CIBC Asset Management Inc Boosts Stock Position in BRP Inc. (NASDAQ:DOOO)

CIBC Asset Management Inc increased its stake in shares of BRP Inc. (NASDAQ:DOOO) by 14.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 133,038 shares of the company’s stock after acquiring an additional 16,379 shares during the quarter. CIBC Asset Management Inc’s holdings in BRP were worth $7,270,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of BRP by 17.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 405,978 shares of the company’s stock worth $24,159,000 after acquiring an additional 61,502 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of BRP by 8.3% in the third quarter. Geode Capital Management LLC now owns 208,186 shares of the company’s stock valued at $12,978,000 after purchasing an additional 15,892 shares during the period. The Manufacturers Life Insurance Company increased its position in BRP by 13.9% during the third quarter. The Manufacturers Life Insurance Company now owns 1,226,226 shares of the company’s stock worth $73,027,000 after purchasing an additional 150,039 shares during the last quarter. Intech Investment Management LLC raised its stake in BRP by 706.1% during the third quarter. Intech Investment Management LLC now owns 26,318 shares of the company’s stock worth $1,568,000 after purchasing an additional 23,053 shares during the period. Finally, Creative Planning acquired a new position in BRP in the 3rd quarter valued at about $227,000.

Wall Street Analyst Weigh In

Separately, Citigroup downgraded shares of BRP from a “buy” rating to a “neutral” rating in a report on Monday, February 3rd. Seven equities research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $97.00.

BRP Price Performance

Shares of DOOO opened at $43.91 on Thursday. The firm has a 50-day simple moving average of $49.32 and a two-hundred day simple moving average of $54.97. The company has a debt-to-equity ratio of 5.19, a current ratio of 1.37 and a quick ratio of 0.57. BRP Inc. has a 1-year low of $40.68 and a 1-year high of $75.59. The stock has a market cap of $3.21 billion, a PE ratio of 23.36 and a beta of 2.02.

BRP (NASDAQ:DOOO) last announced its earnings results on Friday, December 6th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.35. BRP had a return on equity of 61.20% and a net margin of 2.29%. As a group, analysts forecast that BRP Inc. will post 3.15 EPS for the current year.

BRP Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st were paid a dividend of $0.1485 per share. This represents a $0.59 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend was Tuesday, December 31st. BRP’s payout ratio is 30.85%.

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.