ValuEngine Lowers Briggs & Stratton Corporation (BGG) to Hold
Briggs & Stratton Corporation (NYSE:BGG) was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating in a report issued on Friday.
Several other brokerages have also issued reports on BGG. Zacks Investment Research upgraded Briggs & Stratton Corporation from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a report on Friday, August 11th. BidaskClub lowered Briggs & Stratton Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, August 3rd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company. Briggs & Stratton Corporation presently has a consensus rating of “Hold” and a consensus target price of $25.50.
Shares of Briggs & Stratton Corporation (NYSE BGG) traded down 1.57% on Friday, hitting $23.80. 412,327 shares of the stock traded hands. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 18.17 and a beta of 0.72. Briggs & Stratton Corporation has a one year low of $17.90 and a one year high of $25.92. The company’s 50 day moving average is $21.97 and its 200 day moving average is $23.13.
Briggs & Stratton Corporation (NYSE:BGG) last announced its quarterly earnings results on Wednesday, August 16th. The industrial products company reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.06). The firm had revenue of $474.00 million for the quarter, compared to analyst estimates of $537.82 million. Briggs & Stratton Corporation had a net margin of 3.17% and a return on equity of 11.24%. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.46 earnings per share. On average, equities analysts forecast that Briggs & Stratton Corporation will post $1.38 EPS for the current year.
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In related news, insider Todd J. Teske sold 5,830 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $20.68, for a total value of $120,564.40. Following the completion of the sale, the insider now directly owns 379,417 shares in the company, valued at approximately $7,846,343.56. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP William H. Reitman sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $20.69, for a total value of $144,830.00. The disclosure for this sale can be found here. 4.20% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio lifted its holdings in Briggs & Stratton Corporation by 4.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 7,230 shares of the industrial products company’s stock worth $174,000 after purchasing an additional 293 shares during the last quarter. Piedmont Investment Advisors LLC acquired a new stake in Briggs & Stratton Corporation in the 2nd quarter worth approximately $223,000. Westover Capital Advisors LLC acquired a new stake in Briggs & Stratton Corporation in the 2nd quarter worth approximately $474,000. State Street Corp lifted its holdings in Briggs & Stratton Corporation by 4.7% in the 2nd quarter. State Street Corp now owns 1,189,916 shares of the industrial products company’s stock worth $28,674,000 after purchasing an additional 53,505 shares during the last quarter. Finally, Gotham Asset Management LLC acquired a new stake in Briggs & Stratton Corporation in the 2nd quarter worth approximately $474,000. Hedge funds and other institutional investors own 82.88% of the company’s stock.
About Briggs & Stratton Corporation
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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