BRP (NASDAQ:DOOO) Shares Gap Up Following Better-Than-Expected Earnings

BRP Inc. (NASDAQ:DOOO) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $35.54, but opened at $38.10. BRP shares last traded at $39.27, with a volume of 192,558 shares traded.

The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.07. BRP had a net margin of 2.29% and a return on equity of 61.20%.

Analyst Ratings Changes

Separately, Citigroup cut BRP from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $48.00 to $29.00 in a report on Thursday, March 20th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, BRP currently has a consensus rating of “Hold” and a consensus target price of $87.80.

Institutional Investors Weigh In On BRP

A number of institutional investors and hedge funds have recently modified their holdings of the company. Mackenzie Financial Corp increased its position in BRP by 71.7% during the fourth quarter. Mackenzie Financial Corp now owns 1,639,265 shares of the company’s stock worth $83,399,000 after buying an additional 684,651 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of BRP by 401.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 15,019 shares of the company’s stock worth $765,000 after buying an additional 12,023 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in BRP by 0.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 35,827 shares of the company’s stock valued at $1,823,000 after buying an additional 293 shares during the last quarter. Turtle Creek Asset Management Inc. raised its holdings in BRP by 29.0% in the 4th quarter. Turtle Creek Asset Management Inc. now owns 2,970,680 shares of the company’s stock valued at $151,118,000 after acquiring an additional 668,607 shares during the period. Finally, Systematic Financial Management LP lifted its position in BRP by 5.4% during the fourth quarter. Systematic Financial Management LP now owns 202,425 shares of the company’s stock worth $10,297,000 after acquiring an additional 10,341 shares during the last quarter.

BRP Trading Up 10.5 %

The company has a quick ratio of 0.57, a current ratio of 1.37 and a debt-to-equity ratio of 5.19. The business has a fifty day moving average price of $43.56 and a 200-day moving average price of $49.91. The company has a market cap of $2.87 billion, a P/E ratio of 20.81 and a beta of 2.03.

BRP Company 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.