Briggs & Stratton Co. (NYSE:BGG) was the target of some unusual options trading activity on Tuesday. Traders purchased 1,963 put options on the company. This represents an increase of 1,333% compared to the average volume of 137 put options.
Shares of Briggs & Stratton stock opened at $18.54 on Wednesday. The company has a quick ratio of 0.71, a current ratio of 1.61 and a debt-to-equity ratio of 0.36. Briggs & Stratton has a fifty-two week low of $16.26 and a fifty-two week high of $27.34. The firm has a market capitalization of $733.42 million, a price-to-earnings ratio of 14.15 and a beta of 0.64.
Briggs & Stratton announced that its Board of Directors has authorized a share repurchase plan on Wednesday, April 25th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the industrial products company to purchase up to 5.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
Institutional investors have recently modified their holdings of the business. Whittier Trust Co. boosted its holdings in Briggs & Stratton by 11,438.5% in the 2nd quarter. Whittier Trust Co. now owns 6,000 shares of the industrial products company’s stock valued at $123,000 after purchasing an additional 5,948 shares during the period. Piedmont Investment Advisors LLC bought a new stake in Briggs & Stratton in the 2nd quarter valued at $175,000. Fisher Asset Management LLC bought a new stake in Briggs & Stratton in the 1st quarter valued at $224,000. Fiduciary Trust Co. bought a new stake in Briggs & Stratton in the 1st quarter valued at $225,000. Finally, SG Americas Securities LLC boosted its holdings in Briggs & Stratton by 59.7% in the 1st quarter. SG Americas Securities LLC now owns 11,272 shares of the industrial products company’s stock valued at $241,000 after purchasing an additional 4,212 shares during the period. 81.72% of the stock is owned by hedge funds and other institutional investors.
Briggs & Stratton Company Profile
Briggs & Stratton Corporation designs, manufactures, markets, sells, and services gasoline engines for outdoor power equipment to the original equipment manufacturers in the United States. It operates in two segments, Engines and Products. The Engines segment offers four-cycle aluminum alloy gasoline engines that are used primarily by the lawn and garden equipment industry.
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