BRP (NASDAQ:DOOO) Shares Up 6.1% on Analyst Upgrade

BRP Inc. (NASDAQ:DOOO) shot up 6.1% on Monday after CIBC raised their price target on the stock from $106.00 to $110.00. CIBC currently has an outperformer rating on the stock. BRP traded as high as $71.38 and last traded at $71.22. 61,384 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 134,195 shares. The stock had previously closed at $67.10.

Several other equities analysts have also recently commented on DOOO. TheStreet cut shares of BRP from a “b-” rating to a “c+” rating in a research report on Monday, February 26th. UBS Group cut shares of BRP from a “buy” rating to a “neutral” rating in a research report on Monday, December 4th. Finally, Raymond James dropped their target price on shares of BRP from $114.00 to $108.00 and set a “strong-buy” rating on the stock in a research report on Monday. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, BRP has an average rating of “Moderate Buy” and an average target price of $124.38.

Institutional Investors Weigh In On BRP

Hedge funds have recently modified their holdings of the stock. Group One Trading L.P. bought a new stake in BRP during the 1st quarter valued at $52,000. State of Wyoming raised its holdings in BRP by 126.5% during the 4th quarter. State of Wyoming now owns 845 shares of the company’s stock valued at $65,000 after acquiring an additional 472 shares during the period. Power Corp of Canada bought a new stake in BRP during the 1st quarter valued at $69,000. Barclays PLC increased its holdings in shares of BRP by 232.5% in the third quarter. Barclays PLC now owns 971 shares of the company’s stock worth $73,000 after purchasing an additional 679 shares during the period. Finally, Ensign Peak Advisors Inc bought a new position in shares of BRP in the third quarter worth $93,000.

BRP Trading Up 7.6 %

The stock has a market cap of $5.47 billion, a P/E ratio of 10.28 and a beta of 2.12. The firm’s fifty day moving average price is $65.23 and its two-hundred day moving average price is $68.61. The company has a debt-to-equity ratio of 4.00, a current ratio of 1.40 and a quick ratio of 0.41.

BRP Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 22nd. Stockholders of record on Monday, April 8th will be issued a $0.1545 dividend. The ex-dividend date of this dividend is Friday, April 5th. This represents a $0.62 annualized dividend and a dividend yield of 0.86%. BRP’s payout ratio is currently 8.69%.

BRP Company Profile

BRP Inc, together with its subsidiaries, designs, develops, manufactures, distributes, and markets powersports vehicles and marine products in North America, Europe, Australia, New Zealand, and Latin America. The company operates through two segments, Powersports and Marine. The Powersports segment offers year-round products, such as Can-Am ATVs, SSVs, and 3WVs; seasonal products, including Ski-Doo and Lynx snowmobiles, Sea-Doo PWCs and pontoons, and Rotax engines for karts and recreational aircraft.