Alps Advisors Inc. has raised its investment in Brady Corporation (NYSE:BRC) by acquiring an additional 2,448 shares, resulting in a total holding of 100,124 shares. This represents a growth of 2.5% during the first quarter of 2024, according to data from HoldingsChannel.com. The total value of Alps Advisors’ stake in Brady is approximately $7.07 million as of the latest reporting period.
Other institutional investors have also made significant adjustments to their positions in Brady. FMR LLC increased its stake by 40.4% in the fourth quarter, now holding 3,733,810 shares valued at around $275.74 million. Similarly, Neuberger Berman Group LLC raised its holdings by an extraordinary 6,379.9%, acquiring 544,375 shares worth approximately $40.20 million. Additionally, Champlain Investment Partners LLC and Clark Capital Management Group Inc. have established new positions in the company, valued at about $30.31 million and $7.71 million, respectively.
Analyst Opinions and Stock Performance
In recent analyst reports, there has been a positive shift in sentiment regarding Brady’s stock. Sidoti upgraded the company to a “strong-buy” rating, while Wall Street Zen moved its rating from “hold” to “buy.” This optimism may be supported by the company’s recent financial performance.
As of the last trading session, Brady’s stock opened at $69.44, and it boasts a market capitalization of $3.29 billion. The price-to-earnings ratio stands at 17.19, with a beta of 0.79. Over the past year, the stock has seen a low of $62.70 and a high of $77.68. The 50-day moving average is $70.05, while the 200-day moving average is $71.08.
Brady Corporation announced its quarterly earnings on May 16, 2024. The company reported earnings per share of $1.22, aligning with analysts’ expectations. Revenue for the quarter was $382.59 million, slightly below the anticipated $386.61 million. Year-over-year, the company’s revenue increased by 11.4%, up from $1.09 EPS reported during the same quarter last year.
Dividend Announcement and Company Overview
Brady Corporation has also declared a quarterly dividend of $0.24 per share, set to be paid on July 31, 2024. Shareholders of record on July 10, 2024, will receive the dividend, which translates to an annualized dividend of $0.96 and a yield of 1.38%. The company’s dividend payout ratio stands at 23.76%.
Brady Corporation specializes in manufacturing and supplying identification solutions and workplace safety products. These offerings are designed to enhance safety and compliance in various environments. The company’s portfolio includes materials, printing systems, RFID technology, and bar code scanners, among others. With a strong commitment to workplace safety, Brady provides essential tools and services aimed at protecting employees and ensuring operational efficiency.
As institutional investors continue to show confidence in Brady Corporation, the company remains a notable player in the industrial products sector.
