BRP Inc. (NASDAQ:DOOO) sees sharp rise in short-term interest
BRP Inc. (NASDAQ:DOOO – Get Rating) was the target of a sharp rise in short-term interest in June. As of June 15, there was short interest totaling 1,750,000 shares, an increase of 33.6% from the May 31 total of 1,310,000 shares. Based on an average daily trading volume of 131,400 shares, the short-term interest rate ratio is currently 13.3 days.
Several hedge funds and other institutional investors have recently changed their holdings in the company. The Manufacturers Life Insurance Company increased its stake in BRP shares by 107.3% in Q1. The Manufacturers Life Insurance Company now owns 121,866 shares of the company valued at $9,994,000 after purchasing an additional 63,080 shares in the last quarter. Mirabella Financial Services LLP increased its position in BRP shares by 70.8% in the 1st quarter. Mirabella Financial Services LLP now owns 9,767 shares of the company valued at $801,000 after acquiring an additional 4,047 shares during the period. Jane Street Group LLC increased its position in BRP shares by 1,253.5% in the 1st quarter. Jane Street Group LLC now owns 63,518 shares of the company valued at $5,198,000 after acquiring an additional 58,825 shares during the period. Gluskin Sheff & Assoc Inc. increased its position in BRP shares by 0.7% in the 1st quarter. Gluskin Sheff & Assoc Inc. now owns 375,620 shares of the company valued at $30,761,000 after acquiring an additional 2,760 shares during the period. Finally, 1832 Asset Management LP increased its position in BRP shares by 22.2% in the 1st quarter. 1832 Asset Management LP now owns 88,175 shares of the company valued at $7,130,000 after acquiring an additional 16,045 shares during the period. 54.38% of the shares are currently held by institutional investors.
Shares of NASDAQ:DOOO opened at $61.97 on Friday. BRP has a 12-month low of $57.38 and a 12-month high of $102.96. The company’s 50-day moving average price is $71.98 and its two-hundred-day moving average price is $75.93. The company has a market capitalization of $4.88 billion, a P/E ratio of 9.77 and a beta of 2.53.
BRP (NASDAQ:DOOO – Get Rating) last released its results on Friday, June 3. The company reported earnings per share (EPS) of $1.66 for the quarter, beating the consensus estimate of $0.81 by $0.85. The company posted revenue of $1.81 billion for the quarter, versus analyst estimates of $1.88 billion. BRP had a net margin of 8.79% and a negative return on equity of 305.74%. The company’s revenue for the quarter increased 0.0% year over year. In the same quarter last year, the company achieved EPS of $2.00. As a group, analysts expect BRP to post EPS of 8.93 for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 14. Shareholders of record on Thursday, June 30 will receive a dividend of $0.124. This represents an annualized dividend of $0.50 and a dividend yield of 0.80%. The ex-date of this dividend is Wednesday, June 29. BRP’s dividend payout ratio (DPR) is currently 8.04%.
DOOO has been the subject of several recent analyst reports. Stifel Nicolaus lowered his price target on BRP shares from CA$150.00 to CA$145.00 in a Monday, June 6 report. Scotiabank lowered its target price on BRP shares from C$133.00 to C$126.00 in a Monday, June 6 research note. Canaccord Genuity Group raised its target price on BRP shares from C$130.00 to C$136.00 in a Monday, March 28 research note. Raymond James lowered his price target on BRP shares from C$146.00 to C$135.00 in a Monday, June 6 research note. Finally, National Bank Financial raised its price target on BRP shares from CA$124.00 to CA$136.00 in a report released Monday, March 28. One analyst gave the stock a hold rating, ten gave the stock a buy rating and one gave the company a strong buy rating. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $132.15.
About BRP (Get a rating)
BRP Inc, together with its subsidiaries, designs, develops, manufactures, distributes and markets powersports vehicles and marine products in the United States, Canada, Europe, Asia-Pacific, Mexico, Austria and the international. The Company operates through two segments, Powersports and Marine. It offers all-terrain, side-by-side and three-wheel vehicles; seasonal products, such as snowmobiles and personal watercraft; and engines for jet boats, outboards, go-karts, motorcycles and recreational aircraft.
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