Connor Clark & Lunn Investment Management Ltd. Buys 267,686 Shares of BRP Inc. $DOOO

Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of BRP Inc. (NASDAQ:DOOO) by 91.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 558,889 shares of the company’s stock after purchasing an additional 267,686 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in BRP were worth $33,975,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Mackenzie Financial Corp increased its stake in shares of BRP by 7.4% in the 3rd quarter. Mackenzie Financial Corp now owns 3,057,000 shares of the company’s stock valued at $185,836,000 after acquiring an additional 209,576 shares during the last quarter. Franklin Resources Inc. boosted its stake in BRP by 166.8% during the 3rd quarter. Franklin Resources Inc. now owns 461,984 shares of the company’s stock worth $28,084,000 after acquiring an additional 288,815 shares during the last quarter. Quadrant Capital Group LLC acquired a new position in BRP during the third quarter valued at approximately $77,000. Capital World Investors increased its stake in BRP by 4.5% in the third quarter. Capital World Investors now owns 2,323,013 shares of the company’s stock valued at $141,247,000 after purchasing an additional 100,000 shares in the last quarter. Finally, Vestcor Inc increased its stake in BRP by 127.9% in the third quarter. Vestcor Inc now owns 4,990 shares of the company’s stock valued at $303,000 after purchasing an additional 2,800 shares in the last quarter.

BRP Stock Up 0.2%

Shares of BRP stock opened at $66.01 on Friday. The business’s 50 day simple moving average is $75.74 and its 200 day simple moving average is $69.81. BRP Inc. has a 52-week low of $31.78 and a 52-week high of $78.07. The firm has a market cap of $4.82 billion, a PE ratio of 178.41 and a beta of 1.26. The company has a debt-to-equity ratio of 4.31, a quick ratio of 0.49 and a current ratio of 1.23.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on DOOO. Weiss Ratings raised shares of BRP from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, December 8th. Desjardins restated a “buy” rating on shares of BRP in a research report on Friday, December 5th. Loop Capital initiated coverage on BRP in a research note on Thursday, November 13th. They set a “buy” rating on the stock. TD Securities reiterated a “buy” rating on shares of BRP in a report on Thursday, December 4th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of BRP in a research note on Friday, December 5th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, BRP presently has an average rating of “Moderate Buy” and an average target price of $84.40.

BRP Profile

BRP Inc, operating under the brand name Bombardier Recreational Products, is a leader in designing, manufacturing and distributing recreational vehicles and propulsion systems for winter, on-road, off-road and water lifestyles. The company’s diversified portfolio includes snowmobiles, personal watercraft, all-terrain vehicles and roadsters, all powered by in-house Rotax engines. With a focus on innovation and performance, BRP has positioned itself at the forefront of the powersports industry.

At the heart of BRP’s product lineup are its flagship Ski-Doo snowmobiles and Sea-Doo personal watercraft, which serve both recreational and professional segments.