Pullen’s $2.6 Million Bet: A Safety Stock?

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So, Pullen Investment Management, they’ve dropped $2.6 million into MSA Safety. It’s a decent chunk of change, enough to make you wonder if someone there has a particularly strong aversion to, well, not being safe. Or maybe they just really like helmets. I always suspected my Uncle Leo had a helmet fetish, but that’s a story for another time. Anyway, 16,026 shares. It’s a number, isn’t it? A very specific number. I tried counting to 16,026 once. Didn’t get past 37. Too many things to worry about.

They picked up these shares during the fourth quarter, which, if you’re keeping track, is the one where everyone pretends to be productive while secretly planning their holiday escape. The timing feels…intentional. Like they saw the price dipping and thought, “You know what? Let’s buy some safety.” It’s a good strategy, really. Everyone needs safety, and it’s a lot less volatile than, say, crypto. Though, admittedly, a well-placed helmet might be just as valuable these days.

This $2.6 million represents 1.35% of Pullen’s U.S. equity portfolio. Which is…a percentage. A small one, but a percentage nonetheless. It’s the kind of number that makes you feel vaguely inadequate. Like you should be investing more, or at least knowing what “AUM” stands for. (Assets Under Management, for those of us who still have to look it up.)

Their top holdings are, predictably, Vanguard ETFs. Everyone loves an ETF. It’s like a financial safety blanket. Then there’s Huntington Ingalls, which I always picture as a stern old man building ships. And Lincoln Educational Services, which makes me think of my disastrous attempt to learn pottery. (Let’s just say the clay won.)

MSA Safety’s stock is up 10.43% over the past year, but underperforming the S&P 500 by 4 percentage points. Which means it’s doing okay, but not great. It’s like that one cousin who always tries really hard but never quite lives up to the family expectations. Still, 1.15% dividend yield is nothing to sneeze at. Especially if you’re like me and prone to allergies.

A Quick Look Under the Hood

Metric Value
Revenue (TTM) $1.86 billion
Net income (TTM) $279.94 million
Dividend yield 1.15%
Price (as of market close Jan. 16, 2026) $184.16

So, what does MSA Safety actually do? They make safety equipment. Helmets, gas detectors, breathing apparatus, the whole shebang. Apparently, they serve a lot of industries: industrial, fire service, construction, even mining. It’s a surprisingly diverse portfolio, which I appreciate. It’s good to see a company not putting all its eggs in one, potentially explosive, basket.

They’re a global leader, which is impressive. It means they’ve managed to navigate international regulations and cultural differences. Something I struggle with even ordering takeout.

Here’s the thing: Pullen timed this purchase pretty well. They snagged those shares when the price was around $160, and now they’re trading at $180. A decent little profit. It makes me wonder if they have a secret source, or just a really good analyst. Or maybe they just got lucky. Sometimes, that’s all it takes.

I wrote about MSA Safety back in October 2024, and my opinion hasn’t changed. It’s not a growth stock, but it’s a solid, reliable company. Their three business lines – detection, fire services, and industrial PPE – are essential. And they’re shifting towards tech-heavy solutions, which should boost their margins. It’s not glamorous, but it’s smart.

They’ve been increasing their dividend for 54 years, which is…remarkable. And they’re only using 29% of their earnings to fund it. That means they have plenty of room to grow. Management could hand out bigger increases, especially if those margins improve. It’s a steady Eddie, a safe pick. And sometimes, that’s exactly what you need. I understand why Pullen picked it out. It’s a stock that doesn’t keep you up at night, which, frankly, is a rare and valuable quality these days.

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2026-01-22 23:12