Scotiabank Downgrades BRP (NASDAQ:DOOO) to Sector Perform

Scotiabank cut shares of BRP (NASDAQ:DOOO) from a sector outperform rating to a sector perform rating in a research report released on Monday morning, Marketbeat reports.

Several other analysts have also recently weighed in on the company. CIBC dropped their price objective on BRP from $110.00 to $100.00 and set an outperformer rating for the company in a report on Monday, June 3rd. Stifel Nicolaus lowered BRP from a buy rating to a hold rating in a research report on Wednesday, August 21st. Citigroup boosted their target price on BRP from $73.00 to $80.00 and gave the stock a buy rating in a research report on Tuesday, July 16th. Finally, National Bank Financial lowered BRP from an outperform rating to a sector perform rating in a research report on Wednesday, August 21st. Seven analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, BRP has a consensus rating of Hold and an average price target of $105.00.

BRP Stock Performance

Shares of NASDAQ:DOOO opened at $62.29 on Monday. The stock has a market capitalization of $4.62 billion, a P/E ratio of 11.26 and a beta of 2.07. BRP has a 1-year low of $57.15 and a 1-year high of $79.40. The company has a current ratio of 1.35, a quick ratio of 0.46 and a debt-to-equity ratio of 4.23. The business has a 50-day moving average price of $67.85 and a two-hundred day moving average price of $66.82.

BRP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a $0.152 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.61 annualized dividend and a dividend yield of 0.98%. BRP’s dividend payout ratio is presently 11.21%.

Hedge Funds Weigh In On BRP

Several institutional investors and hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its position in shares of BRP by 61.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,076,187 shares of the company’s stock valued at $68,850,000 after purchasing an additional 408,692 shares during the period. American Century Companies Inc. grew its position in shares of BRP by 45.6% in the 2nd quarter. American Century Companies Inc. now owns 1,072,168 shares of the company’s stock valued at $68,656,000 after purchasing an additional 335,715 shares during the period. Goldman Sachs Group Inc. grew its position in shares of BRP by 35.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 711,049 shares of the company’s stock valued at $50,975,000 after purchasing an additional 184,313 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of BRP by 539.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 559,543 shares of the company’s stock valued at $40,105,000 after purchasing an additional 471,986 shares during the period. Finally, National Bank of Canada FI lifted its stake in BRP by 13.5% in the 2nd quarter. National Bank of Canada FI now owns 479,312 shares of the company’s stock valued at $30,455,000 after acquiring an additional 56,954 shares in the last quarter.

About BRP

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.