VELA Investment Management LLC Raises Stock Holdings in BRP Inc. $DOO

Key Points

• VELA Investment Management increased its BRP holdings by 60.7% in the second quarter, bringing its position to 45,333 shares valued at approximately $2.77 million.
• Analyst sentiment remains cautious: BRP has an average rating of “Hold” from MarketBeat, with four Buy ratings and ten Hold ratings and an average price target of $83.
• BRP shares opened at $64.51, while the company maintains a quarterly dividend of $0.25 per share, equivalent to a 1.6% yield and a 26.42% payout ratio.

VELA Investment Management LLC increased its holdings in shares of BRP Inc. (NASDAQ:DOO - Free Report) by 60.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,333 shares of the company's stock after acquiring an additional 17,131 shares during the quarter. VELA Investment Management LLC owned approximately 0.06% of BRP worth $2,766,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Pictet Asset Management Holding SA increased its position in shares of BRP by 4.8% during the 1st quarter. Pictet Asset Management Holding SA now owns 7,156 shares of the company's stock valued at $513,000 after purchasing an additional 331 shares during the last quarter. Quarry LP bought a new stake in shares of BRP during the 4th quarter worth $30,000. Swiss National Bank boosted its holdings in shares of BRP by 1.3% in the 1st quarter. Swiss National Bank now owns 72,600 shares of the company's stock worth $5,211,000 after buying an additional 900 shares during the last quarter. Quadrant Capital Group LLC bought a new position in BRP during the fourth quarter valued at about $89,000. Finally, PNC Financial Services Group Inc. bought a new position in BRP during the fourth quarter valued at about $142,000.

Analyst Ratings Changes

DOO has been the subject of a number of research analyst reports. Citigroup decreased their price objective on shares of BRP from $75.00 to $74.00 and set a "buy" rating for the company in a report on Friday, May 29th. Zacks Research raised shares of BRP from a "strong sell" rating to a "hold" rating in a research report on Tuesday, June 30th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of BRP in a research report on Friday, May 29th. Weiss Ratings restated a "hold (c)" rating on shares of BRP in a research note on Thursday, July 2nd. Finally, Wall Street Zen cut shares of BRP from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Four investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $83.00.

BRP Stock Down 0.4%

Shares of NASDAQ DOO opened at $64.51 on Friday. The company has a quick ratio of 0.61, a current ratio of 1.30 and a debt-to-equity ratio of 3.41. The company has a market cap of $4.73 billion, a P/E ratio of 24.34 and a beta of 0.88. BRP Inc. has a 52 week low of $48.83 and a 52 week high of $81.89. The business has a 50-day simple moving average of $60.99 and a two-hundred day simple moving average of $64.70.

BRP Announces Dividend

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

BRP Company 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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