Brunswick Co. (NYSE:BC) Stock Holdings Cut by California Public Employees Retirement System
California Public Employees Retirement System reduced its position in shares of Brunswick Co. (NYSE:BC) by 8.5% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 171,387 shares of the company’s stock after selling 15,887 shares during the quarter. California Public Employees Retirement System’s holdings in Brunswick were worth $8,933,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of BC. Cantillon Capital Management LLC bought a new position in Brunswick during the 2nd quarter valued at $111,724,000. Van Berkom & Associates Inc. boosted its stake in Brunswick by 4,344.7% during the 2nd quarter. Van Berkom & Associates Inc. now owns 1,033,524 shares of the company’s stock valued at $47,428,000 after purchasing an additional 1,010,271 shares in the last quarter. Deprince Race & Zollo Inc. bought a new position in Brunswick during the 2nd quarter valued at $45,287,000. Engine Capital Management LP bought a new position in Brunswick during the 2nd quarter valued at $13,343,000. Finally, JPMorgan Chase & Co. boosted its stake in Brunswick by 6.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,218,425 shares of the company’s stock valued at $142,867,000 after purchasing an additional 198,288 shares in the last quarter. 99.30% of the stock is owned by hedge funds and other institutional investors.
BC has been the subject of a number of research reports. ValuEngine raised Brunswick from a “sell” rating to a “hold” rating in a research note on Tuesday, September 10th. Royal Bank of Canada set a $58.00 price target on Brunswick and gave the company a “hold” rating in a research note on Friday, October 25th. Wells Fargo & Co decreased their price target on Brunswick from $64.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, July 17th. Zacks Investment Research raised Brunswick from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Wednesday, September 25th. Finally, B. Riley set a $74.00 price objective on Brunswick and gave the stock a “buy” rating in a research note on Wednesday, August 21st. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $61.67.
Brunswick (NYSE:BC) last released its quarterly earnings data on Thursday, October 24th. The company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.11. The business had revenue of $976.60 million during the quarter, compared to analyst estimates of $984.32 million. Brunswick had a positive return on equity of 25.96% and a negative net margin of 3.32%. The company’s revenue was down 6.5% compared to the same quarter last year. During the same period last year, the company posted $1.28 EPS. On average, equities research analysts anticipate that Brunswick Co. will post 4.26 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Tuesday, November 19th will be paid a dividend of $0.24 per share. The ex-dividend date is Monday, November 18th. This is a positive change from Brunswick’s previous quarterly dividend of $0.21. This represents a $0.96 annualized dividend and a dividend yield of 1.62%. Brunswick’s dividend payout ratio (DPR) is currently 17.61%.
In other news, CFO William Metzger sold 15,517 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $53.77, for a total value of $834,349.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.20% of the company’s stock.
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.
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