BRP Inc. $DOO Stock Position Lowered by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its BRP position by 77.7% in the second quarter, selling 123,713 shares and retaining 35,519 shares valued at approximately $2.17 million.
• Analyst sentiment remains broadly positive, with BRP holding a “Moderate Buy” consensus rating and an average price target of $84, despite UBS lowering its target to $68.
• BRP shares opened at $60.69, while the company declared a quarterly dividend of $0.25 per share, equivalent to a 1.6% annual yield.

Engineers Gate Manager LP decreased its position in BRP Inc. (NASDAQ:DOO - Free Report) by 77.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,519 shares of the company's stock after selling 123,713 shares during the quarter. Engineers Gate Manager LP's holdings in BRP were worth $2,168,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. NewEdge Advisors LLC bought a new position in shares of BRP during the 2nd quarter valued at about $79,000. Nykredit A S bought a new stake in BRP during the second quarter worth approximately $61,000. Allianz Asset Management GmbH grew its position in BRP by 24.5% in the second quarter. Allianz Asset Management GmbH now owns 60,855 shares of the company's stock worth $3,716,000 after buying an additional 11,966 shares during the last quarter. Addenda Capital Inc. grew its position in BRP by 10.9% in the second quarter. Addenda Capital Inc. now owns 19,664 shares of the company's stock worth $1,200,000 after buying an additional 1,933 shares during the last quarter. Finally, BlackRock Inc. increased its holdings in shares of BRP by 3.5% in the second quarter. BlackRock Inc. now owns 12,364 shares of the company's stock valued at $754,000 after buying an additional 417 shares in the last quarter.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on DOO shares. UBS Group reduced their price objective on BRP from $78.00 to $68.00 and set a "neutral" rating for the company in a research note on Friday, June 5th. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of BRP in a research report on Friday, May 29th. Zacks Research raised BRP from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, September 9th. National Bank Financial raised BRP from a "sector perform" rating to an "outperform" rating in a report on Thursday, September 3rd. Finally, Weiss Ratings lowered BRP from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, BRP currently has an average rating of "Moderate Buy" and an average price target of $84.00.

BRP Trading Down 0.5%

NASDAQ DOO opened at $60.69 on Tuesday. The firm's 50 day moving average price is $62.50 and its two-hundred day moving average price is $62.37. The company has a debt-to-equity ratio of 7.31, a quick ratio of 0.52 and a current ratio of 1.19. BRP Inc. has a twelve month low of $48.83 and a twelve month high of $81.89. The stock has a market cap of $4.32 billion, a price-to-earnings ratio of 55.17 and a beta of 0.88.

BRP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Tuesday, September 29th will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, September 29th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.6%. BRP's payout ratio is currently 65.45%.

BRP Company Profile

BRP Inc is a Canadian manufacturer of powersports and recreational products. The company develops, manufactures, distributes and sells vehicles and related products through a portfolio of well-known brands, including Ski-Doo snowmobiles, Sea-Doo personal watercraft, Can-Am on-road and off-road vehicles, and Rotax engines and propulsion systems.

BRP also offers marine products through its boat brands, including Alumacraft, Manitou and Quintrex. Its product portfolio is supported by parts, accessories, apparel and other services designed to complement its vehicles and recreational equipment.

The company traces its origins to 1942, when Joseph-Armand Bombardier founded the business that developed the first Ski-Doo snowmobile.

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