Pictet Asset Management Holding SA Trims Stake in BRP Inc. (NASDAQ:DOOO)

Pictet Asset Management Holding SA cut its position in shares of BRP Inc. (NASDAQ:DOOO) by 65.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,755 shares of the company’s stock after selling 10,903 shares during the period. Pictet Asset Management Holding SA’s holdings in BRP were worth $293,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of BRP during the fourth quarter valued at approximately $15,259,000. Franklin Resources Inc. boosted its holdings in BRP by 41.5% during the 3rd quarter. Franklin Resources Inc. now owns 731,268 shares of the company’s stock valued at $43,461,000 after acquiring an additional 214,626 shares during the period. Van ECK Associates Corp grew its position in BRP by 699.9% in the 4th quarter. Van ECK Associates Corp now owns 76,147 shares of the company’s stock valued at $3,875,000 after acquiring an additional 66,627 shares during the last quarter. Sei Investments Co. increased its stake in BRP by 50.1% in the fourth quarter. Sei Investments Co. now owns 144,862 shares of the company’s stock worth $7,369,000 after purchasing an additional 48,330 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of BRP by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 1,224,330 shares of the company’s stock worth $62,355,000 after purchasing an additional 19,874 shares during the last quarter.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Robert W. Baird restated a “neutral” rating and issued a $43.00 price target (down from $48.00) on shares of BRP in a report on Friday, April 4th. TD Securities restated a “hold” rating on shares of BRP in a research note on Thursday, March 27th. Baird R W downgraded shares of BRP from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 4th. Citigroup raised BRP from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $27.00 to $37.00 in a research note on Friday, April 4th. Finally, Raymond James restated a “strong-buy” rating on shares of BRP in a report on Thursday, March 27th. Ten investment analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $61.25.

BRP Price Performance

NASDAQ DOOO opened at $36.08 on Friday. The company has a market cap of $2.63 billion, a PE ratio of 19.19 and a beta of 1.71. The firm’s 50 day moving average price is $39.13 and its 200-day moving average price is $47.60. The company has a debt-to-equity ratio of 5.19, a quick ratio of 0.57 and a current ratio of 1.37. BRP Inc. has a 52-week low of $32.24 and a 52-week high of $74.00.

BRP (NASDAQ:DOOO) last posted its earnings results on Wednesday, March 26th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.07. BRP had a return on equity of 61.20% and a net margin of 2.29%. The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.97 billion. Sell-side analysts forecast that BRP Inc. will post 3.15 EPS for the current fiscal year.

BRP Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Friday, April 4th will be paid a $0.1508 dividend. This represents a $0.60 annualized dividend and a yield of 1.67%. The ex-dividend date is Friday, April 4th. This is a positive change from BRP’s previous quarterly dividend of $0.15. BRP’s payout ratio is -29.21%.

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.