Briggs & Stratton Co. (BGG) Shares Up 9.4% After Earnings Beat
Briggs & Stratton Co. (NYSE:BGG) shares traded up 9.4% during trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $23.89 and last traded at $23.50, with a volume of 1,738,267 shares changing hands. The stock had previously closed at $21.48.
The industrial products company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.01. Briggs & Stratton Co. had a net margin of 1.83% and a return on equity of 11.27%. The business earned $597 million during the quarter, compared to the consensus estimate of $617.01 million. During the same quarter last year, the company earned $0.80 earnings per share. The business’s quarterly revenue was down 1.1% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Friday, June 16th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend is Wednesday, June 14th. Briggs & Stratton Co.’s payout ratio is currently 75.68%.
A number of analysts have recently weighed in on the stock. Northcoast Research raised shares of Briggs & Stratton Co. from a “neutral” rating to a “buy” rating and set a $25.00 price target for the company in a research report on Monday, January 30th. They noted that the move was a valuation call. Zacks Investment Research cut Briggs & Stratton Co. from a “hold” rating to a “sell” rating in a research note on Tuesday, January 10th. Finally, TheStreet upgraded Briggs & Stratton Co. from a “c+” rating to a “b” rating in a research note on Tuesday, February 21st. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Briggs & Stratton Co. presently has a consensus rating of “Hold” and an average target price of $24.33.
In related news, SVP Harold L. Redman sold 22,530 shares of the firm’s stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $21.84, for a total transaction of $492,055.20. Following the transaction, the senior vice president now directly owns 92,009 shares in the company, valued at $2,009,476.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Andrea L. Golvach sold 4,110 shares of the firm’s stock in a transaction on Tuesday, January 31st. The stock was sold at an average price of $21.65, for a total value of $88,981.50. Following the transaction, the vice president now owns 18,299 shares in the company, valued at $396,173.35. The disclosure for this sale can be found here. Company insiders own 4.70% of the company’s stock.
A number of large investors have recently bought and sold shares of BGG. State of Alaska Department of Revenue boosted its stake in Briggs & Stratton Co. by 1.7% in the first quarter. State of Alaska Department of Revenue now owns 4,750 shares of the industrial products company’s stock worth $106,000 after buying an additional 80 shares during the last quarter. Pacad Investment Ltd. bought a new stake in Briggs & Stratton Co. during the fourth quarter worth about $116,000. ETRADE Capital Management LLC boosted its stake in Briggs & Stratton Co. by 7.8% in the third quarter. ETRADE Capital Management LLC now owns 11,397 shares of the industrial products company’s stock worth $213,000 after buying an additional 828 shares during the last quarter. First Allied Advisory Services Inc. bought a new stake in Briggs & Stratton Co. during the fourth quarter worth about $234,000. Finally, Quadrature Capital Ltd bought a new stake in Briggs & Stratton Co. during the third quarter worth about $267,000. Institutional investors own 89.46% of the company’s stock.
The company has a market cap of $1.01 billion, a P/E ratio of 30.92 and a beta of 0.82. The stock’s 50 day moving average price is $21.57 and its 200-day moving average price is $21.08.
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About Briggs & Stratton Co.
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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