Brunswick (NYSE:BC) Updates FY24 Earnings Guidance

Brunswick (NYSE:BC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $5.00-$5.50 for the period, compared to the consensus earnings per share estimate of $7.01. The company issued revenue guidance of $5.2-$5.4 billion, compared to the consensus revenue estimate of $5.90 billion. Brunswick also updated its FY 2024 guidance to 5.000-5.500 EPS.

Brunswick Stock Up 1.2 %

Shares of Brunswick stock traded up $0.98 on Friday, hitting $80.00. The company had a trading volume of 1,573,593 shares, compared to its average volume of 769,421. The stock has a market capitalization of $5.41 billion, a price-to-earnings ratio of 14.77 and a beta of 1.52. Brunswick has a 1 year low of $66.47 and a 1 year high of $99.68. The stock has a 50 day moving average of $76.14 and a 200-day moving average of $83.20. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.75 and a current ratio of 1.68.

Brunswick (NYSE:BC) last issued its quarterly earnings data on Thursday, July 25th. The company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.10). The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Brunswick had a return on equity of 25.37% and a net margin of 6.24%. The business’s revenue for the quarter was down 15.2% compared to the same quarter last year. During the same period last year, the company earned $2.35 earnings per share. As a group, sell-side analysts forecast that Brunswick will post 7.15 earnings per share for the current year.

Brunswick Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Wednesday, August 21st will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Wednesday, August 21st. Brunswick’s dividend payout ratio (DPR) is presently 31.23%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BC shares. Morgan Stanley reduced their target price on Brunswick from $91.00 to $86.00 and set an equal weight rating for the company in a report on Friday, April 26th. Jefferies Financial Group reaffirmed a hold rating and issued a $70.00 target price (down from $115.00) on shares of Brunswick in a report on Friday. Citigroup reduced their target price on Brunswick from $100.00 to $88.00 and set a buy rating for the company in a report on Monday, July 8th. JPMorgan Chase & Co. reduced their target price on Brunswick from $78.00 to $75.00 and set a neutral rating for the company in a report on Wednesday. Finally, Stifel Nicolaus reduced their target price on Brunswick from $97.00 to $95.00 and set a buy rating for the company in a report on Friday, July 12th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Brunswick currently has a consensus rating of Moderate Buy and an average price target of $88.57.

Insider Buying and Selling at Brunswick

In other news, Director Nancy E. Cooper sold 357 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was 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 directly owns 23,211 shares of the company’s stock, valued at $1,864,771.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Nancy E. Cooper sold 357 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was 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 directly owns 23,211 shares of the company’s stock, valued at $1,864,771.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Brenna Preisser sold 1,225 shares of the firm’s stock in a transaction 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 completion of the transaction, the vice president now directly owns 58,076 shares of the company’s stock, valued at $4,767,458.84. The disclosure for this sale can be found here. 0.81% of the stock is owned by corporate insiders.

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.