Lord Abbett & CO. LLC Makes New Investment in Brunswick Co. (NYSE:BC)

Lord Abbett & CO. LLC bought a new position in Brunswick Co. (NYSE:BC) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 400,491 shares of the company’s stock, valued at approximately $38,655,000.

A number of other institutional investors and hedge funds have also bought and sold shares of BC. Baillie Gifford & Co. acquired a new position in Brunswick in the 1st quarter worth about $124,840,000. Norges Bank acquired a new stake in shares of Brunswick in the fourth quarter valued at about $65,105,000. Jennison Associates LLC increased its stake in shares of Brunswick by 71.0% in the fourth quarter. Jennison Associates LLC now owns 806,396 shares of the company’s stock valued at $78,019,000 after buying an additional 334,851 shares during the period. Victory Capital Management Inc. increased its stake in shares of Brunswick by 32.1% in the fourth quarter. Victory Capital Management Inc. now owns 1,144,308 shares of the company’s stock valued at $110,712,000 after buying an additional 278,082 shares during the period. Finally, Glenview Capital Management LLC increased its stake in shares of Brunswick by 41.2% in the fourth quarter. Glenview Capital Management LLC now owns 360,677 shares of the company’s stock valued at $34,896,000 after buying an additional 105,327 shares during the period. Institutional investors and hedge funds own 99.34% of the company’s stock.

Brunswick Stock Down 1.7 %

NYSE:BC traded down $1.38 on Friday, hitting $77.92. The stock had a trading volume of 750,511 shares, compared to its average volume of 741,229. The business’s fifty day moving average is $76.73 and its 200 day moving average is $83.72. The company has a market cap of $5.27 billion, a PE ratio of 14.52 and a beta of 1.52. The company has a quick ratio of 0.75, a current ratio of 1.68 and a debt-to-equity ratio of 1.16. Brunswick Co. has a 52 week low of $66.47 and a 52 week high of $99.68.

Brunswick (NYSE:BC) last announced its quarterly earnings results on Thursday, April 25th. The company reported $1.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.36 by ($0.01). The firm had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.36 billion. Brunswick had a return on equity of 25.37% and a net margin of 6.24%. The firm’s revenue was down 21.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.57 EPS. On average, equities research analysts expect that Brunswick Co. will post 7.18 EPS for the current fiscal year.

Brunswick Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Wednesday, August 21st will be issued a $0.42 dividend. The ex-dividend date is Wednesday, August 21st. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.16%. Brunswick’s dividend payout ratio is presently 31.23%.

Insider Activity

In other news, VP Brenna Preisser sold 1,225 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $82.09, for a total value of $100,560.25. Following the transaction, the vice president now owns 58,076 shares in the company, valued at $4,767,458.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Brenna Preisser sold 1,225 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $82.09, for a total value of $100,560.25. Following the transaction, the vice president now owns 58,076 shares in the company, valued at $4,767,458.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Nancy E. Cooper sold 357 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $80.34, for a total value of $28,681.38. Following the completion of the transaction, the director now owns 23,211 shares in the company, valued at approximately $1,864,771.74. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Benchmark assumed coverage on Brunswick in a research note on Wednesday, May 22nd. They issued a “buy” rating and a $100.00 price target for the company. Roth Mkm reissued a “buy” rating and issued a $94.00 price target on shares of Brunswick in a research note on Thursday, April 25th. B. Riley decreased their price target on Brunswick from $108.00 to $97.00 and set a “buy” rating for the company in a research note on Wednesday, July 10th. Morgan Stanley decreased their price target on Brunswick from $91.00 to $86.00 and set an “equal weight” rating for the company in a research note on Friday, April 26th. Finally, Citigroup decreased their price target on Brunswick from $100.00 to $88.00 and set a “buy” rating for the company in a research note on Monday, July 8th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Brunswick has a consensus rating of “Moderate Buy” and a consensus price target of $90.31.

Brunswick Company Profile

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.