Royal Bank of Canada Trims Polaris (NYSE:PII) Target Price to $73.00

Polaris (NYSE:PII - Free Report) had its target price cut by Royal Bank of Canada from $82.00 to $73.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a sector perform rating on the stock.

PII has been the topic of several other research reports. Citigroup lowered their price target on Polaris from $86.00 to $83.00 and set a "neutral" rating on the stock in a report on Wednesday, July 24th. BMO Capital Markets dropped their target price on shares of Polaris from $90.00 to $75.00 and set a "market perform" rating on the stock in a report on Wednesday, July 24th. Longbow Research restated a "neutral" rating on shares of Polaris in a report on Wednesday, July 24th. Truist Financial dropped their price objective on Polaris from $92.00 to $82.00 and set a "hold" rating on the stock in a research note on Monday, July 8th. Finally, Bank of America cut their price objective on Polaris from $86.00 to $85.00 and set a "neutral" rating for the company in a research report on Wednesday, July 24th. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $87.36.

Polaris Stock Down 3.5 %

Shares of PII traded down $2.54 during midday trading on Wednesday, reaching $69.68. 1,497,154 shares of the stock were exchanged, compared to its average volume of 731,341. The firm has a 50 day simple moving average of $82.04 and a 200-day simple moving average of $82.04. Polaris has a 12-month low of $69.36 and a 12-month high of $100.91. The company has a market cap of $3.94 billion, a price-to-earnings ratio of 10.22, a P/E/G ratio of 7.59 and a beta of 1.51. The company has a quick ratio of 0.40, a current ratio of 1.42 and a debt-to-equity ratio of 1.56.

Polaris (NYSE:PII - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The company reported $0.73 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.88 by ($0.15). The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.77 billion. Polaris had a net margin of 3.98% and a return on equity of 26.38%. Polaris's revenue was down 23.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.71 earnings per share. Research analysts forecast that Polaris will post 3.66 EPS for the current year.

Polaris Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 3.79%. The ex-dividend date was Tuesday, September 3rd. Polaris's payout ratio is 38.71%.

Hedge Funds Weigh In On Polaris

Several hedge funds have recently added to or reduced their stakes in PII. JLB & Associates Inc. raised its position in shares of Polaris by 0.5% in the 2nd quarter. JLB & Associates Inc. now owns 24,476 shares of the company's stock valued at $1,917,000 after acquiring an additional 120 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Polaris by 14.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,331 shares of the company's stock worth $133,000 after purchasing an additional 169 shares during the period. Linden Thomas Advisory Services LLC boosted its position in shares of Polaris by 2.4% during the second quarter. Linden Thomas Advisory Services LLC now owns 7,477 shares of the company's stock worth $586,000 after purchasing an additional 172 shares in the last quarter. Dorsey & Whitney Trust CO LLC grew its holdings in shares of Polaris by 1.2% in the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 16,120 shares of the company's stock valued at $1,262,000 after buying an additional 187 shares during the period. Finally, Isthmus Partners LLC increased its position in shares of Polaris by 5.0% in the 2nd quarter. Isthmus Partners LLC now owns 4,011 shares of the company's stock valued at $314,000 after buying an additional 190 shares in the last quarter. Institutional investors and hedge funds own 88.06% of the company's stock.

About Polaris

Polaris Inc designs, engineers, manufactures, and markets powersports vehicles in the United States, Canada, and internationally. It operates through three segments: Off-Road, On-Road, and Marine. The company offers off-road vehicles (ORVs), including all-terrain vehicles and side-by-side vehicles; military and commercial ORVs; snowmobiles; motorcycles; and moto-roadsters, quadricycles, and boats.