Lazard Asset Management LLC grew its stake in shares of Brady Co. (NYSE:BRC – Get Rating) by 65.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,688 shares of the industrial products company’s stock after acquiring an additional 1,456 shares during the quarter. Lazard Asset Management LLC’s holdings in Brady were worth $174,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of BRC. William Blair Investment Management LLC grew its holdings in shares of Brady by 100.1% during the 1st quarter. William Blair Investment Management LLC now owns 795,655 shares of the industrial products company’s stock worth $36,815,000 after purchasing an additional 398,093 shares during the period. abrdn plc grew its holdings in shares of Brady by 57.8% during the 1st quarter. abrdn plc now owns 799,234 shares of the industrial products company’s stock worth $37,820,000 after purchasing an additional 292,657 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Brady by 71.2% during the 1st quarter. Victory Capital Management Inc. now owns 343,250 shares of the industrial products company’s stock worth $15,360,000 after purchasing an additional 142,696 shares during the period. Engineers Gate Manager LP grew its holdings in shares of Brady by 739.8% during the 1st quarter. Engineers Gate Manager LP now owns 100,884 shares of the industrial products company’s stock worth $4,668,000 after purchasing an additional 88,871 shares during the period. Finally, Ergoteles LLC purchased a new stake in shares of Brady during the 1st quarter worth about $3,839,000. Institutional investors and hedge funds own 78.22% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on the company. StockNews.com assumed coverage on Brady in a report on Wednesday, October 12th. They set a “buy” rating for the company. Bank of America decreased their price target on Brady from $48.00 to $44.00 in a report on Thursday, October 13th.
Brady Stock Down 1.2 %
Brady (NYSE:BRC – Get Rating) last released its quarterly earnings results on Thursday, September 1st. The industrial products company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.06. The firm had revenue of $324.00 million during the quarter, compared to analysts’ expectations of $331.11 million. Brady had a return on equity of 18.03% and a net margin of 11.85%. Brady’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.70 EPS. As a group, sell-side analysts predict that Brady Co. will post 3.3 EPS for the current fiscal year.
Brady Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 31st. Stockholders of record on Tuesday, January 10th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend is Monday, January 9th. Brady’s dividend payout ratio (DPR) is currently 30.36%.
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. It operates through two segments, IDS and WPS. The IDS segment offers materials, printing systems, RFID, and bar code scanners for product identification, brand protection labeling, work in process labeling, finished product identification, and industrial track and trace applications; safety signs, floor-marking tapes, pipe markers, labeling systems, spill control products, lockout/tagout device, and software and services for safety compliance auditing, procedure writing, and training; and hand-held printers, wire markers, sleeves, and tags for wire identification.
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