BRP (NASDAQ:DOOO) Downgraded by Cibc World Mkts

Cibc World Mkts cut shares of BRP (NASDAQ:DOOO) from a strong-buy rating to a hold rating in a research note published on Monday morning, Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Scotiabank downgraded BRP from a sector outperform rating to a sector perform rating in a research report on Monday. Desjardins downgraded BRP from a moderate buy rating to a hold rating in a report on Sunday. Citigroup reduced their price target on BRP from $80.00 to $75.00 and set a buy rating on the stock in a report on Monday. National Bank Financial downgraded BRP from an outperform rating to a sector perform rating in a report on Wednesday, August 21st. Finally, CIBC reduced their price target on BRP from $110.00 to $100.00 and set an outperformer rating on the stock in a report on Monday, June 3rd. Seven investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, BRP currently has an average rating of Hold and a consensus target price of $105.00.

BRP Trading Up 4.7 %

Shares of DOOO stock opened at $60.98 on Monday. BRP has a 1 year low of $57.15 and a 1 year high of $79.40. The company has a debt-to-equity ratio of 4.23, a current ratio of 1.35 and a quick ratio of 0.46. The stock’s 50 day simple moving average is $67.90 and its two-hundred day simple moving average is $66.85. The company has a market cap of $4.52 billion, a PE ratio of 11.03 and a beta of 2.07.

BRP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a $0.152 dividend. The ex-dividend date is Friday, September 27th. This represents a $0.61 annualized dividend and a yield of 1.00%. BRP’s dividend payout ratio (DPR) is currently 11.21%.

Institutional Trading of BRP

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company boosted its position in BRP by 61.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,076,187 shares of the company’s stock valued at $68,850,000 after acquiring an additional 408,692 shares in the last quarter. American Century Companies Inc. boosted its position in BRP by 45.6% during the 2nd quarter. American Century Companies Inc. now owns 1,072,168 shares of the company’s stock valued at $68,656,000 after acquiring an additional 335,715 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in BRP by 35.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 711,049 shares of the company’s stock valued at $50,975,000 after acquiring an additional 184,313 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in BRP by 539.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 559,543 shares of the company’s stock valued at $40,105,000 after acquiring an additional 471,986 shares in the last quarter. Finally, National Bank of Canada FI boosted its position in BRP by 13.5% during the 2nd quarter. National Bank of Canada FI now owns 479,312 shares of the company’s stock valued at $30,455,000 after acquiring an additional 56,954 shares in the last quarter.

About BRP

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.