BRP Inc. (NASDAQ:DOOO) Position Cut by Vestcor Inc

Vestcor Inc lowered its position in shares of BRP Inc. (NASDAQ:DOOO) by 70.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 3,392 shares of the company’s stock after selling 8,100 shares during the period. Vestcor Inc’s holdings in BRP were worth $202,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of DOOO. Ceredex Value Advisors LLC grew its position in 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 purchasing an additional 130,131 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in BRP by 1.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 30,666 shares of the company’s stock worth $1,964,000 after buying an additional 520 shares in the last quarter. Cortland Associates Inc. MO acquired a new stake in BRP in the 2nd quarter valued at approximately $301,000. Hantz Financial Services Inc. bought a new stake in BRP during the 2nd quarter valued at $562,000. Finally, CIBC Asset Management Inc boosted its position in BRP by 20.0% during the 2nd quarter. CIBC Asset Management Inc now owns 45,840 shares of the company’s stock worth $2,935,000 after acquiring an additional 7,633 shares during the period.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Desjardins cut shares of BRP from a “moderate buy” rating to a “hold” rating in a research note on Sunday, September 8th. Scotiabank lowered shares of BRP from a “sector outperform” rating to a “sector perform” rating in a research note on Monday, September 9th. UBS Group lowered their price objective 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. Citigroup cut their target price on BRP from $80.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, September 9th. Finally, Cibc World Mkts cut BRP from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 9th. Six research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $97.00.

BRP Price Performance

NASDAQ DOOO opened at $51.71 on Friday. BRP Inc. has a 1 year low of $46.85 and a 1 year high of $75.59. The business’s fifty day moving average is $51.58 and its two-hundred day moving average is $60.49. The stock has a market capitalization of $3.77 billion, a P/E ratio of 27.51 and a beta of 2.03. The company has a debt-to-equity ratio of 5.19, a quick ratio of 0.37 and a current ratio of 1.37.

BRP Cuts Dividend

The business also recently announced 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 is Tuesday, December 31st. BRP’s dividend payout ratio is 32.98%.

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.