Mackenzie Financial Corp Has $63.64 Million Position in BRP Inc. (NASDAQ:DOOO)

Key Points

• Mackenzie Financial Corp increased its holdings in BRP Inc. by 15% during the first quarter, owning approximately 1,884,728 shares valued at $63.64 million.
• BRP Inc. recently increased its quarterly dividend to $0.1557, representing an annualized amount of $0.62 and a yield of 1.26% despite a negative dividend payout ratio of -153.66%.
• Analyst ratings have varied for BRP, with a consensus rating of "Moderate Buy" and an average price target of **$43.00**, following recent upgrades and downgrades by various brokerages.

Mackenzie Financial Corp lifted its stake in BRP Inc. (NASDAQ:DOOO - Free Report) by 15.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,884,728 shares of the company's stock after purchasing an additional 245,463 shares during the quarter. Mackenzie Financial Corp owned 2.58% of BRP worth $63,636,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. FIL Ltd lifted its position in shares of BRP by 176.2% in the fourth quarter. FIL Ltd now owns 792,000 shares of the company's stock worth $40,337,000 after purchasing an additional 505,228 shares in the last quarter. Invesco Ltd. lifted its position in shares of BRP by 18.1% in the fourth quarter. Invesco Ltd. now owns 1,163,257 shares of the company's stock worth $59,175,000 after purchasing an additional 178,039 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of BRP in the fourth quarter worth approximately $916,000. Alliancebernstein L.P. lifted its position in shares of BRP by 25.0% in the fourth quarter. Alliancebernstein L.P. now owns 388,568 shares of the company's stock worth $19,766,000 after purchasing an additional 77,699 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of BRP by 16.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 171,554 shares of the company's stock worth $8,727,000 after purchasing an additional 24,171 shares in the last quarter.

BRP Stock Performance

DOOO stock traded down $1.50 during midday trading on Friday, hitting $49.01. The stock had a trading volume of 77,435 shares, compared to its average volume of 228,417. The firm has a market capitalization of $3.58 billion, a price-to-earnings ratio of -119.74 and a beta of 1.23. BRP Inc. has a 52 week low of $31.78 and a 52 week high of $72.84. The stock has a 50-day simple moving average of $47.71 and a 200 day simple moving average of $42.50. The company has a current ratio of 1.34, a quick ratio of 0.58 and a debt-to-equity ratio of 5.85.

BRP (NASDAQ:DOOO - Get Free Report) last issued its earnings results on Thursday, May 29th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.34 billion during the quarter, compared to analysts' expectations 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 research analysts anticipate that BRP Inc. will post 3.15 earnings per share for the current year.

BRP Increases Dividend

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

Analyst Ratings Changes

A number of research firms recently commented on DOOO. Robert W. Baird restated a "neutral" rating and issued a $43.00 price objective (down previously from $48.00) on shares of BRP in a report on Friday, April 4th. 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 report on Thursday, May 29th. Baird R W downgraded BRP from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Finally, UBS Group dropped their price objective on BRP from $45.00 to $35.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. Eight investment analysts have rated the stock with a hold rating, two have assigned a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $43.00.

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.