Brady Corp (NYSE:BRC) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 1,780,000 shares, a growth of 7.9% from the September 30th total of 1,650,000 shares. Based on an average trading volume of 260,300 shares, the short-interest ratio is presently 6.8 days. Currently, 3.7% of the shares of the company are short sold.
In related news, VP Bentley Curran sold 10,982 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $51.92, for a total value of $570,185.44. Following the transaction, the vice president now directly owns 33,760 shares in the company, valued at $1,752,819.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO J Michael Nauman sold 3,561 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $58.00, for a total transaction of $206,538.00. Following the completion of the transaction, the chief executive officer now owns 109,756 shares in the company, valued at $6,365,848. The disclosure for this sale can be found here. Insiders sold 124,556 shares of company stock worth $5,504,501 over the last 90 days. 15.60% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC lifted its holdings in shares of Brady by 474.0% in the third quarter. CWM LLC now owns 574 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 474 shares during the last quarter. KBC Group NV bought a new position in shares of Brady in the second quarter worth about $59,000. Krane Funds Advisors LLC bought a new position in shares of Brady in the second quarter worth about $60,000. Advisors Preferred LLC bought a new position in shares of Brady in the second quarter worth about $112,000. Finally, Contravisory Investment Management Inc. bought a new position in shares of Brady in the second quarter worth about $126,000. 80.17% of the stock is owned by institutional investors and hedge funds.
Brady (NYSE:BRC) last posted its quarterly earnings data on Friday, September 6th. The industrial products company reported $0.68 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.07. Brady had a net margin of 11.31% and a return on equity of 16.15%. The business had revenue of $295.30 million during the quarter, compared to analysts’ expectations of $298.90 million. During the same quarter in the prior year, the business posted $0.66 earnings per share. Brady’s revenue was down .7% compared to the same quarter last year. On average, equities analysts expect that Brady will post 2.61 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 10th were given a dividend of $0.218 per share. This is a boost from Brady’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $0.87 annualized dividend and a yield of 1.59%. Brady’s dividend payout ratio is currently 35.37%.
Several research firms recently commented on BRC. Bank of America upped their price target on shares of Brady from $46.00 to $49.00 and gave the company an “underperform” rating in a research note on Monday, September 9th. ValuEngine downgraded shares of Brady from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research downgraded shares of Brady from a “buy” rating to a “sell” rating in a research note on Monday, November 11th. Finally, Northcoast Research downgraded shares of Brady from a “buy” rating to a “neutral” rating in a research note on Thursday, October 31st. Two analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $49.25.
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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