VELA Investment Management LLC Grows Stake in BRP Inc. $DOO

VELA Investment Management LLC grew its position in shares of BRP Inc. (NASDAQ:DOO) by 60.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,333 shares of the company’s stock after purchasing an additional 17,131 shares during the period. VELA Investment Management LLC’s holdings in BRP were worth $2,766,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Quarry LP purchased a new stake in shares of BRP in the fourth quarter worth $30,000. Quadrant Capital Group LLC purchased a new position in BRP during the fourth quarter worth about $89,000. PNC Financial Services Group Inc. purchased a new position in BRP during the fourth quarter worth about $142,000. Intact Investment Management Inc. bought a new position in BRP in the 4th quarter worth about $156,000. Finally, Wells Fargo & Company MN bought a new position in BRP in the 4th quarter worth about $227,000.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. UBS Group lowered their price target on BRP from $78.00 to $68.00 and set a “neutral” rating on the stock in a report on Friday, June 5th. Stifel Nicolaus cut shares of BRP from a “buy” rating to a “hold” rating in a research report on Friday, May 29th. Weiss Ratings restated a “hold (c)” rating on shares of BRP in a research report on Thursday, July 2nd. TD Securities reaffirmed a “hold” rating on shares of BRP in a research note on Friday, May 29th. Finally, Raymond James Financial lowered shares of BRP from a “strong-buy” rating to a “market perform” rating in a research report on Friday, April 24th. Four equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $83.00.

BRP Trading Down 0.4%

NASDAQ DOO opened at $64.51 on Friday. The company has a quick ratio of 0.61, a current ratio of 1.30 and a debt-to-equity ratio of 3.41. The stock’s 50-day simple moving average is $60.99 and its two-hundred day simple moving average is $64.70. BRP Inc. has a twelve month low of $48.83 and a twelve month high of $81.89. The company has a market capitalization of $4.73 billion, a price-to-earnings ratio of 24.34 and a beta of 0.88.

BRP Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, June 30th. This represents a $1.00 annualized dividend and a dividend yield of 1.6%. BRP’s dividend payout ratio is 26.42%.

About BRP

BRP Inc, headquartered in Valcourt, Quebec, designs, manufactures and distributes powersports vehicles and propulsion systems for recreational and utility use. The company traces its roots to the Bombardier family and the early development of the snowmobile, and it operates as a global manufacturer of recreational vehicles and related technologies.

BRP’s product portfolio includes snowmobiles, personal watercraft and sport boats, off-road vehicles (including all-terrain and side-by-side models) and three‑wheel on‑road vehicles.