Balyasny Asset Management L.P. Reduces Stake in BRP Inc. (NASDAQ:DOOO)

Balyasny Asset Management L.P. reduced its position in BRP Inc. (NASDAQ:DOOO) by 88.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 21,383 shares of the company’s stock after selling 166,521 shares during the period. Balyasny Asset Management L.P.’s holdings in BRP were worth $1,088,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of DOOO. Capital World Investors increased its stake in BRP by 101.2% in the 4th quarter. Capital World Investors now owns 1,971,033 shares of the company’s stock valued at $100,386,000 after purchasing an additional 991,392 shares in the last quarter. FIL Ltd increased its stake in BRP by 176.2% in the 4th quarter. FIL Ltd now owns 792,000 shares of the company’s stock valued at $40,337,000 after purchasing an additional 505,228 shares in the last quarter. Norges Bank purchased a new position in BRP in the 4th quarter valued at approximately $15,259,000. The Manufacturers Life Insurance Company increased its stake in BRP by 23.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,514,230 shares of the company’s stock valued at $77,223,000 after purchasing an additional 288,004 shares in the last quarter. Finally, Invesco Ltd. increased its position in BRP by 18.1% during the fourth quarter. Invesco Ltd. now owns 1,163,257 shares of the company’s stock worth $59,175,000 after buying an additional 178,039 shares in the last quarter.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Baird R W downgraded BRP from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. Raymond James reissued a “strong-buy” rating on shares of BRP in a research report on Thursday, March 27th. UBS Group dropped their price target on BRP from $45.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, April 23rd. Robert W. Baird reissued a “neutral” rating and set a $43.00 price target (down previously from $48.00) on shares of BRP in a research report on Friday, April 4th. Finally, Citigroup raised BRP from a “sell” rating to a “neutral” rating and raised their price target for the stock from $27.00 to $37.00 in a research report on Friday, April 4th. Ten analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $53.75.

BRP Price Performance

Shares of NASDAQ:DOOO opened at $37.66 on Wednesday. The company has a market cap of $2.75 billion, a P/E ratio of 20.03 and a beta of 1.17. The company has a quick ratio of 0.57, a current ratio of 1.37 and a debt-to-equity ratio of 5.19. BRP Inc. has a 52 week low of $31.78 and a 52 week high of $74.00. The business has a fifty day simple moving average of $35.80 and a 200-day simple moving average of $43.97.

BRP (NASDAQ:DOOO) last announced its quarterly earnings data on Wednesday, March 26th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.07. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.97 billion. BRP had a return on equity of 61.20% and a net margin of 2.29%. Equities research analysts forecast that BRP Inc. will post 3.15 EPS for the current year.

BRP Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 18th. Stockholders of record on Friday, April 4th were given a $0.1508 dividend. The ex-dividend date was Friday, April 4th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.60%. This is an increase from BRP’s previous quarterly dividend of $0.15. BRP’s payout ratio is currently -29.21%.

BRP Profile

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.