WBI Investments Inc. acquired a new stake in shares of Brady Corp (NYSE:BRC) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 37,642 shares of the industrial products company’s stock, valued at approximately $1,647,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Fort L.P. acquired a new stake in Brady during the 2nd quarter valued at approximately $103,000. Bruderman Asset Management LLC acquired a new stake in Brady during the 2nd quarter valued at approximately $115,000. First Citizens Bank & Trust Co. acquired a new stake in Brady during the 2nd quarter valued at approximately $212,000. Raymond James & Associates acquired a new stake in Brady during the 2nd quarter valued at approximately $253,000. Finally, Hartford Investment Management Co. acquired a new stake in Brady during the 2nd quarter valued at approximately $289,000. Institutional investors and hedge funds own 75.27% of the company’s stock.
BRC opened at $41.24 on Friday. The company has a quick ratio of 1.88, a current ratio of 2.47 and a debt-to-equity ratio of 0.07. Brady Corp has a 1 year low of $35.00 and a 1 year high of $47.35. The firm has a market capitalization of $2.14 billion, a P/E ratio of 20.32, a PEG ratio of 2.50 and a beta of 1.22.
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 31st. Investors of record on Wednesday, October 10th were paid a $0.85 dividend. This is a boost from Brady’s previous quarterly dividend of $0.21. This represents a $3.40 annualized dividend and a dividend yield of 8.24%. The ex-dividend date of this dividend was Tuesday, October 9th. Brady’s payout ratio is currently 41.67%.
In related news, Director Elizabeth P. Bruno sold 24,000 shares of the business’s stock in a transaction on Monday, September 24th. The shares were sold at an average price of $43.86, for a total value of $1,052,640.00. Following the completion of the transaction, the director now directly owns 35,090 shares in the company, valued at approximately $1,539,047.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Bentley Curran sold 15,000 shares of the business’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $44.84, for a total transaction of $672,600.00. Following the completion of the transaction, the vice president now owns 46,364 shares of the company’s stock, valued at $2,078,961.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 181,281 shares of company stock valued at $7,913,313. Company insiders own 15.60% of the company’s stock.
Several brokerages have commented on BRC. Zacks Investment Research cut shares of Brady from a “hold” rating to a “sell” rating in a research note on Tuesday, July 24th. ValuEngine upgraded shares of Brady from a “hold” rating to a “buy” rating in a research note on Thursday, September 6th. Sidoti cut shares of Brady from a “buy” rating to a “neutral” rating in a research note on Tuesday, September 18th. Finally, Bank of America set a $42.00 price objective on shares of Brady and gave the company a “sell” rating in a research note on Monday, September 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. Brady has a consensus rating of “Hold” and a consensus price target of $44.33.
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.
Further Reading: Fiduciary
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