BRP Inc. (NASDAQ:DOO) Stock Short Interest Rises 62.5%

BRP Inc. (NASDAQ:DOO) was the target of a significant growth in short interest during the month of October. As of October 15th, there was short interest totaling 1,135,269 shares, a growth of 62.5% from the September 30th total of 698,456 shares. Based on an average trading volume of 260,919 shares, the days-to-cover ratio is presently 4.4 days. Currently, 1.6% of the company’s stock are sold short.

Institutional Investors Weigh In On BRP

A number of large investors have recently added to or reduced their stakes in DOO. The Manufacturers Life Insurance Company raised its position in shares of BRP by 2.2% in the second quarter. The Manufacturers Life Insurance Company now owns 1,078,181 shares of the company’s stock valued at $65,728,000 after purchasing an additional 23,055 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of BRP by 11.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 206,229 shares of the company’s stock worth $14,805,000 after buying an additional 20,786 shares during the period. TD Asset Management Inc boosted its holdings in shares of BRP by 3.7% during the 2nd quarter. TD Asset Management Inc now owns 232,711 shares of the company’s stock worth $14,210,000 after buying an additional 8,239 shares during the period. Lazard Asset Management LLC grew its stake in BRP by 324.1% in the 1st quarter. Lazard Asset Management LLC now owns 152,035 shares of the company’s stock valued at $10,931,000 after buying an additional 116,189 shares during the last quarter. Finally, Swiss National Bank grew its stake in BRP by 1.3% in the 1st quarter. Swiss National Bank now owns 72,600 shares of the company’s stock valued at $5,211,000 after buying an additional 900 shares during the last quarter.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on DOO shares. Scotiabank reissued a “sector perform” rating on shares of BRP in a research report on Friday, September 4th. Citigroup upped their target price on BRP from $74.00 to $77.00 and gave the stock a “buy” rating in a research report on Tuesday, September 8th. Wall Street Zen downgraded BRP from a “buy” rating to a “hold” rating in a research note on Saturday, September 5th. Weiss Ratings downgraded BRP from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, October 8th. Finally, TD Securities upgraded BRP from a “hold” rating to a “buy” rating in a report on Tuesday, August 18th. Six investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $84.00.

BRP Price Performance

NASDAQ DOO opened at $62.43 on Tuesday. BRP has a fifty-two week low of $48.83 and a fifty-two week high of $81.89. The stock’s 50-day moving average is $58.49 and its two-hundred day moving average is $63.69. The firm has a market cap of $4.44 billion, a P/E ratio of 56.80 and a beta of 0.97. The company has a debt-to-equity ratio of 7.31, a current ratio of 1.19 and a quick ratio of 0.52.

BRP Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 13th. Stockholders of record on Tuesday, September 29th were issued a dividend of C$0.25 per share. The ex-dividend date of this dividend was Tuesday, September 29th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.6%. BRP’s dividend payout ratio is currently 65.45%.

BRP Company Profile

BRP Inc is a Canadian powersports and recreational products manufacturer headquartered in Valcourt, Quebec. The company traces its origins to 1942, when Joseph-Armand Bombardier founded a business focused on tracked vehicles, and became an independent public company after separating from Bombardier Inc in 2003.

BRP develops, manufactures and distributes powersports vehicles and marine products. Its portfolio includes Ski-Doo snowmobiles, Sea-Doo personal watercraft, Can-Am side-by-side and three-wheel vehicles, Rotax engines, and marine brands such as Alumacraft and Manitou.