The Manufacturers Life Insurance Company Boosts Stake in BRP Inc.
The Manufacturers Life Insurance Company significantly increased its position in BRP Inc. (NASDAQ:DOOO) by 23.5% during the fourth quarter, as revealed in the company’s latest filing with the SEC. Following this purchase, the institutional investor now owns 1,514,230 shares of BRP stock, having acquired an additional 288,004 shares during the quarter. This stake represents approximately 2.07% of BRP, valued at $77,223,000 as of the most recent SEC filing.
Other hedge funds have also recently adjusted their holdings in DOOO. FIL Ltd increased its stake in BRP by 176.2% during the fourth quarter, now owning 792,000 shares valued at $40,337,000. CIBC Asset Management Inc. lifted its position by 14.0%, owning 133,038 shares worth $7,270,000. Invesco Ltd. boosted its stake by 18.1%, now holding 1,163,257 shares valued at $59,175,000. Alberta Investment Management Corp grew its position by 44.2%, owning 47,300 shares worth $2,408,000. Van ECK Associates Corp raised its stake by 699.9%, now owning 76,147 shares worth $3,875,000.
Analyst Ratings and Company Performance
Several analysts have recently commented on DOOO shares. Robert W. Baird maintained a “neutral” rating with a $43.00 target price. Citigroup upgraded BRP from “sell” to “neutral” with a $37.00 price objective. Baird R W downgraded BRP from “strong-buy” to “hold”. TD Securities reaffirmed a “hold” rating, while Raymond James reissued a “strong-buy” rating. Currently, ten analysts have rated the stock as “hold” and one as “strong buy”, with an average rating of “Hold” and an average target price of $53.75.
BRP’s stock opened at $33.97 on Wednesday. The company has a debt-to-equity ratio of 5.19, a quick ratio of 0.57, and a current ratio of 1.37. BRP Inc. reported $0.69 EPS for the quarter, beating the consensus estimate of $0.62. The business had revenue of $1.44 billion, compared to analysts’ expectations of $1.97 billion. BRP had a net margin of 2.29% and a return on equity of 61.20%.
Dividend Increase
BRP recently announced a quarterly dividend, paid on Friday, April 18th. Shareholders of record on Friday, April 4th received a $0.1508 dividend, an increase from the previous $0.15 quarterly dividend. This represents a $0.60 annualized dividend and a yield of 1.78%. BRP’s payout ratio is currently -29.21%.
BRP Inc. designs, develops, manufactures, distributes, and markets powersports vehicles and marine products globally. The Powersports segment offers various products including Can-Am all-terrain vehicles, Ski-Doo snowmobiles, and Sea-Doo personal watercrafts. Analysts expect BRP Inc. to post 3.15 earnings per share for the current fiscal year.
