Vestcor Inc Sells 10,900 Shares of BRP Inc. (NASDAQ:DOOO)

Key Points

• Vestcor Inc significantly reduced its holdings in BRP Inc. by selling 10,900 shares, a decrease of 83.3%, leaving the fund with 2,190 shares valued at approximately $74,000.
• Several institutional investors increased their stakes in BRP, including Mackenzie Financial Corp, which lifted its holdings by 15.0%, now owning 1.8 million shares worth about $63.6 million.
• BRP recently announced an increase in its quarterly dividend to $0.1557 per share, reflecting a 1.2% dividend yield, despite a negative net margin of 0.55% for the quarter.

Vestcor Inc lowered its holdings in BRP Inc. (NASDAQ:DOOO - Free Report) by 83.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,190 shares of the company's stock after selling 10,900 shares during the period. Vestcor Inc's holdings in BRP were worth $74,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Fiera Capital Corp grew its holdings in BRP by 5.5% during the first quarter. Fiera Capital Corp now owns 135,330 shares of the company's stock worth $4,574,000 after purchasing an additional 7,082 shares during the period. Mackenzie Financial Corp boosted its stake in shares of BRP by 15.0% during the 1st quarter. Mackenzie Financial Corp now owns 1,884,728 shares of the company's stock worth $63,636,000 after acquiring an additional 245,463 shares during the period. Addenda Capital Inc. increased its holdings in shares of BRP by 10.3% during the 1st quarter. Addenda Capital Inc. now owns 14,699 shares of the company's stock worth $497,000 after acquiring an additional 1,368 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in BRP by 401.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 15,019 shares of the company's stock valued at $765,000 after purchasing an additional 12,023 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in BRP by 0.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 35,827 shares of the company's stock worth $1,823,000 after purchasing an additional 293 shares during the period.

BRP Price Performance

DOOO traded down $0.31 on Friday, hitting $51.25. 239,655 shares of the stock were exchanged, compared to its average volume of 206,128. The firm has a market capitalization of $3.74 billion, a price-to-earnings ratio of -125.00 and a beta of 1.24. 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 Inc. has a 12 month low of $31.78 and a 12 month high of $72.84. The business has a 50-day moving average of $49.22 and a two-hundred day moving average of $42.41.

BRP (NASDAQ:DOOO - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The company reported $0.33 earnings per share for the quarter, beating 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 business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.78 billion. Sell-side analysts forecast that BRP Inc. will post 3.15 EPS for the current fiscal year.

BRP Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 14th. Stockholders 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 is an increase from BRP's previous quarterly dividend of $0.15. This represents a $0.62 annualized dividend and a dividend yield of 1.2%. BRP's payout ratio is -153.66%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Wall Street Zen raised shares of BRP from a "hold" rating to a "buy" rating in a research report on Sunday, July 6th. Desjardins upgraded BRP from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Stifel Canada upgraded BRP from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 29th. TD Securities upgraded BRP from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 30th. Finally, Citigroup reiterated a "neutral" rating and set a $51.00 price objective (up previously from $43.00) on shares of BRP in a research report on Monday, June 16th. Eight equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target 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.