Briggs & Stratton Corp. (BGG) Rating Increased to Buy at Zacks Investment Research
Briggs & Stratton Corp. (NYSE:BGG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The brokerage currently has a $24.00 price target on the stock. Zacks Investment Research’s price objective suggests a potential upside of 14.12% from the stock’s previous close.
According to Zacks, “Briggs & Stratton Corp. is one of the world’s largest producers of air cooled gasoline engines for outdoor power equipment. The company designs, manufactures, markets and services these products for original equipment manufacturers worldwide. These engines are primarily aluminum alloy gasoline engines. “
BGG has been the topic of several other reports. TheStreet downgraded Briggs & Stratton Corp. from a “buy” rating to a “hold” rating in a research report on Friday, September 9th. Robert W. Baird reiterated a “neutral” rating and set a $22.00 target price on shares of Briggs & Stratton Corp. in a research report on Wednesday, August 17th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $23.33.
Briggs & Stratton Corp. (NYSE:BGG) opened at 21.03 on Monday. The stock has a market cap of $900.25 million, a PE ratio of 30.39 and a beta of 0.74. The stock has a 50 day moving average price of $19.44 and a 200 day moving average price of $20.35. Briggs & Stratton Corp. has a 52 week low of $15.47 and a 52 week high of $24.48.
Briggs & Stratton Corp. (NYSE:BGG) last released its earnings results on Wednesday, October 26th. The company reported ($0.34) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.40) by $0.06. Briggs & Stratton Corp. had a return on equity of 10.94% and a net margin of 1.69%. The firm had revenue of $286.80 million for the quarter, compared to the consensus estimate of $276.96 million. During the same period in the prior year, the business posted ($0.35) earnings per share. The firm’s revenue for the quarter was down .9% compared to the same quarter last year. On average, equities analysts predict that Briggs & Stratton Corp. will post $1.38 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Friday, December 16th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, December 14th. This represents a $0.56 annualized dividend and a yield of 2.66%. Briggs & Stratton Corp.’s dividend payout ratio is presently 83.58%.
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In other Briggs & Stratton Corp. news, SVP William H. Reitman sold 15,300 shares of the company’s stock in a transaction dated Thursday, October 27th. The stock was sold at an average price of $19.84, for a total transaction of $303,552.00. Following the completion of the sale, the senior vice president now directly owns 82,505 shares in the company, valued at $1,636,899.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Todd J. Teske sold 75,000 shares of the company’s stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $20.52, for a total value of $1,539,000.00. Following the sale, the chairman now owns 399,382 shares of the company’s stock, valued at $8,195,318.64. The disclosure for this sale can be found here. Company insiders own 4.70% of the company’s stock.
Large investors have recently made changes to their positions in the company. Riverhead Capital Management LLC raised its stake in Briggs & Stratton Corp. by 128.8% in the second quarter. Riverhead Capital Management LLC now owns 4,290 shares of the company’s stock worth $195,000 after buying an additional 2,415 shares during the period. PineBridge Investments L.P. raised its stake in Briggs & Stratton Corp. by 5.8% in the second quarter. PineBridge Investments L.P. now owns 5,497 shares of the company’s stock worth $117,000 after buying an additional 300 shares during the period. Teacher Retirement System of Texas raised its stake in Briggs & Stratton Corp. by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,171 shares of the company’s stock worth $131,000 after buying an additional 749 shares during the period. Contravisory Investment Management Inc. bought a new stake in Briggs & Stratton Corp. during the second quarter worth about $142,000. Finally, Hussman Strategic Advisors Inc. bought a new stake in Briggs & Stratton Corp. during the second quarter worth about $159,000. Institutional investors own 90.07% of the company’s stock.
About Briggs & Stratton Corp.
Briggs & Stratton Corporation is a producer of gasoline engines for outdoor power equipment. The Company designs, manufactures, markets, sells and services the various products for original equipment manufacturers (OEMs) around the world. It also markets and sells related service parts and accessories for its engines.
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