Insider Selling: Brunswick (NYSE:BC) CEO Sells 48,134 Shares of Company Stock

Brunswick Corporation (NYSE:BC) CEO David Foulkes sold 48,134 shares of the stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $78.98, for a total value of $3,801,623.32. Following the completion of the sale, the chief executive officer directly owned 221,047 shares of the company’s stock, valued at $17,458,292.06. The trade was a 17.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Brunswick Stock Performance

Shares of Brunswick stock traded down $1.63 during trading on Friday, reaching $77.26. The company’s stock had a trading volume of 904,116 shares, compared to its average volume of 826,636. Brunswick Corporation has a fifty-two week low of $59.06 and a fifty-two week high of $90.25. The firm has a market cap of $5.01 billion, a PE ratio of 23.92 and a beta of 1.40. The company has a current ratio of 1.51, a quick ratio of 0.62 and a debt-to-equity ratio of 1.07. The company has a 50-day moving average price of $68.80 and a two-hundred day moving average price of $77.27.

Brunswick (NYSE:BC) last released its quarterly earnings results on Thursday, October 29th. The company reported $1.58 EPS for the quarter, beating the consensus estimate of $1.35 by $0.23. Brunswick had a net margin of 3.69% and a return on equity of 17.51%. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same period in the prior year, the business earned $0.97 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. On average, analysts forecast that Brunswick Corporation will post 4.66 EPS for the current year.

Brunswick Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, November 24th will be paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Tuesday, November 24th. Brunswick’s payout ratio is currently 54.49%.

Analyst Upgrades and Downgrades

BC has been the topic of a number of recent analyst reports. Citigroup cut their price objective on shares of Brunswick from $101.00 to $93.00 and set a “buy” rating on the stock in a report on Monday. Royal Bank Of Canada set a $66.00 target price on Brunswick in a research note on Friday, October 23rd. Truist Financial dropped their target price on Brunswick from $94.00 to $81.00 and set a “buy” rating on the stock in a research report on Friday, October 23rd. DA Davidson reiterated a “neutral” rating and issued a $76.00 price target on shares of Brunswick in a research note on Monday, August 17th. Finally, JPMorgan Chase & Co. reduced their price target on Brunswick from $80.00 to $66.00 and set a “neutral” rating for the company in a report on Friday, October 23rd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $83.75.

Institutional Trading of Brunswick

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in Brunswick during the 2nd quarter valued at $568,461,000. Dimensional Fund Advisors LP grew its holdings in Brunswick by 2.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,931,104 shares of the company’s stock worth $213,253,000 after acquiring an additional 82,689 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Brunswick in the 2nd quarter worth about $101,201,000. Bank of America Corp DE increased its position in shares of Brunswick by 296.1% in the 1st quarter. Bank of America Corp DE now owns 872,368 shares of the company’s stock worth $63,474,000 after purchasing an additional 652,136 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Brunswick in the 2nd quarter valued at about $40,211,000. Institutional investors own 99.34% of the company’s stock.

About Brunswick

Brunswick Corporation (NYSE:BC) is a marine recreation company that designs, manufactures and distributes products used in boating and related recreational activities. Its portfolio includes marine propulsion systems, boats, engines, electronics, boat control systems and other components, as well as parts and accessories.

The company’s marine businesses include Mercury Marine, which produces outboard, sterndrive and inboard engines, and a range of boat brands such as Boston Whaler, Sea Ray, Bayliner, Lund, Harris and Princecraft.