BRP Inc. (NASDAQ:DOO) Shares Shorted: Short Interest Up 62.5% in October

BRP Inc. (NASDAQ:DOO) was the recipient of a significant growth in short interest in October. As of October 15th, there was short interest totaling 1,135,269 shares, a growth of 62.5% from the September 30th total of 698,456 shares. Based on an average daily trading volume, of 260,919 shares, the days-to-cover ratio is presently 4.4 days. Approximately 1.6% of the shares of the stock are sold short.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company increased its stake in BRP by 2.2% during the second quarter. The Manufacturers Life Insurance Company now owns 1,078,181 shares of the company’s stock worth $65,728,000 after acquiring an additional 23,055 shares during the last quarter. Tidal Investments LLC raised its position in BRP by 65.4% during the second quarter. Tidal Investments LLC now owns 15,415 shares of the company’s stock valued at $941,000 after purchasing an additional 6,095 shares during the period. NewEdge Advisors LLC bought a new stake in shares of BRP in the 2nd quarter valued at approximately $79,000. Nykredit A S bought a new stake in shares of BRP in the 2nd quarter valued at approximately $61,000. Finally, Allianz Asset Management GmbH lifted its stake in shares of BRP by 24.5% in the 2nd quarter. Allianz Asset Management GmbH now owns 60,855 shares of the company’s stock valued at $3,716,000 after purchasing an additional 11,966 shares during the last quarter.

BRP Price Performance

DOO stock traded up $2.60 during trading on Monday, hitting $63.67. 72,254 shares of the company’s stock traded hands, compared to its average volume of 298,274. BRP has a 52 week low of $48.83 and a 52 week high of $81.89. The company has a debt-to-equity ratio of 7.31, a quick ratio of 0.52 and a current ratio of 1.19. The business has a fifty day simple moving average of $58.59 and a 200 day simple moving average of $63.74. The stock has a market capitalization of $4.53 billion, a price-to-earnings ratio of 57.90 and a beta of 1.00.

BRP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 13th. Stockholders of record on Tuesday, September 29th were given a dividend of C$0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Tuesday, September 29th. BRP’s dividend payout ratio is currently 65.45%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on DOO shares. Scotiabank reaffirmed a “sector perform” rating on shares of BRP in a research note on Friday, September 4th. Zacks Research downgraded shares of BRP from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 8th. Citigroup boosted their price target on shares of BRP from $74.00 to $77.00 and gave the stock a “buy” rating in a research note on Tuesday, September 8th. TD Securities upgraded shares of BRP from a “hold” rating to a “buy” rating in a research note on Tuesday, August 18th. Finally, Wall Street Zen downgraded shares of BRP from a “buy” rating to a “hold” rating in a report on Saturday, September 5th. Six investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $84.00.

BRP Company Profile

BRP Inc is a Canadian powersports and recreational products manufacturer headquartered in Valcourt, Quebec. The company traces its origins to 1942, when Joseph-Armand Bombardier founded a business focused on tracked vehicles, and became an independent public company after separating from Bombardier Inc in 2003.

BRP develops, manufactures and distributes powersports vehicles and marine products. Its portfolio includes Ski-Doo snowmobiles, Sea-Doo personal watercraft, Can-Am side-by-side and three-wheel vehicles, Rotax engines, and marine brands such as Alumacraft and Manitou.