Price T Rowe Associates Inc. MD Acquires 346,114 Shares of BRP Inc. $DOOO

Key Points

• Price T Rowe Associates Inc. increased its stake in BRP Inc. by 14.4%, acquiring an additional 346,114 shares, bringing their total holdings to approximately 2.74 million shares worth $92.8 million.
• BRP recently declared a quarterly dividend of $0.1557 per share, up from the previous quarter's $0.15, representing an annualized dividend yield of 1.1%.
• Multiple brokerages recently upgraded BRP Inc.’s stock ratings, with Citigroup setting a new price target of $51.00, up from $43.00.

Price T Rowe Associates Inc. MD lifted its holdings in BRP Inc. (NASDAQ:DOOO - Free Report) by 14.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,744,879 shares of the company's stock after acquiring an additional 346,114 shares during the period. Price T Rowe Associates Inc. MD owned 3.76% of BRP worth $92,805,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in DOOO. Mackenzie Financial Corp boosted its stake in BRP by 71.7% during the fourth quarter. Mackenzie Financial Corp now owns 1,639,265 shares of the company's stock valued at $83,399,000 after buying an additional 684,651 shares during the last quarter. Turtle Creek Asset Management Inc. boosted its stake in BRP by 29.0% during the fourth quarter. Turtle Creek Asset Management Inc. now owns 2,970,680 shares of the company's stock valued at $151,118,000 after buying an additional 668,607 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in BRP by 23.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,514,230 shares of the company's stock valued at $77,223,000 after buying an additional 288,004 shares during the last quarter. National Bank of Canada FI boosted its stake in BRP by 20.0% during the first quarter. National Bank of Canada FI now owns 495,657 shares of the company's stock valued at $16,731,000 after buying an additional 82,723 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in BRP by 6.2% during the first quarter. Invesco Ltd. now owns 1,234,801 shares of the company's stock valued at $41,749,000 after buying an additional 71,544 shares during the last quarter.

BRP Price Performance

NASDAQ:DOOO opened at $57.42 on Tuesday. The firm has a market capitalization of $4.19 billion, a price-to-earnings ratio of -140.05 and a beta of 1.24. BRP Inc. has a 1 year low of $31.78 and a 1 year high of $72.84. The business has a 50 day simple moving average of $51.23 and a 200-day simple moving average of $42.94. The company has a debt-to-equity ratio of 5.85, a current ratio of 1.34 and a quick ratio of 0.58.

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

BRP Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 14th. Investors of record on Monday, June 30th were paid a dividend of $0.1557 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.1%. This is an increase from BRP's previous quarterly dividend of $0.15. BRP's dividend payout ratio is -153.66%.

Analyst Ratings Changes

A number of brokerages recently commented on DOOO. Citigroup reissued a "neutral" rating and set a $51.00 price target (up from $43.00) on shares of BRP in a research note on Monday, June 16th. Stifel Canada raised BRP from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 29th. Desjardins raised BRP from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. TD Securities raised BRP from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 30th. Finally, Wall Street Zen raised BRP from a "hold" rating to a "buy" rating in a research note on Sunday, July 6th. Three equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, BRP has a consensus rating of "Moderate Buy" and a consensus target price of $43.00.

BRP Profile

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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