BRP (NASDAQ:DOOO) Stock Price Up 4.3% – Time to Buy?

BRP Inc. (NASDAQ:DOOO)’s stock price was up 4.3% on Thursday . The company traded as high as $52.47 and last traded at $52.18. Approximately 81,971 shares were traded during trading, a decline of 37% from the average daily volume of 129,895 shares. The stock had previously closed at $50.03.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Stifel Nicolaus downgraded shares of BRP from a “buy” rating to a “hold” rating in a research report on Wednesday, August 21st. UBS Group decreased 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. Scotiabank cut shares of BRP from a “sector outperform” rating to a “sector perform” rating in a research report 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, National Bank Financial lowered BRP from an “outperform” rating to a “sector perform” rating in a report on Wednesday, August 21st. Six analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, BRP currently has an average rating of “Hold” and an average target price of $97.00.

BRP Price Performance

The stock has a market cap of $3.79 billion, a PE ratio of 27.65 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. The business has a 50 day moving average price of $51.27 and a two-hundred day moving average price of $60.23.

BRP Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be given a $0.1485 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.59 annualized dividend and a yield of 1.14%. BRP’s dividend payout ratio is currently 32.98%.

Institutional Investors Weigh In On BRP

Large investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company raised its holdings in shares of BRP by 61.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,076,187 shares of the company’s stock worth $68,850,000 after purchasing an additional 408,692 shares during the period. American Century Companies Inc. raised its stake in shares of BRP by 45.6% in 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. Franklin Resources Inc. lifted 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 buying an additional 214,626 shares during the last quarter. Ceredex Value Advisors LLC grew its stake in shares of BRP by 297.4% during 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 during the period. Finally, CIBC Asset Management Inc raised its stake in BRP by 154.5% in the 3rd quarter. CIBC Asset Management Inc now owns 116,659 shares of the company’s stock valued at $7,347,000 after acquiring an additional 70,819 shares during the period.

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.