Bank of New York Mellon Corp Increases Holdings in BRP Inc. (NASDAQ:DOOO)

Bank of New York Mellon Corp raised its holdings in shares of BRP Inc. (NASDAQ:DOOO) by 1.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,666 shares of the company’s stock after purchasing an additional 520 shares during the period. Bank of New York Mellon Corp’s holdings in BRP were worth $1,964,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of DOOO. Ceredex Value Advisors LLC raised its stake in BRP by 297.4% in the second quarter. Ceredex Value Advisors LLC now owns 173,884 shares of the company’s stock worth $11,160,000 after buying an additional 130,131 shares in the last quarter. Addenda Capital Inc. raised its position in shares of BRP by 9.9% in the 2nd quarter. Addenda Capital Inc. now owns 11,636 shares of the company’s stock worth $745,000 after acquiring an additional 1,053 shares in the last quarter. QV Investors Inc. purchased a new position in shares of BRP in the 2nd quarter valued at approximately $28,142,000. Dnca Finance purchased a new position in shares of BRP in the 2nd quarter valued at approximately $66,000. Finally, Tidal Investments LLC bought a new stake in shares of BRP during the first quarter valued at approximately $267,000.

BRP Trading Up 1.0 %

Shares of DOOO stock opened at $61.07 on Wednesday. BRP Inc. 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 4.99, a current ratio of 1.32 and a quick ratio of 0.46. The stock’s 50 day simple moving average is $67.81 and its two-hundred day simple moving average is $66.76. The company has a market cap of $4.53 billion, a PE ratio of 11.04 and a beta of 2.07.

BRP Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.152 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.61 dividend on an annualized basis and a yield of 1.00%. BRP’s dividend payout ratio (DPR) is presently 10.85%.

Analysts Set New Price Targets

Several research analysts recently issued reports on DOOO shares. Desjardins lowered shares of BRP from a “moderate buy” rating to a “hold” rating in a research note on Sunday, September 8th. National Bank Financial lowered shares of BRP from an “outperform” rating to a “sector perform” rating in a report on Wednesday, August 21st. Citigroup cut their price target on BRP from $80.00 to $75.00 and set a “buy” rating on the stock in a research note on Monday, September 9th. CIBC reduced their price objective on BRP from $110.00 to $100.00 and set an “outperformer” rating for the company in a research report on Monday, June 3rd. Finally, Scotiabank downgraded BRP from a “sector outperform” rating to a “sector perform” rating in a report on Monday, September 9th. 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $97.00.

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.