Franklin Resources Inc. Acquires 214,626 Shares of BRP Inc. (NASDAQ:DOOO)

Franklin Resources Inc. lifted its holdings in BRP Inc. (NASDAQ:DOOO - Free Report) by 41.5% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 731,268 shares of the company's stock after buying an additional 214,626 shares during the period. Franklin Resources Inc. owned approximately 1.00% of BRP worth $43,461,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. The Manufacturers Life Insurance Company raised its position in shares of BRP by 61.2% in the second quarter. The Manufacturers Life Insurance Company now owns 1,076,187 shares of the company's stock worth $68,850,000 after buying an additional 408,692 shares in the last quarter. American Century Companies Inc. increased its position in shares of BRP by 45.6% during the second quarter. American Century Companies Inc. now owns 1,072,168 shares of the company's stock valued at $68,656,000 after buying an additional 335,715 shares during the period. Ceredex Value Advisors LLC raised its position in shares of BRP by 297.4% in the 2nd quarter. Ceredex Value Advisors LLC now owns 173,884 shares of the company's stock worth $11,160,000 after acquiring an additional 130,131 shares in the last quarter. CIBC Asset Management Inc raised its holdings in BRP by 154.5% in the third quarter. CIBC Asset Management Inc now owns 116,659 shares of the company's stock worth $7,347,000 after purchasing an additional 70,819 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in BRP by 17.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 405,978 shares of the company's stock valued at $24,159,000 after acquiring an additional 61,502 shares during the period.

BRP Price Performance

Shares of DOOO stock traded down $1.75 on Wednesday, hitting $50.03. 172,336 shares of the stock traded hands, compared to its average volume of 130,137. The firm has a market cap of $3.65 billion, a price-to-earnings ratio of 26.61 and a beta of 2.03. The company has a debt-to-equity ratio of 5.19, a current ratio of 1.37 and a quick ratio of 0.37. The firm has a 50 day simple moving average of $51.27 and a two-hundred day simple moving average of $60.23. BRP Inc. has a 52 week low of $46.85 and a 52 week high of $75.59.

BRP Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be given a dividend of $0.1485 per share. This represents a $0.59 annualized dividend and a dividend yield of 1.19%. The ex-dividend date is Tuesday, December 31st. BRP's dividend payout ratio is currently 32.98%.

Analysts Set New Price Targets

A number of analysts have commented on DOOO shares. Citigroup reduced their target price on BRP from $80.00 to $75.00 and set a "buy" rating for the company in a report on Monday, September 9th. Scotiabank downgraded BRP from a "sector outperform" rating to a "sector perform" rating in a research note on Monday, September 9th. Desjardins cut shares of BRP from a "moderate buy" rating to a "hold" rating in a research note on Sunday, September 8th. UBS Group cut their target price on shares of BRP from $66.00 to $65.00 and set a "neutral" rating for the company in a research report on Friday, September 13th. Finally, Stifel Nicolaus downgraded shares of BRP from a "buy" rating to a "hold" rating in a research report on Wednesday, August 21st. Six investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, BRP presently has an average rating of "Hold" and a consensus target price of $97.00.

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.