BRP Inc. (NASDAQ:DOO) Shares Shorted: Short Interest Down 47.7% in September

BRP Inc. (NASDAQ:DOO) was the recipient of a large decrease in short interest in the month of September. As of September 30th, there was short interest totaling 698,456 shares, a decrease of 47.7% from the September 15th total of 1,335,727 shares. Approximately 1.0% of the shares of the stock are sold short. Based on an average trading volume of 252,899 shares, the days-to-cover ratio is presently 2.8 days.

Wall Street Analyst Weigh In

DOO has been the topic of a number of recent analyst reports. Scotiabank restated a “sector perform” rating on shares of BRP in a research report on Friday, September 4th. Wall Street Zen lowered shares of BRP from a “buy” rating to a “hold” rating in a research report on Saturday, September 5th. Citigroup lifted their price objective on shares of BRP from $74.00 to $77.00 and gave the company a “buy” rating in a research note on Tuesday, September 8th. National Bank Financial raised shares of BRP from a “sector perform” rating to an “outperform” rating in a research note on Thursday, September 3rd. Finally, Weiss Ratings downgraded shares of BRP from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, October 8th. Six research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $84.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Pictet Asset Management Holding SA boosted its position in BRP by 4.8% in the first quarter. Pictet Asset Management Holding SA now owns 7,156 shares of the company’s stock valued at $513,000 after buying an additional 331 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of BRP by 6.0% during the second quarter. Deutsche Bank AG now owns 7,124 shares of the company’s stock worth $435,000 after buying an additional 402 shares in the last quarter. State of Wyoming increased its holdings in shares of BRP by 21.4% during the second quarter. State of Wyoming now owns 2,317 shares of the company’s stock worth $141,000 after buying an additional 408 shares in the last quarter. BlackRock Inc. lifted its stake in shares of BRP by 3.5% in the 2nd quarter. BlackRock Inc. now owns 12,364 shares of the company’s stock valued at $754,000 after acquiring an additional 417 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of BRP by 4,070.6% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 709 shares of the company’s stock valued at $43,000 after acquiring an additional 692 shares during the last quarter.

BRP Price Performance

Shares of DOO stock traded down $0.23 on Wednesday, hitting $52.81. 50,656 shares of the company’s stock were exchanged, compared to its average volume of 305,236. The company has a 50 day moving average of $60.67 and a 200 day moving average of $60.74. The stock has a market cap of $3.76 billion, a P/E ratio of 48.10 and a beta of 0.97. The company has a debt-to-equity ratio of 7.31, a current ratio of 1.19 and a quick ratio of 0.52. BRP has a 12 month low of $48.83 and a 12 month high of $81.89.

BRP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 13th. Shareholders of record on Tuesday, September 29th were paid a dividend of C$0.25 per share. The ex-dividend date of this dividend was Tuesday, September 29th. This represents a $1.00 annualized dividend and a yield of 1.9%. BRP’s payout ratio is presently 65.45%.

About BRP

BRP Inc, formerly known as Bombardier Recreational Products, is a Canadian company that designs, develops, manufactures, distributes and markets powersports vehicles, marine products, engines and related parts, accessories and apparel. The company serves recreational and commercial customers through a portfolio of products sold internationally.

BRP’s principal brands include Ski-Doo snowmobiles, Sea-Doo personal watercraft, Can-Am off-road and three-wheel vehicles, Alumacraft and Manitou boats, and Rotax engines.