Alberta Investment Management Corp Sells 14,500 Shares of BRP Inc. (NASDAQ:DOOO)

Key Points

• Alberta Investment Management Corp decreased its holdings in BRP Inc. by 30.7%, selling 14,500 shares and retaining 32,800 shares valued at $1,107,000.
• Several institutional investors, including Fiera Capital Corp and Mackenzie Financial Corp, have increased their stakes in BRP, indicating continued interest from hedge funds.
• BRP recently announced a quarterly dividend increase from $0.15 to $0.1557, with an annual yield of 1.3% despite a negative payout ratio of -153.66%.

Alberta Investment Management Corp trimmed its holdings in shares of BRP Inc. (NASDAQ:DOOO - Free Report) by 30.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,800 shares of the company's stock after selling 14,500 shares during the quarter. Alberta Investment Management Corp's holdings in BRP were worth $1,107,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fiera Capital Corp raised its holdings in shares of BRP by 5.5% in the first quarter. Fiera Capital Corp now owns 135,330 shares of the company's stock valued at $4,574,000 after acquiring an additional 7,082 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of BRP by 15.0% in the first quarter. Mackenzie Financial Corp now owns 1,884,728 shares of the company's stock valued at $63,636,000 after acquiring an additional 245,463 shares in the last quarter. Addenda Capital Inc. raised its holdings in shares of BRP by 10.3% in the first quarter. Addenda Capital Inc. now owns 14,699 shares of the company's stock valued at $497,000 after acquiring an additional 1,368 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of BRP by 401.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 15,019 shares of the company's stock valued at $765,000 after acquiring an additional 12,023 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of BRP by 0.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 35,827 shares of the company's stock valued at $1,823,000 after acquiring an additional 293 shares in the last quarter.

Analyst Ratings Changes

DOOO has been the subject of several recent research reports. UBS Group decreased their price objective on BRP from $45.00 to $35.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Citigroup restated a "neutral" rating and issued a $51.00 price objective (up from $43.00) on shares of BRP in a report on Monday, June 16th. Wall Street Zen upgraded BRP from a "hold" rating to a "buy" rating in a report on Sunday, July 6th. Stifel Canada upgraded BRP from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 29th. Finally, TD Securities upgraded BRP from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 30th. Eight equities research analysts have rated the stock with a hold rating, two have given a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $43.00.

BRP Price Performance

Shares of DOOO stock opened at $49.31 on Monday. BRP Inc. has a fifty-two week low of $31.78 and a fifty-two week high of $72.84. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of -120.27 and a beta of 1.24. The company has a debt-to-equity ratio of 5.85, a quick ratio of 0.58 and a current ratio of 1.34. The stock's 50-day simple moving average is $47.98 and its 200-day simple moving average is $42.33.

BRP (NASDAQ:DOOO - Get Free Report) last issued its earnings results on Thursday, May 29th. The company reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.04. The firm had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.78 billion. BRP had a positive return on equity of 54.71% and a negative net margin of 0.55%. As a group, equities analysts forecast that BRP Inc. will post 3.15 earnings per share for the current fiscal year.

BRP Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 14th. Investors of record on Monday, June 30th were given a $0.1557 dividend. This is an increase from BRP's previous quarterly dividend of $0.15. This represents a $0.62 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Monday, June 30th. BRP's payout ratio is currently -153.66%.

About BRP

BRP Inc, together with its subsidiaries, designs, develops, manufactures, distributes, and markets powersports vehicles and marine products in the United States, Canada, Europe, the Asia Pacific, Mexico, Austria, and internationally. The Powersports segment offers year-round products, such as Can-Am all-terrain vehicles, side-by-side vehicles, and three-wheeled vehicles; and seasonal products, including Ski-Doo and Lynx snowmobiles, Sea-Doo personal watercrafts and pontoons, Rotax engines for karts and recreational aircraft, and Pinion gearboxes with smart shift systems.

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