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

BRP Inc. (NASDAQ:DOOO) saw a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 2,170,000 shares, a growth of 21.9% from the September 15th total of 1,780,000 shares. Approximately 6.9% of the shares of the stock are sold short. Based on an average daily volume of 115,400 shares, the short-interest ratio is presently 18.8 days.

BRP Stock Down 3.5 %

Shares of NASDAQ:DOOO opened at $56.47 on Wednesday. BRP has a 52 week low of $56.21 and a 52 week high of $77.74. The company has a debt-to-equity ratio of 4.99, a quick ratio of 0.37 and a current ratio of 1.32. The company’s fifty day moving average is $63.84 and its 200-day moving average is $66.20. The company has a market capitalization of $4.19 billion, a PE ratio of 10.21 and a beta of 2.06.

BRP (NASDAQ:DOOO) last issued its quarterly earnings results on Friday, September 6th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.23. The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.35 billion. BRP had a net margin of 2.78% and a return on equity of 79.58%. Equities research analysts predict that BRP will post 2.21 earnings per share for the current fiscal year.

BRP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a dividend of $0.152 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.61 dividend on an annualized basis and a yield of 1.08%. BRP’s payout ratio is presently 11.21%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. QV Investors Inc. bought a new stake in shares of BRP in the 2nd quarter valued at about $28,142,000. The Manufacturers Life Insurance Company lifted its holdings 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 purchasing an additional 408,692 shares during the last quarter. American Century Companies Inc. lifted its holdings 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 purchasing an additional 335,715 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings 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 purchasing an additional 184,313 shares during the last quarter. Finally, Ceredex Value Advisors LLC lifted its holdings in BRP by 297.4% during the 2nd quarter. Ceredex Value Advisors LLC now owns 173,884 shares of the company’s stock valued at $11,160,000 after purchasing an additional 130,131 shares during the last quarter.

Analyst Ratings Changes

DOOO has been the topic of several recent research reports. Stifel Nicolaus cut shares of BRP from a “buy” rating to a “hold” rating in a research note on Wednesday, August 21st. Citigroup reduced their target price on shares of BRP from $80.00 to $75.00 and set a “buy” rating for the company in a research note on Monday, September 9th. Scotiabank lowered shares of BRP from a “sector outperform” rating to a “sector perform” rating in a research report on Monday, September 9th. UBS Group dropped their target price on shares of BRP from $66.00 to $65.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Finally, Cibc World Mkts lowered shares of BRP from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 9th. Seven research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, BRP currently 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.