What happened
Pullen Investment Management, LLC reported a new stake in MSA Safety (MSA -1.34%), purchasing 16,026 shares during the fourth quarter, according to its SEC filing dated Jan. 20, 2026. The estimated value of the trade was $2.57 million, based on the average price for the reporting period. The quarter-end value of the position matched the transaction estimate, reflecting the combined impact of share acquisition and price movement.
What else to know
This new position represents 1.35% of reportable U.S. equity assets under management as of Dec. 31, 2025.
Top holdings after the filing:
- Vanguard S&P 500 ETF: $11.80 million (6.2% of AUM)
- Vanguard Total Stock Market ETF: $9.77 million (5.1% of AUM)
- Huntington Ingalls Industries: $5.24 million (2.8% of AUM)
- Schwab U.S. Broad Market ETF: $4.60 million (2.4% of AUM)
- Lincoln Educational Services: $4.49 million (2.4% of AUM)
As of Jan. 21, 2026, shares were priced at $184.16, up 10.43% over the past year, underperforming the S&P 500 by 4 percentage points.
Company overview
| 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 |
Company snapshot
MSA Safety:
- Offers safety products including fixed gas and flame detection instruments, portable gas detectors, breathing apparatus, industrial head protection, firefighter helmets, fall protection equipment, and related services.
- Generates revenue through the design, manufacturing, and sale of safety equipment and systems, with additional income from replacement components and ongoing services.
- Serves industrial, fire service, construction, utilities, military, and mining sectors globally, targeting both distributors and end-users.
MSA Safety is a global leader in the development and supply of advanced safety products for industrial and emergency applications. The company leverages a broad product portfolio and established brands to address critical safety needs across diverse end markets.
What this transaction means for investors
It looks like Pullen timed the purchase of this buy perfectly, scooping up shares of MSA Safety for around $160 last quarter before they rose to about $180 today. Despite this rise, I still think the stock is interesting at today’s price, and I hope to see Pullen continue holding it.
I wrote about why I like the Dividend King (an S&P 500 company with 50 or more consecutive years of dividend increases) back in October 2024, and I still believe the company has a lot to offer investors. While MSA won’t be confused for a growth stock anymore, its three business lines are essential offerings: detection, fire services, and industrial PPE (personal protective equipment) and more. Best yet, as it continues to shift toward tech-heavy solutions like its data insights and FireGrid Platform, MSA’s margins should steadily rise — offering upside to its 4% organic sales growth guidance over the long haul.
MSA pays a 1.2% dividend yield, whose payments have been increased for 54 years. Over the last decade, these dividend payments have grown by 5.7%, but could grow faster in the future. Currently only using 29% of its payments to fund its dividend — and with debt levels back to a very conservative level — management could hand out bigger increases in the coming years, especially if the higher margins I mentioned come to fruition. Ultimately, this steady Eddie Dividend King deserves consideration at just 21 times forward earnings if you are looking for a safe pick for your portfolio. I certainly understand why Pullen picked it out.
