Shares of Brunswick Co. (NYSE:BC – Get Free Report) fell 7.6% on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $79.09 and last traded at $79.61. 604,486 shares traded hands during mid-day trading, a decline of 18% from the average session volume of 739,566 shares. The stock had previously closed at $86.13.
The company reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.01). Brunswick had a return on equity of 25.37% and a net margin of 6.24%. The company had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same period in the prior year, the business earned $2.57 earnings per share. Brunswick’s revenue for the quarter was down 21.7% compared to the same quarter last year.
Brunswick Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Monday, February 26th were issued a $0.42 dividend. The ex-dividend date of this dividend was Friday, February 23rd. This represents a $1.68 dividend on an annualized basis and a yield of 2.07%. This is an increase from Brunswick’s previous quarterly dividend of $0.40. Brunswick’s dividend payout ratio (DPR) is 31.23%.
Analyst Ratings Changes
Check Out Our Latest Research Report on Brunswick
Insider Buying and Selling
In other Brunswick news, CEO David M. Foulkes sold 35,000 shares of Brunswick stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $87.11, for a total transaction of $3,048,850.00. Following the sale, the chief executive officer now directly owns 272,626 shares in the company, valued at approximately $23,748,450.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Brunswick news, CEO David M. Foulkes sold 35,000 shares of Brunswick stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $87.11, for a total transaction of $3,048,850.00. Following the sale, the chief executive officer now directly owns 272,626 shares in the company, valued at approximately $23,748,450.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Christopher F. Dekker sold 6,234 shares of Brunswick stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $84.53, for a total value of $526,960.02. Following the sale, the vice president now owns 35,176 shares in the company, valued at $2,973,427.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 52,696 shares of company stock valued at $4,574,199. Corporate insiders own 0.81% of the company’s stock.
Institutional Investors Weigh In On Brunswick
A number of institutional investors have recently made changes to their positions in the company. Raymond James Trust N.A. increased its holdings in shares of Brunswick by 4.4% in the 4th quarter. Raymond James Trust N.A. now owns 2,863 shares of the company’s stock valued at $277,000 after acquiring an additional 120 shares during the last quarter. Verdence Capital Advisors LLC increased its holdings in shares of Brunswick by 4.3% in the 3rd quarter. Verdence Capital Advisors LLC now owns 3,645 shares of the company’s stock valued at $288,000 after acquiring an additional 149 shares during the last quarter. Wrapmanager Inc. increased its holdings in shares of Brunswick by 5.6% in the 3rd quarter. Wrapmanager Inc. now owns 2,806 shares of the company’s stock valued at $222,000 after acquiring an additional 149 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Brunswick by 2.9% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 5,488 shares of the company’s stock valued at $434,000 after acquiring an additional 155 shares during the last quarter. Finally, Fifth Third Bancorp increased its holdings in shares of Brunswick by 17.9% in the 3rd quarter. Fifth Third Bancorp now owns 1,042 shares of the company’s stock valued at $82,000 after acquiring an additional 158 shares during the last quarter. 99.34% of the stock is currently owned by institutional investors.
Brunswick Stock Up 1.3 %
The firm has a market capitalization of $5.58 billion, a P/E ratio of 15.07 and a beta of 1.56. The stock has a fifty day moving average price of $89.13 and a two-hundred day moving average price of $84.77. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.59 and a current ratio of 1.68.
About Brunswick
Brunswick Corporation designs, manufactures, and markets recreation products in the United States, Europe, the Asia-Pacific, Canada, and internationally. It operates through four segments: Propulsion, Engine P&A, Navico Group, and Boat. The Propulsion segment provides outboard, sterndrive, inboard engines, propulsion-related controls, rigging, and propellers for boat builders through marine retail dealers under the Mercury, Mercury MerCruiser, Mariner, Mercury Racing, Mercury Diesel, Avator, and Fliteboard brands.
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