BRP Inc. (NASDAQ:DOOO) Sees Significant Increase in Short Interest

BRP Inc. (NASDAQ:DOOO) saw a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 1,790,000 shares, an increase of 6.5% from the August 15th total of 1,680,000 shares. Based on an average daily volume of 110,500 shares, the days-to-cover ratio is presently 16.2 days. Currently, 5.6% of the company’s shares are short sold.

Institutional Investors Weigh In On BRP

A number of hedge funds have recently bought and sold shares of DOOO. UniSuper Management Pty Ltd grew its position in shares of BRP by 66.7% in the 1st quarter. UniSuper Management Pty Ltd now owns 500 shares of the company’s stock worth $34,000 after acquiring an additional 200 shares in the last quarter. Trivant Custom Portfolio Group LLC acquired a new position in shares of BRP in the 1st quarter worth approximately $50,000. Dnca Finance acquired a new position in shares of BRP in the 2nd quarter worth approximately $66,000. Lake Street Advisors Group LLC acquired a new position in shares of BRP in the 2nd quarter worth approximately $201,000. Finally, Intech Investment Management LLC acquired a new position in shares of BRP in the 2nd quarter worth approximately $209,000.

BRP Stock Up 1.1 %

NASDAQ DOOO traded up $0.68 during mid-day trading on Thursday, reaching $61.61. 7,055 shares of the company’s stock traded hands, compared to its average volume of 124,446. BRP has a 1-year low of $57.15 and a 1-year high of $79.40. The company has a fifty day simple moving average of $67.75 and a 200-day simple moving average of $66.69. The company has a current ratio of 1.32, a quick ratio of 0.46 and a debt-to-equity ratio of 4.99. The company has a market cap of $4.57 billion, a price-to-earnings ratio of 11.10 and a beta of 2.07.

BRP Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 0.99%. BRP’s dividend payout ratio (DPR) is presently 11.21%.

Wall Street Analysts Forecast Growth

DOOO has been the subject of a number of recent research reports. National Bank Financial lowered BRP from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, August 21st. Cibc World Mkts lowered BRP from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 9th. CIBC lowered their target price on BRP from $110.00 to $100.00 and set an “outperformer” rating for the company in a research note on Monday, June 3rd. Citigroup lowered their target price 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, Desjardins lowered BRP from a “moderate buy” rating to a “hold” rating in a research note on Sunday, September 8th. Seven analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average 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.