OLD National Bancorp IN bought a new stake in shares of Brocade Communications Systems Inc. (NASDAQ:BRCD) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 15,162 shares of the company’s stock, valued at approximately $140,000.

Other large investors have also recently added to or reduced their stakes in the company. Boston Partners boosted its stake in Brocade Communications Systems by 95.0% in the second quarter. Boston Partners now owns 21,319,531 shares of the company’s stock valued at $195,713,000 after buying an additional 10,389,103 shares during the period. Bank of Montreal Can bought a new stake in shares of Brocade Communications Systems during the second quarter worth approximately $55,044,000. Norges Bank bought a new stake in shares of Brocade Communications Systems during the fourth quarter worth approximately $45,773,000. Renaissance Technologies LLC boosted its stake in shares of Brocade Communications Systems by 132.5% in the first quarter. Renaissance Technologies LLC now owns 4,862,000 shares of the company’s stock worth $51,440,000 after buying an additional 2,770,900 shares during the period. Finally, DNB Asset Management AS bought a new stake in shares of Brocade Communications Systems during the second quarter worth approximately $17,756,000. 88.12% of the stock is owned by institutional investors.

Shares of Brocade Communications Systems Inc. (NASDAQ:BRCD) traded down 0.943% during trading on Tuesday, reaching $8.925. The company’s stock had a trading volume of 1,748,079 shares. The firm has a market cap of $3.58 billion, a PE ratio of 16.227 and a beta of 0.55. The stock’s 50 day moving average price is $9.42 and its 200-day moving average price is $9.30. Brocade Communications Systems Inc. has a 12 month low of $7.40 and a 12 month high of $10.94.

Brocade Communications Systems (NASDAQ:BRCD) last issued its quarterly earnings results on Thursday, August 25th. The company reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.05. Brocade Communications Systems had a return on equity of 12.84% and a net margin of 10.17%. The firm earned $590.72 million during the quarter, compared to the consensus estimate of $573.14 million. During the same period last year, the business posted $0.27 EPS. The business’s revenue was up 7.0% compared to the same quarter last year. Equities analysts predict that Brocade Communications Systems Inc. will post $0.93 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 9th will be paid a $0.055 dividend. The ex-dividend date is Wednesday, September 7th. This represents a $0.22 annualized dividend and a dividend yield of 2.44%. Brocade Communications Systems’s dividend payout ratio is presently 39.29%.

A number of equities research analysts recently commented on BRCD shares. Robert W. Baird cut Brocade Communications Systems from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $10.00 to $8.00 in a research note on Thursday, July 14th. Barclays PLC decreased their price objective on Brocade Communications Systems from $10.00 to $9.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 23rd. Argus reaffirmed a “buy” rating and set a $13.00 price objective on shares of Brocade Communications Systems in a research note on Wednesday, August 31st. Wunderlich reaffirmed a “hold” rating and set a $11.00 price objective (up from $9.00) on shares of Brocade Communications Systems in a research note on Friday, August 26th. Finally, Citigroup Inc. lifted their price objective on Brocade Communications Systems from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Friday, August 26th. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $10.12.

In other news, COO Gale E. England sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $10.19, for a total value of $101,900.00. Following the completion of the sale, the chief operating officer now directly owns 74,568 shares in the company, valued at approximately $759,847.92. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Ellen Odonnell sold 7,500 shares of the firm’s stock in a transaction dated Thursday, September 15th. The shares were 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 disclosure for this sale can be found here. 1.60% of the stock is owned by insiders.

About Brocade Communications Systems

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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