Wells Fargo & Company MN cut its holdings in shares of Brady Corp (NYSE:BRC) by 31.3% during the 1st quarter, Holdings Channel reports. The institutional investor owned 741,936 shares of the industrial products company’s stock after selling 337,351 shares during the quarter. Wells Fargo & Company MN’s holdings in Brady were worth $34,433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its stake in shares of Brady by 536.0% in the first quarter. PNC Financial Services Group Inc. now owns 16,504 shares of the industrial products company’s stock worth $765,000 after buying an additional 13,909 shares during the period. Advisor Group Inc. raised its stake in shares of Brady by 55.9% in the first quarter. Advisor Group Inc. now owns 4,236 shares of the industrial products company’s stock worth $196,000 after buying an additional 1,519 shares during the period. BlackRock Inc. raised its stake in shares of Brady by 1.4% in the first quarter. BlackRock Inc. now owns 7,172,224 shares of the industrial products company’s stock worth $332,862,000 after buying an additional 97,954 shares during the period. Magnus Financial Group LLC bought a new position in shares of Brady in the first quarter worth about $207,000. Finally, Acadian Asset Management LLC raised its stake in shares of Brady by 46.2% in the first quarter. Acadian Asset Management LLC now owns 295,689 shares of the industrial products company’s stock worth $13,723,000 after buying an additional 93,428 shares during the period. 80.64% of the stock is currently owned by institutional investors.
Several research analysts have recently commented on the company. Zacks Investment Research downgraded Brady from a “hold” rating to a “sell” rating in a research note on Tuesday, May 21st. ValuEngine downgraded Brady from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $46.00.
In related news, CEO J Michael Nauman sold 18,671 shares of Brady stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $47.16, for a total transaction of $880,524.36. Following the sale, the chief executive officer now owns 105,638 shares of the company’s stock, valued at approximately $4,981,888.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Louis T. Bolognini sold 7,424 shares of Brady stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $47.75, for a total value of $354,496.00. Following the sale, the senior vice president now directly owns 34,264 shares in the company, valued at approximately $1,636,106. The disclosure for this sale can be found here. Insiders have sold a total of 55,081 shares of company stock worth $2,632,191 in the last three months. 15.60% of the stock is owned by corporate insiders.
BRC traded down $0.07 on Friday, hitting $48.43. 1,914 shares of the company’s stock traded hands, compared to its average volume of 224,314. The company has a market capitalization of $2.54 billion, a PE ratio of 23.77, a price-to-earnings-growth ratio of 2.68 and a beta of 0.97. Brady Corp has a one year low of $36.00 and a one year high of $50.12. The company has a current ratio of 3.03, a quick ratio of 2.36 and a debt-to-equity ratio of 0.06.
Brady (NYSE:BRC) last issued its earnings results on Thursday, May 23rd. The industrial products company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.09. The company had revenue of $289.75 million for the quarter, compared to the consensus estimate of $292.66 million. Brady had a return on equity of 15.85% and a net margin of 11.15%. The firm’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter last year, the company earned $0.49 EPS. Equities research analysts predict that Brady Corp will post 2.4 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Wednesday, July 10th will be paid a dividend of $0.2125 per share. This represents a $0.85 annualized dividend and a yield of 1.76%. The ex-dividend date is Tuesday, July 9th. Brady’s dividend payout ratio (DPR) is presently 41.67%.
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Brady Company Profile
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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