Brady (NYSE:BRC) Issues Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Brady (NYSE:BRC) issued its quarterly earnings results on Thursday. The industrial products company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.05, MarketWatch Earnings reports. The firm had revenue of $331.90 million during the quarter, compared to analyst estimates of $342.01 million. Brady had a return on equity of 18.78% and a net margin of 13.13%. The company’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 earnings per share. Brady updated its FY24 guidance to $3.85-$4.10 EPS.

Brady Stock Down 1.6 %

Shares of NYSE:BRC opened at $53.42 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.03 and a quick ratio of 1.35. Brady has a 1 year low of $44.71 and a 1 year high of $58.20. The company has a market cap of $2.58 billion, a PE ratio of 15.22, a P/E/G ratio of 1.94 and a beta of 0.73. The stock’s 50-day moving average is $54.36 and its 200 day moving average is $51.37.

Brady Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Wednesday, January 10th will be given a dividend of $0.235 per share. The ex-dividend date is Tuesday, January 9th. This represents a $0.94 annualized dividend and a yield of 1.76%. Brady’s payout ratio is currently 26.78%.

Analyst Ratings Changes

Several research analysts have commented on BRC shares. Bank of America lifted their price target on shares of Brady from $47.00 to $51.00 in a research note on Wednesday, October 4th. StockNews.com cut shares of Brady from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 11th.

Insider Activity at Brady

In other Brady news, Director Nancy Lee Gioia sold 4,250 shares of the company’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $55.82, for a total value of $237,235.00. Following the completion of the transaction, the director now directly owns 11,456 shares in the company, valued at approximately $639,473.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Brady news, Director Nancy Lee Gioia sold 4,250 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $55.82, for a total transaction of $237,235.00. Following the transaction, the director now owns 11,456 shares in the company, valued at approximately $639,473.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Bentley Curran sold 6,209 shares of the stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $55.96, for a total value of $347,455.64. Following the completion of the transaction, the vice president now directly owns 15,462 shares of the company’s stock, valued at approximately $865,253.52. The disclosure for this sale can be found here. 15.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Brady

A number of hedge funds and other institutional investors have recently bought and sold shares of BRC. Morgan Stanley raised its position in shares of Brady by 22.0% in the 3rd quarter. Morgan Stanley now owns 790,570 shares of the industrial products company’s stock worth $43,418,000 after purchasing an additional 142,435 shares during the last quarter. Toroso Investments LLC bought a new position in shares of Brady in the third quarter worth approximately $539,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Brady during the third quarter valued at approximately $359,000. Legal & General Group Plc increased its position in shares of Brady by 1.6% during the third quarter. Legal & General Group Plc now owns 123,842 shares of the industrial products company’s stock valued at $6,801,000 after acquiring an additional 1,945 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in Brady by 695.1% in the 3rd quarter. AQR Capital Management LLC now owns 49,132 shares of the industrial products company’s stock worth $2,698,000 after acquiring an additional 42,953 shares during the last quarter. Hedge funds and other institutional investors own 71.30% of the company’s stock.

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 company 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.