Turtle Creek Asset Management Inc. Has $16.88 Million Position in BRP Inc. $DOO

Key Points

• Turtle Creek Asset Management cut its BRP stake by 68.1% in the first quarter, selling 502,536 shares and retaining 235,010 shares valued at approximately $16.88 million.
• Several major institutional investors, including Mackenzie Financial, T. Rowe Price, Capital World Investors, FIL and Vanguard, established new BRP positions during the fourth quarter.
• BRP shares opened at $61.14, while analysts have generally turned more cautious: the stock has a consensus “Hold” rating and an average price target of $83. The company also pays a quarterly dividend of $0.25 per share, yielding about 1.6% annually.

Turtle Creek Asset Management Inc. cut its stake in BRP Inc. (NASDAQ:DOO - Free Report) by 68.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 235,010 shares of the company's stock after selling 502,536 shares during the period. BRP comprises approximately 0.6% of Turtle Creek Asset Management Inc.'s holdings, making the stock its 28th largest holding. Turtle Creek Asset Management Inc. owned approximately 0.32% of BRP worth $16,876,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Mackenzie Financial Corp acquired a new stake in shares of BRP during the fourth quarter worth approximately $207,651,000. Price T Rowe Associates Inc. MD acquired a new position in shares of BRP in the 4th quarter worth approximately $169,341,000. Capital World Investors bought a new stake in BRP during the 4th quarter worth approximately $158,763,000. FIL Ltd acquired a new stake in BRP during the 4th quarter valued at $123,110,000. Finally, Vanguard Group Inc. acquired a new stake in BRP during the 4th quarter valued at $98,153,000.

BRP Price Performance

Shares of DOO opened at $61.14 on Thursday. The stock has a market cap of $4.48 billion, a P/E ratio of 23.07 and a beta of 0.89. BRP Inc. has a 1 year low of $48.67 and a 1 year high of $81.89. The stock's 50-day moving average price is $59.68 and its two-hundred day moving average price is $65.71. The company has a current ratio of 1.30, a quick ratio of 0.61 and a debt-to-equity ratio of 3.41.

BRP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.6%. BRP's dividend payout ratio (DPR) is currently 26.42%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. TD Securities restated a "hold" rating on shares of BRP in a research note on Friday, May 29th. Raymond James Financial lowered shares of BRP from a "strong-buy" rating to a "market perform" rating in a report on Friday, April 24th. Canaccord Genuity Group lowered shares of BRP from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 15th. Stifel Nicolaus lowered shares of BRP from a "buy" rating to a "hold" rating in a report on Friday, May 29th. Finally, Seaport Research Partners cut shares of BRP from a "buy" rating to a "neutral" rating in a research report on Wednesday, April 15th. Four research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $83.00.

BRP Profile

BRP Inc, headquartered in Valcourt, Quebec, designs, manufactures and distributes powersports vehicles and propulsion systems for recreational and utility use. The company traces its roots to the Bombardier family and the early development of the snowmobile, and it operates as a global manufacturer of recreational vehicles and related technologies.

BRP’s product portfolio includes snowmobiles, personal watercraft and sport boats, off-road vehicles (including all-terrain and side-by-side models) and three‑wheel on‑road vehicles.

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