Brunswick (NYSE:BC) Updates FY24 Earnings Guidance

Brunswick (NYSE:BC) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $7.00-$8.00 for the period, compared to the consensus earnings per share estimate of $7.38. The company issued revenue guidance of $6.0-$6.2 billion, compared to the consensus revenue estimate of $6.03 billion. Brunswick also updated its FY 2024 guidance to 7.000-8.000 EPS.

Analysts Set New Price Targets

Several brokerages have weighed in on BC. Truist Financial lowered their price objective on Brunswick from $115.00 to $105.00 and set a buy rating for the company in a research report on Friday, February 2nd. Roth Mkm boosted their price objective on Brunswick from $85.00 to $94.00 and gave the company a buy rating in a research report on Friday, February 2nd. B. Riley upgraded Brunswick from a neutral rating to a buy rating and boosted their price objective for the company from $100.00 to $108.00 in a research report on Tuesday, February 20th. BNP Paribas reiterated a neutral rating and issued a $82.00 price objective (down previously from $94.00) on shares of Brunswick in a research report on Monday, April 15th. Finally, Stifel Nicolaus boosted their price objective on Brunswick from $88.00 to $97.00 and gave the company a buy rating in a research report on Wednesday, January 17th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average target price of $92.08.

Brunswick Price Performance

BC opened at $86.12 on Thursday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.59 and a current ratio of 1.43. Brunswick has a 52-week low of $66.47 and a 52-week high of $99.68. The stock has a market capitalization of $5.93 billion, a PE ratio of 14.47 and a beta of 1.56. The stock’s 50 day moving average price is $89.30 and its 200-day moving average price is $84.79.

Brunswick (NYSE:BC) last posted its earnings results on Thursday, February 1st. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.66 by ($0.21). Brunswick had a net margin of 6.57% and a return on equity of 29.78%. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same period last year, the firm posted $1.99 earnings per share. Brunswick’s quarterly revenue was down 14.0% on a year-over-year basis. On average, equities research analysts predict that Brunswick will post 7.5 EPS for the current year.

Brunswick Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Monday, February 26th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.95%. This is a boost from Brunswick’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, February 23rd. Brunswick’s dividend payout ratio is presently 28.24%.

Insider Buying and Selling

In related news, VP Christopher F. Dekker sold 6,234 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $84.53, for a total value of $526,960.02. Following the sale, the vice president now directly owns 35,176 shares of the company’s stock, valued at $2,973,427.28. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, VP Christopher F. Dekker sold 6,234 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $84.53, for a total value of $526,960.02. Following the sale, the vice president now directly owns 35,176 shares of the company’s stock, valued at $2,973,427.28. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO David M. Foulkes sold 35,000 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $87.11, for a total value of $3,048,850.00. Following the completion of the sale, the chief executive officer now directly owns 272,626 shares in the company, valued at $23,748,450.86. The disclosure for this sale can be found here. Insiders have sold a total of 52,696 shares of company stock valued at $4,574,199 over the last ninety days. Company insiders own 0.81% of the company’s stock.

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.