Lazard Asset Management LLC Raises Position in BRP Inc. (NASDAQ:DOOO)

Lazard Asset Management LLC raised its stake in shares of BRP Inc. (NASDAQ:DOOO) by 3.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 150,292 shares of the company’s stock after purchasing an additional 5,512 shares during the period. Lazard Asset Management LLC owned 0.20% of BRP worth $10,083,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its holdings in shares of BRP by 539.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 559,543 shares of the company’s stock worth $40,105,000 after buying an additional 471,986 shares during the period. Norges Bank purchased a new stake in shares of BRP in the fourth quarter worth approximately $30,666,000. Goldman Sachs Group Inc. raised its holdings in shares of BRP by 35.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 711,049 shares of the company’s stock worth $50,975,000 after buying an additional 184,313 shares during the period. Intact Investment Management Inc. raised its holdings in shares of BRP by 323.1% in the fourth quarter. Intact Investment Management Inc. now owns 125,100 shares of the company’s stock worth $8,954,000 after buying an additional 95,530 shares during the period. Finally, Sei Investments Co. purchased a new stake in shares of BRP in the first quarter worth approximately $5,376,000.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. CIBC dropped their price objective on BRP from $110.00 to $100.00 and set an “outperformer” rating on the stock in a research note on Monday, June 3rd. Raymond James dropped their price objective on BRP from $114.00 to $108.00 and set a “strong-buy” rating on the stock in a research note on Monday, April 1st. Desjardins increased their price objective on BRP from $112.00 to $137.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. Finally, Citigroup increased their price objective on BRP from $73.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $122.75.

BRP Stock Up 5.7 %

Shares of BRP stock traded up $3.89 during trading on Friday, reaching $72.23. The company’s stock had a trading volume of 88,811 shares, compared to its average volume of 92,771. The company has a quick ratio of 0.46, a current ratio of 1.35 and a debt-to-equity ratio of 4.23. The company has a market cap of $5.36 billion, a price-to-earnings ratio of 13.06 and a beta of 2.06. BRP Inc. has a 1-year low of $57.15 and a 1-year high of $92.74. The company has a 50-day simple moving average of $65.23 and a two-hundred day simple moving average of $66.57.

BRP (NASDAQ:DOOO) last posted its quarterly earnings data on Friday, May 31st. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.05. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.49 billion. BRP had a return on equity of 101.72% and a net margin of 5.87%. As a group, equities analysts forecast that BRP Inc. will post 4.49 earnings per share for the current year.

BRP Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were paid a $0.152 dividend. The ex-dividend date was Friday, June 28th. This represents a $0.61 dividend on an annualized basis and a yield of 0.84%. BRP’s dividend payout ratio (DPR) is 11.03%.

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.