Addenda Capital Inc. Boosts Stake in BRP Inc. (NASDAQ:DOOO)

Addenda Capital Inc. lifted its holdings in BRP Inc. (NASDAQ:DOOO) by 5.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,583 shares of the company’s stock after purchasing an additional 528 shares during the quarter. Addenda Capital Inc.’s holdings in BRP were worth $710,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of DOOO. Scotia Capital Inc. grew its holdings in shares of BRP by 1.5% in the fourth quarter. Scotia Capital Inc. now owns 22,246 shares of the company’s stock worth $1,588,000 after acquiring an additional 318 shares during the period. Royal London Asset Management Ltd. grew its holdings in shares of BRP by 31.4% in the third quarter. Royal London Asset Management Ltd. now owns 1,717 shares of the company’s stock worth $130,000 after acquiring an additional 410 shares during the period. Barclays PLC grew its holdings in BRP by 232.5% during the third quarter. Barclays PLC now owns 971 shares of the company’s stock valued at $73,000 after purchasing an additional 679 shares during the period. 1832 Asset Management L.P. grew its holdings in BRP by 0.8% during the fourth quarter. 1832 Asset Management L.P. now owns 98,871 shares of the company’s stock valued at $7,088,000 after purchasing an additional 758 shares during the period. Finally, Citigroup Inc. grew its holdings in BRP by 34.9% during the third quarter. Citigroup Inc. now owns 8,539 shares of the company’s stock valued at $649,000 after purchasing an additional 2,211 shares during the period.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Desjardins boosted their price target on BRP from $112.00 to $137.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd. CIBC cut their price target on BRP from $110.00 to $100.00 and set an “outperformer” rating for the company in a report on Monday, June 3rd. Finally, Raymond James lowered their price objective on BRP from $114.00 to $108.00 and set a “strong-buy” rating on the stock in a research report on Monday, April 1st. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, BRP has a consensus rating of “Moderate Buy” and an average price target of $124.50.

BRP Price Performance

NASDAQ:DOOO opened at $64.03 on Friday. The company has a current ratio of 1.35, a quick ratio of 0.46 and a debt-to-equity ratio of 4.23. The company has a market capitalization of $4.75 billion, a P/E ratio of 11.58 and a beta of 2.09. BRP Inc. has a 12 month low of $57.15 and a 12 month high of $92.74. The business’s 50-day moving average is $66.05 and its 200 day moving average is $66.81.

BRP (NASDAQ:DOOO) last posted its earnings results on Friday, May 31st. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.05. BRP had a return on equity of 101.72% and a net margin of 5.87%. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.49 billion. On average, equities research analysts forecast that BRP Inc. will post 4.49 earnings per share for the current fiscal year.

BRP Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a dividend of $0.152 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.61 dividend on an annualized basis and a yield of 0.95%. BRP’s dividend payout ratio (DPR) is presently 11.21%.

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.