Levin Capital Strategies L.P. Raises Stake in Brunswick Corporation (NYSE:BC)

Key Points

• Levin Capital Strategies L.P. increased its stake in Brunswick Corporation by 14.7%, acquiring an additional 13,421 shares in the first quarter, which brought its total holdings to 104,925 shares worth approximately $5.65 million.
• Brunswick Corporation recently announced a quarterly dividend of $0.43 per share, representing a 2.9% yield, with the ex-dividend date set for August 20th; however, its payout ratio is unusually high at 277.42%.
• Analyst ratings for Brunswick Corporation show a mix, with six analysts recommending a "hold" and seven a "buy," indicating a current average rating of "Moderate Buy" with an average price target of $68.25.

Levin Capital Strategies L.P. raised its stake in Brunswick Corporation (NYSE:BC - Free Report) by 14.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,925 shares of the company's stock after buying an additional 13,421 shares during the period. Levin Capital Strategies L.P. owned 0.16% of Brunswick worth $5,650,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Brunswick during the fourth quarter valued at about $30,097,000. Pictet Asset Management Holding SA raised its holdings in shares of Brunswick by 12.9% during the fourth quarter. Pictet Asset Management Holding SA now owns 9,422 shares of the company's stock valued at $609,000 after purchasing an additional 1,080 shares during the period. Franklin Resources Inc. raised its holdings in shares of Brunswick by 1.9% during the fourth quarter. Franklin Resources Inc. now owns 237,595 shares of the company's stock valued at $15,368,000 after purchasing an additional 4,467 shares during the period. ExodusPoint Capital Management LP acquired a new position in shares of Brunswick during the fourth quarter valued at about $736,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Brunswick during the fourth quarter valued at about $737,000. Institutional investors and hedge funds own 99.34% of the company's stock.

Insider Transactions at Brunswick

In related news, VP Christopher F. Dekker sold 2,092 shares of Brunswick stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $58.47, for a total transaction of $122,319.24. Following the completion of the transaction, the vice president directly owned 44,466 shares of the company's stock, valued at $2,599,927.02. This trade represents a 4.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.81% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on BC shares. DA Davidson boosted their target price on shares of Brunswick from $43.00 to $59.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Roth Capital boosted their target price on shares of Brunswick from $60.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Citigroup reaffirmed a "buy" rating and issued a $68.00 price objective (up from $61.00) on shares of Brunswick in a research report on Monday, June 16th. BMO Capital Markets reduced their price objective on shares of Brunswick from $75.00 to $65.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Finally, Benchmark began coverage on shares of Brunswick in a research report on Monday, April 28th. They issued a "buy" rating and a $70.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $68.25.

Brunswick Trading Down 0.6%

Shares of BC stock traded down $0.33 on Friday, hitting $56.87. 498,141 shares of the company's stock traded hands, compared to its average volume of 1,022,638. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.70 and a current ratio of 1.68. Brunswick Corporation has a one year low of $41.00 and a one year high of $87.65. The company's fifty day simple moving average is $57.88 and its 200 day simple moving average is $56.09. The stock has a market capitalization of $3.72 billion, a price-to-earnings ratio of 91.73 and a beta of 1.28.

Brunswick (NYSE:BC - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.27. The company had revenue of $1.45 billion for the quarter, compared to analysts' expectations of $1.25 billion. Brunswick had a return on equity of 10.73% and a net margin of 0.82%. Brunswick's quarterly revenue was up .2% on a year-over-year basis. During the same period last year, the firm earned $1.80 earnings per share. Equities analysts forecast that Brunswick Corporation will post 4.19 EPS for the current year.

Brunswick Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, August 20th will be given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, August 20th. Brunswick's dividend payout ratio (DPR) is 277.42%.

Brunswick Company Profile

Brunswick Corporation designs, manufactures, and markets recreation products in the United States, Europe, the Asia-Pacific, Canada, and internationally. It operates through four segments: Propulsion, Engine P&A, Navico Group, and Boat. The Propulsion segment provides outboard, sterndrive, inboard engines, propulsion-related controls, rigging, and propellers for boat builders through marine retail dealers under the Mercury, Mercury MerCruiser, Mariner, Mercury Racing, Mercury Diesel, Avator, and Fliteboard brands.