Polaris (NYSE:PII) Hits New 12-Month Low Following Weak Earnings

Shares of Polaris Inc. (NYSE:PII) reached a new 52-week low on Wednesday following a dissappointing earnings announcement. The stock traded as low as $70.36 and last traded at $70.43, with a volume of 274278 shares traded. The stock had previously closed at $72.22.

The company reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.15). The firm had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Polaris had a return on equity of 26.38% and a net margin of 3.98%. The company’s revenue for the quarter was down 23.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.71 earnings per share.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PII. Citigroup reduced their target price on shares of Polaris from $86.00 to $83.00 and set a “neutral” rating for the company in a report on Wednesday, July 24th. BMO Capital Markets decreased their target price on Polaris from $90.00 to $75.00 and set a “market perform” rating on the stock in a report on Wednesday, July 24th. Roth Mkm cut their price target on Polaris from $92.00 to $79.00 and set a “neutral” rating for the company in a report on Wednesday, July 24th. Robert W. Baird reduced their price target on Polaris from $85.00 to $84.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, Bank of America lowered their price objective on Polaris from $86.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Polaris currently has an average rating of “Hold” and a consensus target price of $87.36.

Hedge Funds Weigh In On Polaris

Hedge funds have recently modified their holdings of the stock. Park Avenue Securities LLC lifted its position in shares of Polaris by 18.7% in the first quarter. Park Avenue Securities LLC now owns 3,016 shares of the company’s stock worth $302,000 after buying an additional 475 shares in the last quarter. Calton & Associates Inc. boosted its position in shares of Polaris by 140.7% during the 1st quarter. Calton & Associates Inc. now owns 9,848 shares of the company’s stock valued at $986,000 after acquiring an additional 5,757 shares during the last quarter. Diversified Trust Co grew its holdings in shares of Polaris by 36.4% in the first quarter. Diversified Trust Co now owns 33,809 shares of the company’s stock valued at $3,385,000 after purchasing an additional 9,024 shares in the last quarter. Claro Advisors LLC increased its position in Polaris by 54.7% in the first quarter. Claro Advisors LLC now owns 7,609 shares of the company’s stock worth $762,000 after purchasing an additional 2,690 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in Polaris by 14.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,331 shares of the company’s stock valued at $133,000 after purchasing an additional 169 shares in the last quarter. Hedge funds and other institutional investors own 88.06% of the company’s stock.

Polaris Stock Down 3.5 %

The firm has a market cap of $3.94 billion, a P/E ratio of 10.22, a price-to-earnings-growth ratio of 7.59 and a beta of 1.51. The company’s 50-day simple moving average is $82.04 and its 200 day simple moving average is $82.04. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.42 and a quick ratio of 0.40.

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.