P2 Capital Partners Buys Another $8 Million of Dividend King MSA Safety
Key Points
Acquired 49,332 shares of MSA Safety; estimated trade value of $8.03 million (based on fourth-quarter average closing price).
Quarter-end position value rose by $6.27 million, reflecting changes in both share count and stock price movement.
The transaction represented a 2.06% shift in 13F reportable assets under management.
Post-trade, the fund holds 185,675 shares valued at $29.73 million.
MSA Safety now accounts for 7.62% of P2 Capital Partners’ reportable U.S. equity portfolio, making it the fund's seventh-largest holding.
- 10 stocks we like better than MSA Safety ›
What happened
P2 Capital Partners, LLC disclosed in its SEC filing dated Feb. 17, 2026, that it purchased 49,332 additional shares of MSA Safety (NYSE:MSA) during the fourth quarter of 2025. The estimated value of this transaction was $8.03 million, based on the average closing price for the period. The quarter-end position value increased by $6.27 million, reflecting both new purchases and underlying stock price changes.
What else to know
The fund’s latest buy lifted MSA Safety to 7.62% of 13F reportable assets, but the holding remains outside its top five positions.
- Top five holdings after the filing:
- CBIZ Inc: $89.47 million (22.9% of AUM)
- JBT Marel: $67.79 million (17.4% of AUM)
- Blackbaud: $39.91 million (10.2% of AUM)
- Tennant: $35.74 million (9.2% of AUM)
- Zeta Global: $34.60 million (8.9% of AUM)
As of March 11, 2026, shares of MSA Safety were priced at $183.87, up 18.27% over the past year, underperforming the S&P 500 by 2 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 3/11/26) | $183.87 |
| Market Capitalization | $7.13 billion |
| Revenue (TTM) | $1.87 billion |
| Net Income (TTM) | $278.92 million |
Company snapshot
MSA Safety:
- Offers safety products including fixed gas and flame detection systems, portable gas detection, breathing apparatus, firefighter helmets, industrial head protection, fall protection, and protective apparel.
- Generates revenue through the design, manufacture, and distribution of safety equipment and related services, targeting critical safety needs in hazardous environments.
- Serves industrial, oil and gas, fire service, construction, utilities, military, and mining sectors globally, reaching customers via direct and indirect sales channels.
MSA Safety is a global leader in the development and supply of advanced safety products for high-risk industries. The company leverages a diversified product portfolio and established brand names to address essential safety requirements in demanding environments. Its scale and focus on innovation support a strong competitive position in the industrial safety market.
What this transaction means for investors
P2 Capital Partners runs a highly concentrated portfolio that typically holds stocks for multiple years, making its recent purchase of MSA Safety particularly interesting for investors. After originally buying the stock in Q2, P2 Capital added a new batch of MSA shares in Q4, making it the seventh-largest of its ten holdings.
As for MSA Safety itself, it is an intriguing stock that has delivered annualized total returns of 14.5% since 1990. While it may no longer be a growth stock, it is a Dividend King, meaning it has increased its dividend payments for more than 50 years in a row. This longstanding stability speaks to MSA Safety’s industry-leading products in a critical niche. Whether serving firefighters or workers in the industrial, energy, and utilities industries, MSA’s safety products are as non-discretionary as it gets.
While management only anticipates organic growth to inch up 4% annually over the long haul, the company has proven successful at integrating new acquisitions and has seen its profitability rise as it introduces higher-margin, tech-heavy products for today’s interconnected world. Currently paying a 1.2% dividend yield that only uses 28% of the company’s free cash flow, there is ample room for this Dividend King to keep raising its payments. Trading at a reasonable 21 times forward earnings, MSA Safety looks like a great stock for P2 Capital Partners and individual investors alike to consider right now.
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Josh Kohn-Lindquist has positions in Zeta Global. The Motley Fool recommends Blackbaud and Tennant. The Motley Fool has a disclosure policy.
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