BRP (NASDAQ:DOOO) Shares Gap Up After Dividend Announcement

BRP Inc. (NASDAQ:DOOO)’s share price gapped up before the market opened on Friday after the company announced a dividend. The stock had previously closed at $57.49, but opened at $62.42. BRP shares last traded at $62.48, with a volume of 143,848 shares traded.

The newly announced dividend which will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.215 per share. This is an increase from BRP’s previous quarterly dividend of $0.16. This represents a $0.86 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Tuesday, September 30th. BRP’s payout ratio is -153.66%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on DOOO. Desjardins upgraded BRP from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. Citigroup restated a “neutral” rating and set a $51.00 price target (up previously from $43.00) on shares of BRP in a research note on Monday, June 16th. Wall Street Zen upgraded BRP from a “hold” rating to a “buy” rating in a research note on Sunday, July 6th. Stifel Canada raised BRP from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 29th. Finally, TD Securities raised BRP from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 30th. Three equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, BRP has a consensus rating of “Moderate Buy” and an average target price of $43.00.

BRP Stock Performance

The company has a debt-to-equity ratio of 5.85, a current ratio of 1.34 and a quick ratio of 0.58. The firm has a market cap of $4.60 billion, a price-to-earnings ratio of -153.61 and a beta of 1.24. The firm has a fifty day simple moving average of $52.13 and a two-hundred day simple moving average of $43.39.

BRP (NASDAQ:DOOO) last issued its quarterly earnings results on Thursday, May 29th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.04. The business had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.78 billion. BRP had a positive return on equity of 54.71% and a negative net margin of 0.55%. On average, analysts expect that BRP Inc. will post 3.15 EPS for the current year.

Institutional Investors Weigh In On BRP

Several institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC acquired a new stake in BRP in the second quarter worth about $290,000. Select Equity Group L.P. acquired a new stake in shares of BRP during the second quarter worth about $1,793,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of BRP by 8.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 20,942 shares of the company’s stock worth $1,017,000 after purchasing an additional 1,557 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of BRP during the second quarter worth about $60,000. Finally, Alliancebernstein L.P. lifted its holdings in shares of BRP by 7.3% during the second quarter. Alliancebernstein L.P. now owns 476,328 shares of the company’s stock worth $23,088,000 after purchasing an additional 32,424 shares during the period.

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.