Brunswick (NYSE:BC) Stock Price Down 5.1% After Analyst Downgrade
Brunswick Co. (NYSE:BC)’s share price traded down 5.1% during mid-day trading on Friday after BMO Capital Markets lowered their price target on the stock to $63.00. BMO Capital Markets currently has an outperform rating on the stock. Brunswick traded as low as $44.00 and last traded at $44.16, 931,481 shares were traded during trading. A decline of 18% from the average session volume of 1,132,425 shares. The stock had previously closed at $46.52.
A number of other research firms have also weighed in on BC. Wedbush set a $53.00 price objective on shares of Brunswick and gave the company an “outperform” rating in a research report on Tuesday, July 2nd. They noted that the move was a valuation call. ValuEngine raised shares of Brunswick from a “strong sell” rating to a “sell” rating in a research report on Monday, July 29th. Citigroup dropped their price target on shares of Brunswick from $63.00 to $57.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Royal Bank of Canada lowered shares of Brunswick from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $55.00 to $47.00 in a research report on Monday, July 1st. Finally, Wells Fargo & Co dropped their price target on shares of Brunswick from $64.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $58.79.
Several institutional investors have recently bought and sold shares of the company. Fernwood Investment Management LLC increased its stake in Brunswick by 17.0% during the 1st quarter. Fernwood Investment Management LLC now owns 15,125 shares of the company’s stock valued at $761,000 after buying an additional 2,200 shares during the period. Rehmann Capital Advisory Group raised its position in shares of Brunswick by 25.7% in the first quarter. Rehmann Capital Advisory Group now owns 2,722 shares of the company’s stock valued at $137,000 after purchasing an additional 556 shares during the period. MARSHALL WACE ASIA Ltd raised its position in shares of Brunswick by 147.5% in the first quarter. MARSHALL WACE ASIA Ltd now owns 1,228,921 shares of the company’s stock valued at $61,852,000 after purchasing an additional 732,303 shares during the period. Bailard Inc. bought a new position in shares of Brunswick in the first quarter valued at approximately $413,000. Finally, Gabelli Funds LLC increased its position in Brunswick by 3.8% during the first quarter. Gabelli Funds LLC now owns 108,000 shares of the company’s stock worth $5,436,000 after acquiring an additional 4,000 shares during the period. Institutional investors own 96.64% of the company’s stock.
Brunswick (NYSE:BC) last announced its earnings results on Thursday, July 25th. The company reported $1.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.06. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.21 billion. Brunswick had a net margin of 3.10% and a return on equity of 26.56%. Brunswick’s revenue was down 16.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.50 earnings per share. As a group, analysts expect that Brunswick Co. will post 4.22 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, August 20th will be given a $0.21 dividend. The ex-dividend date is Monday, August 19th. This represents a $0.84 annualized dividend and a dividend yield of 1.90%. Brunswick’s dividend payout ratio is presently 17.61%.
About Brunswick (NYSE:BC)
Brunswick Corporation designs, manufactures, and markets recreation products worldwide. The company's Marine Engine segment offers outboard, sterndrive, and inboard engine and propulsion systems; marine electronics and control integration systems, steering systems, instruments, controls, propellers, trolling motors, fuel systems, electrical systems, service parts, and lubricants; and integrated propulsion systems to the recreational and commercial marine markets, as well as parts and accessories.
Further Reading: Hold Rating
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