BRP (NASDAQ:DOOO) Shares Up 4.3% - Here's What Happened

BRP Inc. (NASDAQ:DOOO - Get Free Report) shares were up 4.3% on Thursday . The stock traded as high as $52.47 and last traded at $52.18. Approximately 81,971 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 129,895 shares. The stock had previously closed at $50.03.

Wall Street Analyst Weigh In

A number of brokerages recently commented on DOOO. UBS Group dropped their price target on shares of BRP from $66.00 to $65.00 and set a "neutral" rating on the stock in a research note on Friday, September 13th. Scotiabank lowered BRP from a "sector outperform" rating to a "sector perform" rating in a report on Monday, September 9th. Citigroup decreased their price objective on BRP from $80.00 to $75.00 and set a "buy" rating on the stock in a research note on Monday, September 9th. Cibc World Mkts downgraded BRP from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 9th. Finally, Stifel Nicolaus lowered BRP from a "buy" rating to a "hold" rating in a report on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $97.00.

BRP Stock Performance

The firm has a market capitalization of $3.78 billion, a PE ratio of 27.54 and a beta of 2.03. The company has a quick ratio of 0.37, a current ratio of 1.37 and a debt-to-equity ratio of 5.19. The company has a 50-day moving average of $51.09 and a 200 day moving average of $60.15.

BRP Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.1485 per share. This represents a $0.59 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend is Tuesday, December 31st. BRP's payout ratio is 32.98%.

Hedge Funds Weigh In On BRP

A number of institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company grew its position in BRP by 13.9% in the third quarter. The Manufacturers Life Insurance Company now owns 1,226,226 shares of the company's stock worth $73,027,000 after acquiring an additional 150,039 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of BRP by 45.6% in the 2nd quarter. American Century Companies Inc. now owns 1,072,168 shares of the company's stock worth $68,656,000 after purchasing an additional 335,715 shares in the last quarter. Franklin Resources Inc. increased its position in shares of BRP by 41.5% during the 3rd quarter. Franklin Resources Inc. now owns 731,268 shares of the company's stock valued at $43,461,000 after purchasing an additional 214,626 shares during the last quarter. National Bank of Canada FI raised its holdings in shares of BRP by 13.5% during the 2nd quarter. National Bank of Canada FI now owns 479,312 shares of the company's stock valued at $30,455,000 after buying an additional 56,954 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in BRP by 17.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 405,978 shares of the company's stock worth $24,159,000 after buying an additional 61,502 shares during the last quarter.

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.