Brady Corporation $BRC Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America more than doubled its Brady stake in the first quarter, acquiring 25,760 additional shares for a total position of 48,672 shares valued at approximately $3.95 million.
• Institutional ownership remains substantial at 76.28%, with Royal Bank of Canada, Millennium Management, NewEdge Advisors and others also increasing their positions.
• Analysts are broadly bullish: Brady holds an average “Buy” rating with a $103 price target, while CEO Vineet Nargolwala purchased roughly $1 million of company stock. Shares recently traded at $93.28.

Bank of America Corp DE grew its stake in shares of Brady Corporation (NYSE:BRC - Free Report) by 112.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,672 shares of the industrial products company's stock after acquiring an additional 25,760 shares during the quarter. Bank of America Corp DE owned about 0.10% of Brady worth $3,954,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in BRC. Royal Bank of Canada raised its holdings in Brady by 380.3% in the first quarter. Royal Bank of Canada now owns 6,451 shares of the industrial products company's stock valued at $456,000 after buying an additional 5,108 shares during the period. Millennium Management LLC increased its holdings in Brady by 1,256.9% in the first quarter. Millennium Management LLC now owns 185,182 shares of the industrial products company's stock valued at $13,081,000 after buying an additional 171,535 shares during the last quarter. NewEdge Advisors LLC raised its stake in Brady by 282.3% during the first quarter. NewEdge Advisors LLC now owns 1,644 shares of the industrial products company's stock valued at $116,000 after buying an additional 1,214 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Brady by 7.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 126,953 shares of the industrial products company's stock valued at $8,968,000 after acquiring an additional 8,716 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Brady by 89.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 684 shares of the industrial products company's stock worth $46,000 after buying an additional 322 shares during the last quarter. 76.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Wall Street Zen upgraded Brady from a "hold" rating to a "buy" rating in a research note on Saturday, May 23rd. Sidoti upgraded shares of Brady from a "neutral" rating to a "buy" rating and set a $103.00 price target on the stock in a research report on Tuesday, June 9th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Brady in a research report on Friday, August 7th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, Brady has an average rating of "Buy" and an average target price of $103.00.

Insider Activity

In other Brady news, CEO Vineet A. Nargolwala acquired 13,011 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The stock was purchased at an average cost of $76.86 per share, for a total transaction of $1,000,025.46. Following the completion of the acquisition, the chief executive officer owned 52,709 shares of the company's stock, valued at approximately $4,051,213.74. This trade represents a 32.77% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 15.60% of the company's stock.

Brady Stock Performance

Shares of BRC stock opened at $93.28 on Friday. The stock's 50-day moving average is $92.95 and its two-hundred day moving average is $87.81. Brady Corporation has a fifty-two week low of $70.57 and a fifty-two week high of $99.29. The firm has a market cap of $4.39 billion, a P/E ratio of 21.25 and a beta of 0.61. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.01 and a quick ratio of 1.36.

Brady Company Profile

Brady Corporation is a global provider of identification and safety solutions, specializing in the design, manufacture and sale of products that help businesses improve safety, security and efficiency. The company offers an array of durable labels, signs, safety devices, printing systems and software platforms tailored to a wide range of industrial and commercial environments.

Founded in 1914 by William H. Brady, Brady Corporation has grown from a regional marker manufacturer into a diversified global enterprise.

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