BRP Inc. (NASDAQ:DOO) Stock Short Interest Falls 47.7%

Key Points

• BRP’s short interest dropped 47.7% to 698,456 shares as of September 30, representing about 1.0% of shares outstanding and 2.8 days to cover.
• Institutional ownership generally increased, with Lazard Asset Management posting the largest gain at 324.1%, while several other major investors also added shares.
• Analyst sentiment remains mixed, resulting in a consensus “Hold” rating and an average price target of $84.00; BRP shares recently traded at $52.81 and pay a 1.9% dividend yield.

BRP Inc. (NASDAQ:DOO - Get Free Report) was the target of a large decline in short interest during the month of September. As of September 30th, there was short interest totaling 698,456 shares, a decline of 47.7% from the September 15th total of 1,335,727 shares. Approximately 1.0% of the shares of the company are short sold. Based on an average trading volume of 252,899 shares, the days-to-cover ratio is presently 2.8 days.

Institutional Trading of BRP

A number of institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company increased its holdings in shares of BRP by 2.2% during the second quarter. The Manufacturers Life Insurance Company now owns 1,078,181 shares of the company's stock worth $65,728,000 after purchasing an additional 23,055 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of BRP by 11.2% in the first quarter. Dimensional Fund Advisors LP now owns 206,229 shares of the company's stock valued at $14,805,000 after buying an additional 20,786 shares during the period. TD Asset Management Inc boosted its stake in shares of BRP by 3.7% in the second quarter. TD Asset Management Inc now owns 232,711 shares of the company's stock valued at $14,210,000 after buying an additional 8,239 shares during the period. Lazard Asset Management LLC grew its position in BRP by 324.1% during the first quarter. Lazard Asset Management LLC now owns 152,035 shares of the company's stock worth $10,931,000 after buying an additional 116,189 shares in the last quarter. Finally, Swiss National Bank grew its position in BRP by 1.3% during the first quarter. Swiss National Bank now owns 72,600 shares of the company's stock worth $5,211,000 after buying an additional 900 shares in the last quarter.

Analysts Set New Price Targets

DOO has been the subject of a number of research reports. Scotiabank restated a "sector perform" rating on shares of BRP in a research note on Friday, September 4th. Zacks Research cut shares of BRP from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 8th. National Bank Financial upgraded shares of BRP from a "sector perform" rating to an "outperform" rating in a research report on Thursday, September 3rd. TD Securities upgraded BRP from a "hold" rating to a "buy" rating in a report on Tuesday, August 18th. Finally, Wall Street Zen downgraded BRP from a "buy" rating to a "hold" rating in a research report on Saturday, September 5th. Six investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $84.00.

BRP Stock Performance

Shares of DOO traded down $0.23 during midday trading on Wednesday, reaching $52.81. 50,656 shares of the stock were exchanged, compared to its average volume of 305,236. The stock's 50 day simple moving average is $60.67 and its 200 day simple moving average is $60.74. The company has a market cap of $3.76 billion, a P/E ratio of 48.10 and a beta of 0.97. BRP has a twelve month low of $48.83 and a twelve month high of $81.89. The company has a quick ratio of 0.52, a current ratio of 1.19 and a debt-to-equity ratio of 7.31.

BRP Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 13th. Shareholders of record on Tuesday, September 29th were paid a C$0.25 dividend. The ex-dividend date was Tuesday, September 29th. This represents a $1.00 annualized dividend and a yield of 1.9%. BRP's payout ratio is 65.45%.

BRP Company Profile

BRP Inc, formerly known as Bombardier Recreational Products, is a Canadian company that designs, develops, manufactures, distributes and markets powersports vehicles, marine products, engines and related parts, accessories and apparel. The company serves recreational and commercial customers through a portfolio of products sold internationally.

BRP's principal brands include Ski-Doo snowmobiles, Sea-Doo personal watercraft, Can-Am off-road and three-wheel vehicles, Alumacraft and Manitou boats, and Rotax engines.

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