BRP Inc. (NASDAQ:DOOO) Sees Large Growth in Short Interest

BRP Inc. (NASDAQ:DOOO) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 2,360,000 shares, a growth of 16.3% from the October 15th total of 2,030,000 shares. Approximately 7.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 129,200 shares, the days-to-cover ratio is presently 18.3 days.

BRP Trading Up 0.8 %

DOOO opened at $48.09 on Monday. BRP has a twelve month low of $47.36 and a twelve month high of $75.92. The company has a fifty day moving average of $55.77 and a 200-day moving average of $63.03. The stock has a market cap of $3.51 billion, a PE ratio of 19.95 and a beta of 2.07. The company has a quick ratio of 0.37, a current ratio of 1.32 and a debt-to-equity ratio of 4.99.

BRP (NASDAQ:DOOO) last issued its quarterly earnings results on Friday, September 6th. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.23. The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.35 billion. BRP had a return on equity of 79.58% and a net margin of 2.78%. On average, sell-side analysts predict that BRP will post 2.3 EPS for the current year.

BRP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.152 dividend. This represents a $0.61 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date of this dividend was Friday, September 27th. BRP’s payout ratio is 25.73%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Desjardins downgraded BRP from a “moderate buy” rating to a “hold” rating in a research report on Sunday, September 8th. Scotiabank downgraded BRP from a “sector outperform” rating to a “sector perform” rating in a research note on Monday, September 9th. Citigroup cut their target price on shares of BRP from $80.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. Cibc World Mkts cut shares of BRP from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 9th. Finally, National Bank Financial downgraded shares of BRP from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, August 21st. Seven analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, BRP currently has an average rating of “Hold” and an average target price of $97.00.

Hedge Funds Weigh In On BRP

Institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets increased its holdings in shares of BRP by 753.8% during the first quarter. BNP Paribas Financial Markets now owns 6,002 shares of the company’s stock valued at $403,000 after acquiring an additional 5,299 shares in the last quarter. Sei Investments Co. acquired a new position in BRP during the first quarter worth $5,376,000. Russell Investments Group Ltd. lifted its stake in shares of BRP by 77.7% in the first quarter. Russell Investments Group Ltd. now owns 12,870 shares of the company’s stock valued at $865,000 after buying an additional 5,627 shares in the last quarter. Ontario Teachers Pension Plan Board grew its holdings in shares of BRP by 18.5% during the first quarter. Ontario Teachers Pension Plan Board now owns 35,081 shares of the company’s stock valued at $2,357,000 after buying an additional 5,489 shares during the last quarter. Finally, UniSuper Management Pty Ltd increased its position in shares of BRP by 66.7% during the first quarter. UniSuper Management Pty Ltd now owns 500 shares of the company’s stock worth $34,000 after acquiring an additional 200 shares in the last quarter.

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.