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

BRP Inc. (NASDAQ:DOOO) was the target of a large increase in short interest in 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 shares are sold short. Based on an average daily trading volume, of 129,200 shares, the short-interest ratio is presently 18.3 days.

Institutional Trading of BRP

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its stake in BRP by 753.8% in the first quarter. BNP Paribas Financial Markets now owns 6,002 shares of the company’s stock valued at $403,000 after acquiring an additional 5,299 shares during the period. Sei Investments Co. bought a new stake in BRP during the 1st quarter valued at $5,376,000. Russell Investments Group Ltd. raised its holdings in BRP by 77.7% during the first quarter. Russell Investments Group Ltd. now owns 12,870 shares of the company’s stock worth $865,000 after buying an additional 5,627 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its stake in shares of BRP by 18.5% in the first quarter. Ontario Teachers Pension Plan Board now owns 35,081 shares of the company’s stock valued at $2,357,000 after buying an additional 5,489 shares in the last quarter. Finally, UniSuper Management Pty Ltd grew its holdings in shares of BRP by 66.7% during the first quarter. UniSuper Management Pty Ltd now owns 500 shares of the company’s stock valued at $34,000 after buying an additional 200 shares during the last quarter.

Analysts Set New Price Targets

DOOO has been the subject of several recent research reports. National Bank Financial cut shares of BRP from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, August 21st. UBS Group lowered their target price on BRP from $66.00 to $65.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Desjardins lowered BRP from a “moderate buy” rating to a “hold” rating in a research report on Sunday, September 8th. Stifel Nicolaus downgraded BRP from a “buy” rating to a “hold” rating in a research report on Wednesday, August 21st. Finally, Cibc World Mkts cut BRP from a “strong-buy” rating to a “hold” rating in a 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $97.00.

BRP Trading Up 0.8 %

NASDAQ DOOO opened at $48.09 on Monday. The stock has a market capitalization of $3.51 billion, a P/E ratio of 19.95 and a beta of 2.07. The business has a 50 day simple moving average of $55.77 and a 200 day simple moving average of $63.03. The company has a debt-to-equity ratio of 4.99, a current ratio of 1.32 and a quick ratio of 0.37. BRP has a one year low of $47.36 and a one year high of $75.92.

BRP (NASDAQ:DOOO) last released its quarterly earnings data on Friday, September 6th. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.23. The company had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.35 billion. BRP had a net margin of 2.78% and a return on equity of 79.58%. Research analysts expect that BRP will post 2.3 earnings per share for the current year.

BRP Announces Dividend

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