BRP (NASDAQ:DOOO) Shares Down 3.4% After Analyst Downgrade

BRP Inc. (NASDAQ:DOOO)’s stock price was down 3.4% during mid-day trading on Monday after Desjardins downgraded the stock from a moderate buy rating to a hold rating. The company traded as low as $60.38 and last traded at $60.74. Approximately 59,506 shares traded hands during trading, a decline of 51% from the average daily volume of 121,628 shares. The stock had previously closed at $62.91.

DOOO has been the topic of several other reports. CIBC cut their price objective on BRP from $110.00 to $100.00 and set an “outperformer” rating on the stock in a research report on Monday, June 3rd. Scotiabank cut BRP from a “sector outperform” rating to a “sector perform” rating in a research report on Monday. Citigroup cut their price objective on BRP from $80.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday. National Bank Financial cut BRP from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, August 21st. Finally, Stifel Nicolaus cut BRP from a “buy” rating to a “hold” rating in a research report on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, BRP currently has a consensus rating of “Hold” and an average price target of $113.40.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. UniSuper Management Pty Ltd increased its holdings in BRP by 66.7% in the 1st quarter. UniSuper Management Pty Ltd now owns 500 shares of the company’s stock worth $34,000 after buying an additional 200 shares in the last quarter. Trivant Custom Portfolio Group LLC purchased a new position in shares of BRP during the first quarter valued at approximately $50,000. Dnca Finance bought a new position in BRP during the second quarter valued at approximately $66,000. Lake Street Advisors Group LLC purchased a new position in shares of BRP in the 2nd quarter worth $201,000. Finally, Intech Investment Management LLC bought a new stake in shares of BRP in the second quarter worth $209,000.

BRP Stock Performance

The business has a fifty day simple moving average of $67.97 and a two-hundred day simple moving average of $66.89. The company has a market cap of $4.32 billion, a P/E ratio of 10.53 and a beta of 2.07. The company has a quick ratio of 0.46, a current ratio of 1.35 and a debt-to-equity ratio of 4.23.

BRP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a dividend of $0.152 per share. The ex-dividend date is Friday, September 27th. This represents a $0.61 annualized dividend and a yield of 1.04%. BRP’s dividend payout ratio (DPR) is 11.21%.

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.