Brunswick Corporation $BC Shares Sold by Turtle Creek Asset Management Inc.

Turtle Creek Asset Management Inc. lessened its stake in Brunswick Corporation (NYSE:BC) by 28.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 788,155 shares of the company’s stock after selling 308,518 shares during the quarter. Brunswick accounts for approximately 2.1% of Turtle Creek Asset Management Inc.’s portfolio, making the stock its 20th biggest position. Turtle Creek Asset Management Inc. owned approximately 1.21% of Brunswick worth $57,346,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Bank of America Corp DE increased its stake in shares of Brunswick by 296.1% during the first quarter. Bank of America Corp DE now owns 872,368 shares of the company’s stock worth $63,474,000 after buying an additional 652,136 shares during the period. Bull Harbor Capital LLC purchased a new position in Brunswick in the first quarter worth approximately $223,000. Amundi acquired a new position in Brunswick during the 1st quarter worth approximately $331,000. California State Teachers Retirement System grew its holdings in Brunswick by 28.6% during the 1st quarter. California State Teachers Retirement System now owns 78,652 shares of the company’s stock worth $5,723,000 after acquiring an additional 17,489 shares in the last quarter. Finally, Maverick Capital Ltd. purchased a new stake in shares of Brunswick in the 1st quarter valued at approximately $854,000. 99.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Brunswick

In other news, CEO David M. Foulkes sold 25,853 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $83.12, for a total transaction of $2,148,901.36. Following the transaction, the chief executive officer directly owned 267,528 shares in the company, valued at approximately $22,236,927.36. This trade represents a 8.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.99% of the company’s stock.

Brunswick Stock Down 1.9%

BC opened at $80.45 on Thursday. Brunswick Corporation has a one year low of $55.60 and a one year high of $90.25. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.62 and a current ratio of 1.38. The stock has a market capitalization of $5.23 billion, a P/E ratio of -38.31 and a beta of 1.33. The business’s 50-day simple moving average is $81.28 and its 200-day simple moving average is $80.36.

Brunswick (NYSE:BC) last announced its earnings results on Thursday, April 30th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.24. The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Brunswick had a positive return on equity of 13.30% and a negative net margin of 2.47%.The business’s revenue was up 12.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.56 EPS. Analysts anticipate that Brunswick Corporation will post 4.31 EPS for the current year.

Brunswick Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Thursday, August 20th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Thursday, August 20th. Brunswick’s dividend payout ratio is presently -83.81%.

Wall Street Analyst Weigh In

BC has been the topic of a number of analyst reports. Truist Financial raised their price objective on shares of Brunswick from $93.00 to $94.00 and gave the company a “buy” rating in a report on Monday, July 6th. Weiss Ratings restated a “sell (d+)” rating on shares of Brunswick in a research note on Wednesday, June 24th. Wall Street Zen cut Brunswick from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. JPMorgan Chase & Co. raised their target price on Brunswick from $78.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 28th. Finally, Morgan Stanley upped their price target on Brunswick from $82.00 to $86.00 and gave the company an “equal weight” rating in a report on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $87.07.

About Brunswick

Founded in 1845 by John Moses Brunswick, Brunswick Corporation is a global leader in recreation products. Headquartered in Mettawa, Illinois, the company has evolved from its origins as a billiard table manufacturer into a diversified supplier of leisure equipment, serving both consumer and commercial markets around the world.

Brunswick operates through two primary segments: Marine and Bowling & Billiards. In its Marine segment, the company designs, manufactures and distributes recreational boats, outboard engines and aftermarket parts under recognized brands such as Sea Ray, Bayliner and Mercury Marine.