1832 Asset Management L.P. Cuts Stake in BRP Inc. (NASDAQ:DOOO)

1832 Asset Management L.P. decreased its position in BRP Inc. (NASDAQ:DOOO) by 19.3% during the 2nd quarter, Holdings Channel reports. The fund owned 98,896 shares of the company’s stock after selling 23,653 shares during the quarter. 1832 Asset Management L.P.’s holdings in BRP were worth $6,332,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in DOOO. Norges Bank purchased a new stake in shares of BRP in the fourth quarter valued at approximately $30,666,000. Trexquant Investment LP purchased a new position in shares of BRP in the 4th quarter valued at about $688,000. TD Asset Management Inc lifted its stake in shares of BRP by 3.6% in the fourth quarter. TD Asset Management Inc now owns 258,758 shares of the company’s stock valued at $18,607,000 after purchasing an additional 8,977 shares during the period. Scotia Capital Inc. boosted its holdings in BRP by 1.5% during the fourth quarter. Scotia Capital Inc. now owns 22,246 shares of the company’s stock worth $1,588,000 after buying an additional 318 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in BRP by 539.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 559,543 shares of the company’s stock worth $40,105,000 after buying an additional 471,986 shares during the period.

BRP Stock Down 0.3 %

DOOO opened at $60.55 on Wednesday. The firm has a market cap of $4.49 billion, a P/E ratio of 10.95 and a beta of 2.07. The business’s fifty day simple moving average is $67.12 and its 200 day simple moving average is $66.63. BRP Inc. has a 52 week low of $57.15 and a 52 week high of $79.40. The company has a quick ratio of 0.46, a current ratio of 1.32 and a debt-to-equity ratio of 4.99.

BRP Dividend Announcement

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

Analyst Upgrades and Downgrades

DOOO has been the subject of a number of research reports. Scotiabank downgraded shares of BRP from a “sector outperform” rating to a “sector perform” rating in a research report on Monday, September 9th. National Bank Financial downgraded BRP from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, August 21st. Cibc World Mkts lowered BRP from a “strong-buy” rating to a “hold” rating in a report on Monday, September 9th. Citigroup cut their price target on BRP from $80.00 to $75.00 and set a “buy” rating for the company in a research note on Monday, September 9th. Finally, Stifel Nicolaus cut shares of BRP from a “buy” rating to a “hold” rating in a research note on Wednesday, August 21st. Seven equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $97.00.

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.