Brunswick (NYSE:BC) Shares Gap Down Following Analyst Downgrade

Brunswick Co. (NYSE:BC) shares gapped down prior to trading on Tuesday after Citigroup lowered their price target on the stock from $92.00 to $85.00. The stock had previously closed at $70.51, but opened at $69.03. Citigroup currently has a buy rating on the stock. Brunswick shares last traded at $68.20, with a volume of 104,119 shares traded.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley decreased their price target on shares of Brunswick from $78.00 to $64.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 21st. DA Davidson lowered their price target on shares of Brunswick from $80.00 to $60.00 and set a “neutral” rating for the company in a report on Wednesday, January 22nd. Truist Financial decreased their price objective on Brunswick from $90.00 to $85.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Benchmark reiterated a “buy” rating and issued a $100.00 target price on shares of Brunswick in a report on Friday, October 25th. Finally, B. Riley downgraded Brunswick from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $95.00 to $88.00 in a research report on Tuesday, November 26th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $82.54.

Insider Buying and Selling at Brunswick

In other news, Director Nancy E. Cooper sold 366 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $80.19, for a total value of $29,349.54. Following the sale, the director now owns 24,557 shares in the company, valued at $1,969,225.83. This represents a 1.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David M. Foulkes sold 23,829 shares of the company’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $80.22, for a total transaction of $1,911,562.38. Following the completion of the sale, the chief executive officer now directly owns 251,094 shares in the company, valued at approximately $20,142,760.68. The trade was a 8.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Brunswick

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Oak Thistle LLC acquired a new position in Brunswick during the 4th quarter worth about $368,000. Bank of Montreal Can lifted its position in shares of Brunswick by 20.8% during the second quarter. Bank of Montreal Can now owns 40,193 shares of the company’s stock worth $2,925,000 after purchasing an additional 6,922 shares in the last quarter. Global Alpha Capital Management Ltd. lifted its position in shares of Brunswick by 47.5% during the third quarter. Global Alpha Capital Management Ltd. now owns 240,128 shares of the company’s stock worth $20,128,000 after purchasing an additional 77,340 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Brunswick by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 1,487,773 shares of the company’s stock valued at $124,705,000 after purchasing an additional 102,780 shares in the last quarter. Finally, Barclays PLC increased its stake in Brunswick by 78.6% during the 3rd quarter. Barclays PLC now owns 118,189 shares of the company’s stock worth $9,907,000 after buying an additional 52,024 shares during the period. 99.34% of the stock is owned by hedge funds and other institutional investors.

Brunswick Stock Performance

The stock’s fifty day simple moving average is $71.33 and its 200-day simple moving average is $76.82. The company has a current ratio of 1.97, a quick ratio of 0.74 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $4.49 billion, a price-to-earnings ratio of 16.94 and a beta of 1.54.

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.