Conestoga Capital Advisors LLC Reduces Stake in MSA Safety Incorporporated $MSA

Key Points

• Conestoga Capital Advisors LLC trimmed its stake in MSA by 2.1% to 751,172 shares (about $120.3M), representing 2.0% of the firm's portfolio and its 22nd largest holding.
• MSA approved a $500 million share repurchase program (up to ~6.6% of shares) and posted quarterly results that beat estimates — $2.38 EPS vs. $2.26 expected and $510.9M in revenue — with analysts forecasting ~8.74 EPS for the year.
• Analyst sentiment is mixed: the consensus rating is "Hold" with an average target of $204.50, while recent price targets range from about $180 to $235 and include both "buy" and "hold/neutral" views.

Conestoga Capital Advisors LLC decreased its stake in shares of MSA Safety Incorporporated (NYSE:MSA - Free Report) by 2.1% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 751,172 shares of the industrial products company's stock after selling 16,457 shares during the period. MSA Safety Incorporporated accounts for 2.0% of Conestoga Capital Advisors LLC's investment portfolio, making the stock its 22nd largest position. Conestoga Capital Advisors LLC owned about 1.92% of MSA Safety Incorporporated worth $120,293,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in MSA. Brown Brothers Harriman & Co. lifted its holdings in MSA Safety Incorporporated by 700.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 144 shares of the industrial products company's stock worth $25,000 after purchasing an additional 126 shares in the last quarter. eCIO Inc. purchased a new stake in shares of MSA Safety Incorporporated in the 4th quarter valued at about $27,000. First Horizon Corp purchased a new stake in shares of MSA Safety Incorporporated in the 3rd quarter valued at about $30,000. EverSource Wealth Advisors LLC raised its holdings in shares of MSA Safety Incorporporated by 94.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 198 shares of the industrial products company's stock valued at $33,000 after acquiring an additional 96 shares in the last quarter. Finally, Picton Mahoney Asset Management purchased a new stake in shares of MSA Safety Incorporporated in the 3rd quarter valued at about $43,000. Hedge funds and other institutional investors own 92.51% of the company's stock.

MSA Safety Incorporporated Trading Up 1.5%

NYSE MSA opened at $166.59 on Friday. The company has a quick ratio of 1.82, a current ratio of 3.01 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $6.46 billion, a price-to-earnings ratio of 23.53 and a beta of 1.05. The stock's 50-day simple moving average is $176.16 and its two-hundred day simple moving average is $172.06. MSA Safety Incorporporated has a twelve month low of $151.10 and a twelve month high of $208.92.

MSA Safety Incorporporated (NYSE:MSA - Get Free Report) last announced its quarterly earnings data on Wednesday, February 11th. The industrial products company reported $2.38 EPS for the quarter, beating the consensus estimate of $2.26 by $0.12. The firm had revenue of $510.91 million for the quarter, compared to analyst estimates of $508.62 million. MSA Safety Incorporporated had a return on equity of 24.48% and a net margin of 14.88%.The company's revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.25 EPS. Research analysts forecast that MSA Safety Incorporporated will post 8.74 EPS for the current fiscal year.

MSA Safety Incorporporated declared that its Board of Directors has approved a stock repurchase plan on Thursday, February 26th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the industrial products company to repurchase up to 6.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

MSA has been the topic of several recent analyst reports. Jefferies Financial Group reaffirmed a "hold" rating and issued a $180.00 price target (down from $200.00) on shares of MSA Safety Incorporporated in a report on Tuesday, March 31st. DA Davidson raised their price target on MSA Safety Incorporporated from $186.00 to $235.00 and gave the company a "buy" rating in a report on Wednesday, February 18th. National Bank Financial set a $235.00 price target on MSA Safety Incorporporated in a report on Wednesday, February 18th. B. Riley Financial reaffirmed a "buy" rating on shares of MSA Safety Incorporporated in a report on Thursday, February 12th. Finally, JPMorgan Chase & Co. initiated coverage on MSA Safety Incorporporated in a report on Tuesday, February 3rd. They issued a "neutral" rating and a $200.00 price target on the stock. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $204.50.

Insider Activity at MSA Safety Incorporporated

In other news, CAO Jonathan D. Buck sold 1,100 shares of the stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $203.48, for a total transaction of $223,828.00. Following the transaction, the chief accounting officer directly owned 3,234 shares in the company, valued at approximately $658,054.32. This represents a 25.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.70% of the company's stock.

MSA Safety Incorporporated Profile

MSA Safety Incorporated develops, manufactures and supplies a wide range of safety products designed to protect workers in hazardous environments. The company's offerings span personal protective equipment such as industrial helmets, face shields, protective clothing and fall protection devices, as well as fixed and portable gas detection and monitoring systems. MSA's products are used in industries including oil and gas, mining, construction, fire service, and chemical processing to guard against risks such as gas leaks, impacts, flame exposure and falls from height.

Key product lines include self-contained breathing apparatus (SCBA) and air-purifying respirators, gas detectors and sensors, head and face protection, and fall arrest systems.

Want to see what other hedge funds are holding MSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MSA Safety Incorporporated (NYSE:MSA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.