BRP (NASDAQ:DOOO) Shares Down 4.6% – Here’s Why

BRP Inc. (NASDAQ:DOOO) shares were down 4.6% on Tuesday . The stock traded as low as $53.18 and last traded at $53.18. Approximately 71,988 shares traded hands during trading, a decline of 41% from the average daily volume of 122,881 shares. The stock had previously closed at $55.75.

Analysts Set New Price Targets

Several analysts have commented on DOOO shares. Cibc World Mkts lowered shares of BRP from a “strong-buy” rating to a “hold” rating in a research report 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. Citigroup decreased their target price on BRP from $80.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, September 9th. National Bank Financial downgraded BRP from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, August 21st. Finally, Stifel Nicolaus cut BRP from a “buy” rating to a “hold” rating in a research note on Wednesday, August 21st. Seven research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $97.00.

BRP Stock Performance

The stock has a market capitalization of $3.83 billion, a P/E ratio of 9.49 and a beta of 2.06. The company has a quick ratio of 0.37, a current ratio of 1.32 and a debt-to-equity ratio of 4.99. The company has a 50-day moving average price of $63.08 and a two-hundred day moving average price of $65.74.

BRP (NASDAQ:DOOO) last posted its earnings results on Friday, September 6th. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.23. BRP had a net margin of 2.78% and a return on equity of 79.58%. The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.35 billion. Equities analysts expect that BRP Inc. will post 2.21 earnings per share for the current year.

BRP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a dividend of $0.152 per share. This represents a $0.61 annualized dividend and a yield of 1.18%. The ex-dividend date was Friday, September 27th. BRP’s dividend payout ratio is 11.21%.

Hedge Funds Weigh In On BRP

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DOOO. UniSuper Management Pty Ltd grew its holdings in shares of BRP by 66.7% during the first quarter. UniSuper Management Pty Ltd now owns 500 shares of the company’s stock worth $34,000 after purchasing an additional 200 shares in the last quarter. Trivant Custom Portfolio Group LLC purchased a new position in BRP in the 1st quarter worth approximately $50,000. Dnca Finance bought a new position in shares of BRP in the 2nd quarter worth $66,000. Spartan Fund Management Inc. bought a new position in shares of BRP in the 3rd quarter worth $72,000. Finally, Lake Street Advisors Group LLC purchased a new stake in shares of BRP during the 2nd quarter valued at $201,000.

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.