Briggs & Stratton Co. (BGG) Stock Rating Upgraded by Zacks Investment Research
Briggs & Stratton Co. (NYSE:BGG) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday.
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. “
Several other equities research analysts have also weighed in on the company. Raymond James Financial, Inc. reissued an “underperform” rating on shares of Briggs & Stratton Co. in a report on Tuesday. They noted that the move was a valuation call. ValuEngine lowered Briggs & Stratton Co. from a “buy” rating to a “hold” rating in a report on Friday, October 6th. Finally, BidaskClub raised Briggs & Stratton Co. from a “strong sell” rating to a “sell” rating in a report on Monday, August 14th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $25.50.
Shares of Briggs & Stratton Co. (NYSE BGG) traded down 6.01% during trading on Tuesday, reaching $22.98. 680,423 shares of the company were exchanged. The firm’s 50 day moving average price is $22.56 and its 200 day moving average price is $23.24. The company has a market capitalization of $982.51 million, a PE ratio of 17.54 and a beta of 0.72. Briggs & Stratton Co. has a one year low of $17.90 and a one year high of $25.92.
Briggs & Stratton Co. (NYSE:BGG) last announced its earnings results on Wednesday, August 16th. The industrial products company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.06). Briggs & Stratton Co. had a net margin of 4.16% and a return on equity of 14.38%. The business had revenue of $474.00 million for the quarter, compared to analysts’ expectations of $537.82 million. During the same period in the prior year, the business earned $0.46 earnings per share. The company’s revenue for the quarter was down 5.6% compared to the same quarter last year. Equities research analysts forecast that Briggs & Stratton Co. will post $1.38 earnings per share for the current fiscal year.
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In other Briggs & Stratton Co. news, insider Todd J. Teske sold 5,830 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 379,417 shares in the company, valued at approximately $7,846,343.56. The sale 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 firm’s stock in a transaction dated 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. Company insiders own 4.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of BGG. BlackRock Inc. boosted its stake in Briggs & Stratton Co. by 26,045.7% in the 1st quarter. BlackRock Inc. now owns 5,666,301 shares of the industrial products company’s stock worth $127,209,000 after purchasing an additional 5,644,629 shares during the period. Bank of America Corp DE boosted its stake in Briggs & Stratton Co. by 79.6% in the 1st quarter. Bank of America Corp DE now owns 368,281 shares of the industrial products company’s stock worth $8,268,000 after purchasing an additional 163,210 shares during the period. Algert Global LLC bought a new position in Briggs & Stratton Co. in the 2nd quarter worth about $1,887,000. State Street Corp boosted its stake in Briggs & Stratton Co. by 7.1% in the 1st quarter. State Street Corp now owns 1,136,411 shares of the industrial products company’s stock worth $25,516,000 after purchasing an additional 75,331 shares during the period. Finally, Northern Trust Corp boosted its stake in Briggs & Stratton Co. by 8.0% in the 2nd quarter. Northern Trust Corp now owns 898,841 shares of the industrial products company’s stock worth $21,662,000 after purchasing an additional 66,716 shares during the period. Institutional investors and hedge funds own 82.87% of the company’s stock.
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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