previous quarterly dividend of $0.21. The ex-dividend date is Tuesday, October 9th. Brady’s dividend payout ratio is presently 41.67%.
In other Brady news, VP Thomas J. Felmer sold 11,667 shares of the company’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $41.55, for a total value of $484,763.85. Following the transaction, the vice president now directly owns 69,782 shares of the company’s stock, valued at approximately $2,899,442.10. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Thomas J. Felmer sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $42.71, for a total value of $1,494,850.00. Following the completion of the sale, the vice president now owns 93,115 shares of the company’s stock, valued at $3,976,941.65. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 181,281 shares of company stock worth $7,913,313. 15.60% of the stock is currently owned by corporate 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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