Brunswick (NYSE:BC) Downgraded by JPMorgan Chase & Co. to “Neutral”

JPMorgan Chase & Co. downgraded shares of Brunswick (NYSE:BC) from an overweight rating to a neutral rating in a research note published on Monday morning, Marketbeat Ratings reports. The firm currently has $79.00 price objective on the stock, down from their prior price objective of $109.00.

Other research analysts have also issued research reports about the stock. Truist Financial cut their price target on shares of Brunswick from $105.00 to $100.00 and set a buy rating on the stock in a report on Friday, July 14th. B. Riley cut their price target on shares of Brunswick from $108.00 to $106.00 in a report on Friday, July 28th. StockNews.com initiated coverage on shares of Brunswick in a research note on Thursday, August 17th. They set a buy rating on the stock. Stifel Nicolaus dropped their price objective on shares of Brunswick from $106.00 to $102.00 and set a buy rating on the stock in a research note on Thursday, July 20th. Finally, Citigroup dropped their price objective on shares of Brunswick from $106.00 to $100.00 in a research note on Monday, June 26th. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $98.31.

Brunswick Trading Down 1.2 %

Shares of BC stock opened at $75.50 on Monday. The firm has a market cap of $5.34 billion, a P/E ratio of 9.92 and a beta of 1.56. Brunswick has a 1-year low of $64.55 and a 1-year high of $93.15. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.92 and a quick ratio of 0.85. The firm’s 50-day simple moving average is $83.59 and its 200-day simple moving average is $82.48.

Brunswick (NYSE:BC) last posted its quarterly earnings results on Thursday, July 27th. The company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.32 by $0.03. Brunswick had a net margin of 8.21% and a return on equity of 33.86%. The firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.75 billion. During the same quarter last year, the firm posted $2.82 earnings per share. Brunswick’s revenue for the quarter was down 7.3% compared to the same quarter last year. As a group, equities analysts forecast that Brunswick will post 9.5 EPS for the current year.

Brunswick Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 23rd will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date is Tuesday, August 22nd. Brunswick’s payout ratio is currently 21.02%.

Hedge Funds Weigh In On Brunswick

A number of hedge funds have recently added to or reduced their stakes in the business. Virginia Retirement Systems ET AL acquired a new position in Brunswick in the second quarter worth $1,152,000. Teachers Retirement System of The State of Kentucky boosted its holdings in Brunswick by 0.9% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 141,554 shares of the company’s stock worth $12,265,000 after purchasing an additional 1,226 shares during the period. Nuveen Asset Management LLC boosted its holdings in Brunswick by 7.3% in the second quarter. Nuveen Asset Management LLC now owns 380,890 shares of the company’s stock worth $33,000,000 after purchasing an additional 25,886 shares during the period. Castleark Management LLC boosted its holdings in Brunswick by 92.1% in the second quarter. Castleark Management LLC now owns 53,130 shares of the company’s stock worth $4,603,000 after purchasing an additional 25,470 shares during the period. Finally, Blueshift Asset Management LLC acquired a new position in Brunswick in the second quarter worth $278,000. Institutional investors and hedge funds own 94.44% of the company’s stock.

About Brunswick

Brunswick Corporation designs, manufactures, and markets recreation products worldwide. It operates through three segments: Propulsion, Parts & Accessories, and Boat. The Propulsion segment provides outboard, sterndrive, and inboard engines for independent boat builders and governments through marine dealers and distributors, specialty marine retailers, and marine service centers; and propulsion-related controls, rigging, and propellers to original equipment manufacturers and aftermarket retailers, distributors, and distribution businesses.