BRP (NASDAQ:DOOO) Shares Down 5.7% – Here’s What Happened

Shares of BRP Inc. (NASDAQ:DOOO) traded down 5.7% on Tuesday . The company traded as low as $47.92 and last traded at $47.92. 51,146 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 126,581 shares. The stock had previously closed at $50.84.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on DOOO. Cibc World Mkts downgraded BRP from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 9th. UBS Group dropped their price objective on BRP from $66.00 to $65.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Stifel Nicolaus downgraded BRP from a “buy” rating to a “hold” rating in a research note on Wednesday, August 21st. National Bank Financial downgraded BRP from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, August 21st. Finally, Desjardins downgraded BRP from a “moderate buy” rating to a “hold” rating in a research note on Sunday, September 8th. Seven investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $97.00.

BRP Stock Performance

The stock has a fifty day simple moving average of $54.08 and a 200-day simple moving average of $62.01. The stock has a market cap of $3.53 billion, a P/E ratio of 20.07 and a beta of 2.07. The company has a debt-to-equity ratio of 4.99, a quick ratio of 0.37 and a current ratio of 1.32.

BRP (NASDAQ:DOOO) last announced its quarterly earnings data on Friday, September 6th. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.23. The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.35 billion. BRP had a return on equity of 79.58% and a net margin of 2.78%. On average, equities analysts expect that BRP Inc. will post 2.27 earnings per share for the current year.

BRP Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.152 dividend. This represents a $0.61 annualized dividend and a dividend yield of 1.26%. The ex-dividend date was Friday, September 27th. BRP’s payout ratio is 25.73%.

Hedge Funds Weigh In On BRP

Several hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. grew its holdings in shares of BRP by 41.5% in the 3rd quarter. Franklin Resources Inc. now owns 731,268 shares of the company’s stock valued at $43,461,000 after acquiring an additional 214,626 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of BRP by 8.3% in the 3rd quarter. Geode Capital Management LLC now owns 208,186 shares of the company’s stock valued at $12,978,000 after acquiring an additional 15,892 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in BRP during the third quarter worth about $178,000. Systematic Financial Management LP grew its holdings in BRP by 3.0% during the third quarter. Systematic Financial Management LP now owns 192,084 shares of the company’s stock worth $11,437,000 after purchasing an additional 5,562 shares during the period. Finally, Hantz Financial Services Inc. grew its holdings in BRP by 115.1% during the third quarter. Hantz Financial Services Inc. now owns 18,885 shares of the company’s stock worth $1,124,000 after purchasing an additional 10,106 shares during the period.

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.