During the third quarter of 2023, Rhumbline Advisers reduced its investment in Brink’s Company (NYSE: BCO) by 3.1%, according to data reported by HoldingsChannel.com. The firm sold 4,870 shares, bringing its total holdings down to 153,917 shares, which were valued at approximately $17,987,000 at the close of the reporting period.
Several other institutional investors have also adjusted their positions in Brink’s. For instance, the Royal Bank of Canada increased its stake by 10.9% in the first quarter, acquiring an additional 5,359 shares, resulting in a total of 54,678 shares worth $4,711,000. Similarly, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings by 3.4%, now owning 26,098 shares valued at $2,249,000.
United Services Automobile Association entered a new position in Brink’s during the first quarter, with an investment of approximately $257,000. CWM LLC significantly increased its stake by 53.8% in the second quarter, now holding 512 shares valued at $46,000. Additionally, Koshinski Asset Management Inc. acquired a new stake valued at about $258,000. Notably, institutional investors currently own 94.96% of Brink’s stock.
Insider Transactions and Company Performance
In related developments, insider Michael E. Sweeney sold 1,418 shares of Brink’s on December 15, 2023, at an average price of $119.50, amounting to a total of $169,451. Following this transaction, Sweeney retained 5,755 shares in the company, valued at approximately $687,722.50, reflecting a 19.77% decrease in his ownership. This sale has been documented in a legal filing with the U.S. Securities and Exchange Commission (SEC), indicating that insiders own 0.72% of the company’s stock.
Brink’s Company has also announced a stock buyback program approved by its board on December 11, 2023, allowing the company to repurchase up to $750 million of its shares. This buyback program, which represents up to 15.4% of its outstanding stock, suggests that the company’s leadership perceives its shares as undervalued.
The company recently declared a quarterly dividend of $0.255 per share, to be paid on March 2, 2024, to shareholders of record on February 2, 2024. This dividend yields approximately 0.8%, and Brink’s maintains a dividend payout ratio of 26.09%.
Analyst Ratings and Market Outlook
Several brokerages have recently updated their assessments of Brink’s stock. On October 24, 2023, Weiss Ratings upgraded Brink’s from a “hold (C+)” to a “buy (B-)” rating. Truist Financial also raised its price target for Brink’s from $138.00 to $163.00 while maintaining a “buy” rating. Currently, two equities research analysts have assigned a “buy” rating, while one has labeled the stock as a “hold.” According to MarketBeat, Brink’s holds a consensus rating of “Moderate Buy” with a target price of $163.00.
Brink’s Company stands as a global leader in secure logistics and cash management solutions. With a comprehensive suite of services, including armored transportation, cash-in-transit (CIT), ATM services, and valuables storage, Brink’s ensures the secure movement of currency and high-value assets for banks, retailers, and government agencies. Its operations are further enhanced by technology-driven cash management offerings, which aid in deposit automation and secure vaulting.
For those interested in the latest financial activities surrounding Brink’s, HoldingsChannel.com provides ongoing updates regarding institutional holdings and insider trades.
