Brunswick Corporation (NYSE:BC)’s share price dropped 15.4% on Thursday following a dissappointing earnings announcement. The stock traded as low as $48.06 and last traded at $48.63. Approximately 5,902,572 shares changed hands during trading, an increase of 425% from the average daily volume of 1,123,710 shares. The stock had previously closed at $57.48.
The company reported $0.91 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.09). The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Brunswick Corporation had a net margin of 5.93% and a return on equity of 22.71%. The business’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Tuesday, November 21st will be given a dividend of $0.19 per share. The ex-dividend date is Monday, November 20th. This represents a $0.76 annualized dividend and a dividend yield of 1.52%. This is a boost from Brunswick Corporation’s previous quarterly dividend of $0.17. Brunswick Corporation’s dividend payout ratio (DPR) is 21.29%.
BC has been the topic of a number of analyst reports. Robert W. Baird reiterated a “buy” rating and issued a $68.00 target price on shares of Brunswick Corporation in a research report on Friday, September 8th. BMO Capital Markets reiterated a “buy” rating and issued a $68.00 target price on shares of Brunswick Corporation in a research report on Friday, October 13th. Royal Bank Of Canada reiterated a “buy” rating on shares of Brunswick Corporation in a research report on Tuesday, October 3rd. Zacks Investment Research
upgraded shares of Brunswick Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, October 18th. Finally, KeyCorp reiterated an “overweight” rating and issued a $62.00 target price on shares of Brunswick Corporation in a research report on Wednesday, August 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $64.36.
A number of institutional investors have recently made changes to their positions in the business. Boston Partners grew its holdings in Brunswick Corporation by 3.8% in the 2nd quarter. Boston Partners now owns 9,306,042 shares of the company’s stock worth $583,768,000 after acquiring an additional 338,212 shares during the last quarter. BlackRock Inc. grew its holdings in Brunswick Corporation by 0.9% in the 2nd quarter. BlackRock Inc. now owns 7,553,692 shares of the company’s stock worth $473,842,000 after acquiring an additional 65,605 shares during the last quarter. Vanguard Group Inc. grew its holdings in Brunswick Corporation by 1.1% in the 2nd quarter. Vanguard Group Inc. now owns 7,234,542 shares of the company’s stock worth $453,822,000 after acquiring an additional 76,262 shares during the last quarter. TimesSquare Capital Management LLC grew its holdings in Brunswick Corporation by 17.1% in the 2nd quarter. TimesSquare Capital Management LLC now owns 1,950,700 shares of the company’s stock worth $122,367,000 after acquiring an additional 284,300 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in Brunswick Corporation by 10.2% in the 3rd quarter. Victory Capital Management Inc. now owns 1,581,911 shares of the company’s stock worth $88,539,000 after acquiring an additional 146,661 shares during the last quarter. 93.82% of the stock is currently owned by institutional investors and hedge funds.
The stock has a 50 day moving average price of $55.96 and a 200 day moving average price of $57.22. The stock has a market cap of $4.44 billion, a price-to-earnings ratio of 15.86 and a beta of 1.85.
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Brunswick Corporation Company Profile
Brunswick Corporation is a designer, manufacturer and marketer of recreation products. The Company operates through three segments: Marine Engine, Boat and Fitness. The Company’s product includes marine engines, boats, fitness equipment and active recreation products. The Company’s engine-related products include outboard, sterndrive and inboard engines; trolling motors; propellers; engine control systems; and marine parts and accessories.
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