BRP Inc. (NASDAQ:DOOO) Announces Dividend Increase – $0.15 Per Share

BRP Inc. (NASDAQ:DOOO) declared a quarterly dividend on Thursday, March 27th, Wall Street Journal reports. Stockholders of record on Friday, April 4th will be given a dividend of 0.1508 per share on Friday, April 18th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date is Friday, April 4th. This is a 1.5% increase from BRP’s previous quarterly dividend of $0.15.

BRP has increased its dividend payment by an average of 17.5% annually over the last three years. BRP has a dividend payout ratio of 12.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect BRP to earn $3.43 per share next year, which means the company should continue to be able to cover its $0.58 annual dividend with an expected future payout ratio of 16.9%.

BRP Price Performance

NASDAQ:DOOO traded down $2.77 during trading hours on Thursday, hitting $35.46. 285,788 shares of the company’s stock traded hands, compared to its average volume of 145,165. BRP has a 52 week low of $35.41 and a 52 week high of $75.59. The business’s fifty day simple moving average is $43.26 and its two-hundred day simple moving average is $49.83. The company has a quick ratio of 0.57, a current ratio of 1.37 and a debt-to-equity ratio of 5.19. The firm has a market cap of $2.59 billion, a P/E ratio of 18.86 and a beta of 2.03.

Analyst Upgrades and Downgrades

Separately, Citigroup lowered BRP from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $48.00 to $29.00 in a report on Thursday, March 20th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat, BRP presently has a consensus rating of “Hold” and an average price target of $87.80.

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.