Brocade Communications Systems Inc. (BRCD) to Issue $0.06 Quarterly Dividend
Brocade Communications Systems Inc. (NASDAQ:BRCD) declared a quarterly dividend on Monday, November 21st. Investors of record on Monday, December 12th will be paid a dividend of 0.055 per share on Wednesday, January 4th. This represents a $0.22 dividend on an annualized basis and a yield of 1.78%.
Brocade Communications Systems (NASDAQ:BRCD) opened at 12.37 on Tuesday. Brocade Communications Systems has a one year low of $7.40 and a one year high of $12.46. The company’s 50-day moving average price is $10.38 and its 200-day moving average price is $9.40. The firm has a market cap of $4.96 billion, a price-to-earnings ratio of 22.49 and a beta of 0.79.
Brocade Communications Systems (NASDAQ:BRCD) last issued its quarterly earnings results on Monday, November 21st. The company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.11. The firm earned $657.30 million during the quarter, compared to the consensus estimate of $639.96 million. Brocade Communications Systems had a return on equity of 12.84% and a net margin of 10.17%. Brocade Communications Systems’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.26 earnings per share. On average, analysts anticipate that Brocade Communications Systems will post $0.93 EPS for the current year.
BRCD has been the topic of a number of research analyst reports. Wunderlich reaffirmed a “hold” rating and set a $11.00 target price (up previously from $9.00) on shares of Brocade Communications Systems in a report on Friday, August 26th. DA Davidson initiated coverage on Brocade Communications Systems in a report on Monday, October 3rd. They set a “buy” rating and a $12.00 target price on the stock. RBC Capital Markets raised Brocade Communications Systems from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $11.00 to $14.00 in a report on Monday, October 31st. Stifel Nicolaus reaffirmed a “hold” rating and set a $10.00 target price on shares of Brocade Communications Systems in a report on Tuesday, November 1st. Finally, Deutsche Bank AG increased their target price on Brocade Communications Systems from $8.00 to $9.00 and gave the stock a “hold” rating in a report on Friday, August 26th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and two have assigned a buy rating to the stock. Brocade Communications Systems currently has an average rating of “Hold” and a consensus price target of $10.64.
In other news, SVP Ellen Odonnell sold 7,500 shares of the firm’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $9.00, for a total value of $67,500.00. Following the completion of the sale, the senior vice president now owns 6,118 shares of the company’s stock, valued at $55,062. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.60% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the company. State of Wisconsin Investment Board boosted its stake in shares of Brocade Communications Systems by 4.5% in the second quarter. State of Wisconsin Investment Board now owns 304,475 shares of the company’s stock valued at $2,795,000 after buying an additional 13,000 shares during the period. American International Group Inc. boosted its stake in Brocade Communications Systems by 5,085.6% in the second quarter. American International Group Inc. now owns 904,259 shares of the company’s stock worth $8,301,000 after buying an additional 886,821 shares during the last quarter. Sei Investments Co. boosted its stake in Brocade Communications Systems by 40.3% in the second quarter. Sei Investments Co. now owns 272,662 shares of the company’s stock worth $2,503,000 after buying an additional 78,336 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in Brocade Communications Systems by 70.8% in the second quarter. Janney Montgomery Scott LLC now owns 31,970 shares of the company’s stock worth $294,000 after buying an additional 13,247 shares during the last quarter. Finally, Comerica Bank purchased a new stake in Brocade Communications Systems during the second quarter worth about $3,142,000. 79.76% of the stock is owned by institutional investors and hedge funds.
Brocade Communications Systems Company Profile
Brocade Communications Systems, Inc is a supplier of networking hardware, software and services, including storage area networking (SAN) solutions, and Internet protocol (IP) networking solutions for businesses and organizations of various types and sizes. The Company has three operating segments: SAN Products, IP Networking Products and Global Services.
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