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Baltimore Firm Reveals 5.7% or $26.5M Stake in Sun Hydraulics Corp. – cbl
By Citybizlist Staff
SARASOTA -- According to a filing with the U.S. Securities and Exchange Commission, Brown Capital Management, Inc., owns 5.7 percent of the common stock of Sarasota, Fla-based Sun Hydraulics Corp.
Brown Capital holds 958,265 shares, via its investment advisory clients. These clients have the right to receive dividends from the sale of shares, since Brown Capital has discretionary power to make investment decisions over its shares and the capacity to vote such shares.
Sun Hydraulics (Nasdaq: SNHY) was last traded at $27.60, so Brown's shares are worth $26.5 million.
Sun Hydraulics manufactures and designs screw-in hydraulic cartridge valves and manifolds required in hydraulic systems. The firm's users are capital goods equipment makers in order to control speed, force and motion in processes involving construction, mining, fire and rescue. Sun sells its products via fluid power distributors. The company has offices in the U.S., U.K., France, India, Korea, Germany and China.
The company reported fourth quarter income of $1.3 million, or $0.08 cents per share, compared with income of $2.5 million, or $0.15 cents per share, for the same quarter a year ago. For the year Sun Hydraulics posted income of $1.9 million, a 93 percent decrease from $25.7 million in 2008.
Founded in 1983 by Eddie Brown, Brown Capital Holdings Inc. is an investment management firm overseeing investment programs for long-term investors.
SEC filing: http://tinyurl.com/ybp7lvb
Bio of Eddie Brown from Company Web Site:
Eddie C. Brown, CFA, CIC - Founder and President of Brown Capital Management
Eddie C. Brown is founder and President of Brown Capital Management in Baltimore, one of the country's oldest African-American owned investment management firms. He has more than 30 years of investment experience having served as a Vice President and portfolio manager for 10 years at T. Rowe Price Associates immediately before starting his own firm in 1983.
Eddie was a regular panelist for 25 years on the nationally televised program, Louis Rukeyser's Wall Street, formally Wall Street Week with Louis Releaser. In 1996, Brown was the sole inductee into the Wall Street Week with Louis Rukeyser Hall of Fame. Brown serves on the board of Municipal Mortgage Equity LLC. He is also a member of the Presidents' Roundtable.
In 1998, the U.S. Secretary of Labor appointed Brown to the ERISA Advisory Council for a three-year term, in 1999 the Governor of Maryland appointed him to the Maryland Economic Development Commission and in 2002, the Mayor of Baltimore appointed him to the Board of the East Baltimore Development Corporation. This urban redevelopment project, in conjunction with The Johns Hopkins University, the City of Baltimore, and the State of Maryland, is the largest housing, commercial and life sciences initiative in the history of Baltimore.
In 2002, Brown and his family announced the creation of the Turning the Corner Achievement Program (TCAP), an unprecedented educational initiative for African-American middle school students in Baltimore. Managed jointly by Associated Black Charities and the Baltimore Community Foundation, TCAP will provide Baltimore's middle school youth with a unique combination of educational and personal support to prepare them for success in high school and beyond.
In 2003, Eddie was voted Ernst & Young's Entrepreneur of the Year in the financial services category for the State of Maryland. In April of 2004, he was inducted into the Maryland Chamber of Commerce Business Hall of Fame. In 2005, both he and his wife were honored by the Arthritis Foundation for Lifetime Achievement Awards. In 2006, he was awarded by Maryland Life Magazine the Marylander of Distinction award. In addition, Ed was recognized as a Distinguished Alum by both Howard University and Kelley School of Business, Indiana University in 2002 and 1994, respectively.
Eddie Brown earned a B.S. in Electrical Engineering from Howard University, a M.S. in Electrical Engineering from New York University and an M.B.A. from Indiana University School of Business. Brown also has two professional designations: Chartered Financial Analyst (CFA) and Chartered Investment Counselor (CIC).
Posted Mar 18, 2010
