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

BRP Inc. (NASDAQ:DOOO) saw a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 2,360,000 shares, an increase of 16.3% from the October 15th total of 2,030,000 shares. Currently, 7.5% of the company’s stock are sold short. Based on an average daily trading volume, of 129,200 shares, the short-interest ratio is currently 18.3 days.

Institutional Investors Weigh In On BRP

Several large investors have recently added to or reduced their stakes in the company. UniSuper Management Pty Ltd boosted its position in BRP by 66.7% during the first quarter. UniSuper Management Pty Ltd now owns 500 shares of the company’s stock worth $34,000 after purchasing an additional 200 shares during the period. US Bancorp DE grew its stake in BRP by 350.0% in the 3rd quarter. US Bancorp DE now owns 414 shares of the company’s stock valued at $25,000 after buying an additional 322 shares in the last quarter. Quantbot Technologies LP raised its holdings in BRP by 9.7% during the 3rd quarter. Quantbot Technologies LP now owns 3,827 shares of the company’s stock valued at $228,000 after acquiring an additional 337 shares during the period. Bank of New York Mellon Corp lifted its position in shares of BRP by 1.7% during the second quarter. Bank of New York Mellon Corp now owns 30,666 shares of the company’s stock worth $1,964,000 after acquiring an additional 520 shares in the last quarter. Finally, Dnca Finance bought a new position in shares of BRP in the second quarter worth $66,000.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Desjardins lowered BRP from a “moderate buy” rating to a “hold” rating in a research report on Sunday, September 8th. UBS Group dropped their price target 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. Scotiabank cut shares of BRP from a “sector outperform” rating to a “sector perform” rating in a report on Monday, September 9th. Citigroup decreased their price objective 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. Finally, National Bank Financial downgraded BRP from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, August 21st. Seven analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $97.00.

BRP Stock Performance

Shares of DOOO stock opened at $48.09 on Monday. 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 firm has a market cap of $3.51 billion, a price-to-earnings ratio of 19.95 and a beta of 2.07. BRP has a 52 week low of $47.36 and a 52 week high of $75.92. The firm’s 50-day simple moving average is $55.77 and its two-hundred day simple moving average is $63.03.

BRP (NASDAQ:DOOO) last posted its quarterly earnings results on Friday, September 6th. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.23. BRP had a net margin of 2.78% and a return on equity of 79.58%. The company had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.35 billion. As a group, equities analysts forecast that BRP will post 2.3 earnings per share for the current year.

BRP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.152 per share. The ex-dividend date was Friday, September 27th. This represents a $0.61 annualized dividend and a dividend yield of 1.26%. BRP’s payout ratio is 25.73%.

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.