Briggs & Stratton Corporation (BGG) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Briggs & Stratton Corporation (NYSE:BGG) from a strong sell rating to a hold rating in a research note released on Tuesday, October 17th.

According to Zacks, “Briggs & Stratton Corp. is one of the world’s largest producers of air cooled gasoline engines for outdoor power equipment. The company designs, manufactures, markets and services these products for original equipment manufacturers worldwide. These engines are primarily aluminum alloy gasoline engines. “

A number of other brokerages have also weighed in on BGG. ValuEngine upgraded shares of Briggs & Stratton Corporation from a hold rating to a buy rating in a research report on Tuesday, September 26th. BidaskClub downgraded shares of Briggs & Stratton Corporation from a sell rating to a strong sell rating in a research note on Thursday, August 3rd. Finally, Raymond James Financial, Inc. reissued an underperform rating on shares of Briggs & Stratton Corporation in a research note on Tuesday, October 17th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Hold and an average target price of $26.50.

Shares of Briggs & Stratton Corporation (NYSE BGG) traded up $0.21 during trading hours on Tuesday, hitting $24.83. 438,951 shares of the company’s stock were exchanged, compared to its average volume of 380,008. Briggs & Stratton Corporation has a 1 year low of $18.28 and a 1 year high of $25.95. The firm has a market cap of $1,055.27, a price-to-earnings ratio of 17.97 and a beta of 0.79. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.70 and a current ratio of 1.82.

Briggs & Stratton Corporation (NYSE:BGG) last posted its quarterly earnings results on Wednesday, October 25th. The industrial products company reported ($0.27) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.35) by $0.08. Briggs & Stratton Corporation had a net margin of 3.05% and a return on equity of 11.38%. The business had revenue of $329.10 million for the quarter, compared to analyst estimates of $295.84 million. During the same quarter last year, the business posted ($0.34) EPS. The firm’s revenue for the quarter was up 14.7% on a year-over-year basis. analysts forecast that Briggs & Stratton Corporation will post 1.49 earnings per share for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 3rd. Stockholders of record on Friday, December 15th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend is Thursday, December 14th. Briggs & Stratton Corporation’s dividend payout ratio is currently 43.75%.

In other Briggs & Stratton Corporation news, SVP William H. Reitman sold 7,000 shares of Briggs & Stratton Corporation stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $20.69, for a total value of $144,830.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Todd J. Teske sold 5,830 shares of Briggs & Stratton Corporation stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $20.68, for a total transaction of $120,564.40. Following the completion of the sale, the insider now directly owns 379,417 shares in the company, valued at approximately $7,846,343.56. The disclosure for this sale can be found here. Insiders have sold 32,004 shares of company stock valued at $748,579 over the last quarter. Corporate insiders own 4.20% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Texas Permanent School Fund raised its position in shares of Briggs & Stratton Corporation by 0.8% in the second quarter. Texas Permanent School Fund now owns 31,232 shares of the industrial products company’s stock valued at $753,000 after purchasing an additional 239 shares during the period. LSV Asset Management raised its position in shares of Briggs & Stratton Corporation by 0.9% in the second quarter. LSV Asset Management now owns 2,177,517 shares of the industrial products company’s stock valued at $52,478,000 after purchasing an additional 18,700 shares during the period. First Trust Advisors LP raised its position in shares of Briggs & Stratton Corporation by 1.3% in the first quarter. First Trust Advisors LP now owns 68,925 shares of the industrial products company’s stock valued at $1,547,000 after purchasing an additional 898 shares during the period. Principal Financial Group Inc. raised its position in shares of Briggs & Stratton Corporation by 0.7% in the first quarter. Principal Financial Group Inc. now owns 325,366 shares of the industrial products company’s stock valued at $7,304,000 after purchasing an additional 2,183 shares during the period. Finally, Federated Investors Inc. PA raised its position in shares of Briggs & Stratton Corporation by 7.2% in the second quarter. Federated Investors Inc. PA now owns 115,288 shares of the industrial products company’s stock valued at $2,778,000 after purchasing an additional 7,761 shares during the period. 83.06% of the stock is currently owned by institutional investors.

About Briggs & Stratton Corporation

Briggs & Stratton Corporation is a producer of gasoline engines for outdoor power equipment. The Company designs, manufactures, markets, sells and services the various products for original equipment manufacturers (OEMs) around the world. It also markets and sells related service parts and accessories for its engines.

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