Franklin Resources Inc. Buys 214,626 Shares of BRP Inc. (NASDAQ:DOOO)

Franklin Resources Inc. boosted its stake in shares of BRP Inc. (NASDAQ:DOOO) by 41.5% in the third quarter, Holdings Channel reports. The institutional investor owned 731,268 shares of the company’s stock after purchasing an additional 214,626 shares during the period. Franklin Resources Inc.’s holdings in BRP were worth $43,461,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company boosted its stake in BRP by 61.2% during 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 last quarter. American Century Companies Inc. boosted its stake in BRP by 45.6% during 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 last quarter. Ceredex Value Advisors LLC boosted its stake in BRP by 297.4% during the 2nd quarter. Ceredex Value Advisors LLC now owns 173,884 shares of the company’s stock valued at $11,160,000 after purchasing an additional 130,131 shares during the last quarter. CIBC Asset Management Inc boosted its stake in BRP by 154.5% during the 3rd quarter. CIBC Asset Management Inc now owns 116,659 shares of the company’s stock valued at $7,347,000 after purchasing an additional 70,819 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in BRP by 17.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 405,978 shares of the company’s stock valued at $24,159,000 after purchasing an additional 61,502 shares during the last quarter.

Analysts Set New Price Targets

Several analysts have commented on the company. Desjardins downgraded BRP from a “moderate buy” rating to a “hold” rating in a research note on Sunday, September 8th. Citigroup cut their target price on BRP from $80.00 to $75.00 and set a “buy” rating on the stock in a research note on Monday, September 9th. UBS Group cut their target price on BRP from $66.00 to $65.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Scotiabank downgraded BRP from a “sector outperform” rating to a “sector perform” rating in a research note on Monday, September 9th. Finally, National Bank Financial downgraded BRP from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $97.00.

BRP Stock Performance

DOOO stock opened at $51.78 on Wednesday. The company has a market cap of $3.78 billion, a P/E ratio of 27.54 and a beta of 2.03. BRP Inc. has a 1 year low of $46.85 and a 1 year high of $75.59. The company has a debt-to-equity ratio of 5.19, a current ratio of 1.37 and a quick ratio of 0.37. The stock’s fifty day moving average price is $51.41 and its 200-day moving average price is $60.30.

BRP Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be given a dividend of $0.1485 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.59 annualized dividend and a yield of 1.15%. BRP’s dividend payout ratio (DPR) is presently 32.98%.

BRP Company 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.