VELA Investment Management LLC Invests $1.65 Million in BRP Inc. $DOO

Key Points

• VELA Investment Management opened a new position in BRP (NASDAQ:DOO), purchasing 23,335 shares valued at about $1.65 million in the fourth quarter per its Form 13F filing.
• Several analysts have trimmed ratings and BRP's consensus is a "Hold" with an average price target of $85.67, while the stock trades near $55.66 (market cap ~$4.07B).
• BRP raised its quarterly dividend to $0.25 (annualized $1.00) from $0.07, yielding roughly 1.8% with a payout ratio of 24.4%.

VELA Investment Management LLC bought a new position in shares of BRP Inc. (NASDAQ:DOO - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 23,335 shares of the company's stock, valued at approximately $1,651,000.

Several other hedge funds have also modified their holdings of DOO. Signaturefd LLC purchased a new stake in shares of BRP during the 4th quarter worth about $43,000. Annex Advisory Services LLC purchased a new stake in shares of BRP during the 4th quarter worth about $279,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of BRP during the 4th quarter worth about $284,000. Cortland Associates Inc. MO purchased a new stake in shares of BRP during the 4th quarter worth about $329,000. Finally, Pictet Asset Management Holding SA purchased a new stake in shares of BRP during the 4th quarter worth about $483,000.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Royal Bank Of Canada lowered their target price on shares of BRP from $124.00 to $107.00 and set an "outperform" rating on the stock in a research note on Monday, April 20th. Raymond James Financial lowered shares of BRP from a "strong-buy" rating to a "market perform" rating in a research note on Friday, April 24th. Wall Street Zen lowered shares of BRP from a "strong-buy" rating to a "buy" rating in a research note on Saturday, April 18th. Weiss Ratings reissued a "hold (c-)" rating on shares of BRP in a research note on Monday, March 23rd. Finally, Seaport Research Partners lowered shares of BRP from a "buy" rating to a "neutral" rating in a research note on Wednesday, April 15th. Two investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $85.67.

BRP Trading Down 0.5%

Shares of BRP stock opened at $55.66 on Friday. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of 19.13 and a beta of 0.90. BRP Inc. has a twelve month low of $33.04 and a twelve month high of $81.89. The company has a 50-day moving average of $66.79. The company has a debt-to-equity ratio of 3.92, a current ratio of 1.27 and a quick ratio of 0.56.

BRP Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 24th. Investors of record on Friday, April 10th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, April 10th. This represents a $1.00 dividend on an annualized basis and a yield of 1.8%. This is a boost from BRP's previous quarterly dividend of $0.07. BRP's dividend payout ratio is 24.40%.

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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