Briggs & Stratton (NYSE:BGG) – Equities researchers at Northcoast Research cut their Q3 2018 EPS estimates for Briggs & Stratton in a research report issued on Wednesday, April 25th. Northcoast Research analyst T. Hayes now anticipates that the industrial products company will post earnings per share of $0.81 for the quarter, down from their previous forecast of $0.83. Northcoast Research also issued estimates for Briggs & Stratton’s FY2018 earnings at $1.51 EPS and Q3 2019 earnings at $0.97 EPS.
BGG has been the subject of several other research reports. Robert W. Baird reiterated a “hold” rating and issued a $26.00 price objective on shares of Briggs & Stratton in a research note on Tuesday, January 9th. Zacks Investment Research upgraded shares of Briggs & Stratton from a “hold” rating to a “strong-buy” rating and set a $31.00 price objective for the company in a research note on Thursday, January 18th. Raymond James upgraded shares of Briggs & Stratton from an “underperform” rating to a “market perform” rating in a research note on Tuesday, January 16th. Citigroup upgraded shares of Briggs & Stratton to a “market perform” rating in a research note on Tuesday, January 16th. They noted that the move was a valuation call. Finally, ValuEngine upgraded shares of Briggs & Stratton from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Three analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Briggs & Stratton has a consensus rating of “Hold” and a consensus price target of $28.50.
Briggs & Stratton (NYSE:BGG) last issued its earnings results on Wednesday, April 25th. The industrial products company reported $0.84 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.01. Briggs & Stratton had a net margin of 1.31% and a return on equity of 10.25%. The business had revenue of $604.00 million for the quarter, compared to the consensus estimate of $616.19 million. During the same quarter in the previous year, the firm earned $0.83 earnings per share. The business’s quarterly revenue was up 1.2% compared to the same quarter last year.
Briggs & Stratton announced that its board has initiated a share repurchase plan on Wednesday, April 25th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the industrial products company to repurchase up to 5.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend is Thursday, June 14th. Briggs & Stratton’s dividend payout ratio is presently 42.75%.
In related news, insider Todd J. Teske sold 5,410 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $22.55, for a total value of $121,995.50. Following the completion of the sale, the insider now directly owns 378,997 shares in the company, valued at $8,546,382.35. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Todd J. Teske sold 26,573 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $22.97, for a total transaction of $610,381.81. Following the completion of the sale, the chief executive officer now owns 381,604 shares of the company’s stock, valued at $8,765,443.88. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. purchased a new stake in Briggs & Stratton in the fourth quarter valued at approximately $1,642,000. Meritage Portfolio Management purchased a new stake in Briggs & Stratton in the fourth quarter valued at approximately $3,109,000. Goldman Sachs Group Inc. grew its holdings in Briggs & Stratton by 28.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 219,258 shares of the industrial products company’s stock valued at $5,563,000 after purchasing an additional 48,352 shares during the period. Deutsche Bank AG grew its holdings in Briggs & Stratton by 17.4% in the fourth quarter. Deutsche Bank AG now owns 226,150 shares of the industrial products company’s stock valued at $5,736,000 after purchasing an additional 33,563 shares during the period. Finally, Two Sigma Advisers LP grew its holdings in Briggs & Stratton by 76.6% in the fourth quarter. Two Sigma Advisers LP now owns 246,320 shares of the industrial products company’s stock valued at $6,249,000 after purchasing an additional 106,862 shares during the period. Hedge funds and other institutional investors own 84.01% of the company’s stock.
About Briggs & Stratton
Briggs & Stratton Corporation designs, manufactures, markets, sells, and services gasoline engines for outdoor power equipment to the original equipment manufacturers in the United States. It operates in two segments, Engines and Products. The Engines segment offers four-cycle aluminum alloy gasoline engines that are used primarily by the lawn and garden equipment industry.
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