New York State Common Retirement Fund Grows Stock Holdings in Brunswick Co. (NYSE:BC)
New York State Common Retirement Fund increased its stake in shares of Brunswick Co. (NYSE:BC) by 68.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 261,869 shares of the company’s stock after buying an additional 106,078 shares during the period. New York State Common Retirement Fund owned about 0.33% of Brunswick worth $9,262,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in BC. Norges Bank purchased a new stake in Brunswick during the fourth quarter worth about $58,376,000. Franklin Resources Inc. purchased a new stake in Brunswick during the fourth quarter worth about $43,581,000. Principal Financial Group Inc. boosted its holdings in Brunswick by 178.1% during the fourth quarter. Principal Financial Group Inc. now owns 1,034,731 shares of the company’s stock worth $62,064,000 after buying an additional 662,647 shares in the last quarter. Lord Abbett & CO. LLC purchased a new stake in Brunswick during the fourth quarter worth about $29,858,000. Finally, Scout Investments Inc. acquired a new position in Brunswick during the first quarter worth about $15,051,000. 95.15% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have issued reports on BC shares. Raymond James lifted their target price on shares of Brunswick from $48.00 to $53.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Wolfe Research started coverage on shares of Brunswick in a research report on Friday, April 17th. They set an “outperform” rating and a $44.00 target price for the company. Royal Bank of Canada cut shares of Brunswick from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $70.00 to $44.00 in a research report on Monday, March 16th. Stifel Nicolaus lifted their target price on shares of Brunswick from $43.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Finally, ValuEngine cut shares of Brunswick from a “hold” rating to a “sell” rating in a research report on Thursday, April 2nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. Brunswick presently has an average rating of “Buy” and an average target price of $54.18.
Brunswick (NYSE:BC) last released its earnings results on Thursday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.11. Brunswick had a negative net margin of 0.64% and a positive return on equity of 26.21%. The firm had revenue of $965.50 million during the quarter, compared to the consensus estimate of $992.93 million. During the same period in the previous year, the firm earned $0.94 earnings per share. Brunswick’s revenue was down 24.3% compared to the same quarter last year. Sell-side analysts predict that Brunswick Co. will post 2.72 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Tuesday, May 19th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, May 18th. This represents a $0.96 dividend on an annualized basis and a yield of 1.80%. Brunswick’s payout ratio is 22.17%.
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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