Zacks Investment Research cut shares of Briggs & Stratton (NYSE:BGG) from a hold rating to a sell rating in a research report released on Tuesday morning.
According to Zacks, “Briggs & Stratton Corporation is focused on providing power to get work done and make people’s lives better. Briggs & Stratton is the world’s largest producer of gasoline engines for outdoor power equipment, and is a leading designer, manufacturer and marketer of power generation, pressure washer, lawn and garden, turf care and job site products through its Briggs & Stratton, Simplicity, Snapper, Ferris, Vanguard, Allmand, Billy Goat, Murray, Branco and Victa brands. Briggs & Stratton products are designed, manufactured, marketed and serviced in over 100 countries on six continents. “
A number of other equities analysts have also recently issued reports on BGG. Sidoti cut Briggs & Stratton from a buy rating to a neutral rating and set a $17.00 target price for the company. in a report on Thursday, July 19th. ValuEngine raised Briggs & Stratton from a strong sell rating to a sell rating in a report on Friday, August 17th. Finally, Northcoast Research reissued a buy rating and issued a $25.00 target price on shares of Briggs & Stratton in a report on Friday, August 17th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. Briggs & Stratton has a consensus rating of Hold and an average target price of $24.75.
Briggs & Stratton (NYSE:BGG) last issued its earnings results on Wednesday, August 15th. The industrial products company reported $0.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.06. Briggs & Stratton had a positive return on equity of 10.13% and a negative net margin of 0.60%. The business had revenue of $501.69 million during the quarter, compared to analysts’ expectations of $495.83 million. During the same period in the prior year, the firm posted $0.46 EPS. Briggs & Stratton’s quarterly revenue was up 5.8% compared to the same quarter last year. As a group, equities research analysts expect that Briggs & Stratton will post 1.45 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, October 3rd. Stockholders of record on Tuesday, September 18th were issued a $0.14 dividend. The ex-dividend date was Monday, September 17th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.31%. Briggs & Stratton’s payout ratio is presently 43.41%.
In related news, insider Todd J. Teske sold 87,398 shares of the firm’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $20.91, for a total transaction of $1,827,492.18. Following the completion of the sale, the insider now directly owns 453,723 shares of the company’s stock, valued at approximately $9,487,347.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 6.30% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in Briggs & Stratton by 3.7% during the 2nd quarter. BlackRock Inc. now owns 6,448,589 shares of the industrial products company’s stock valued at $113,561,000 after purchasing an additional 228,281 shares in the last quarter. Brandes Investment Partners LP increased its holdings in Briggs & Stratton by 25.1% during the 2nd quarter. Brandes Investment Partners LP now owns 2,529,341 shares of the industrial products company’s stock valued at $44,541,000 after purchasing an additional 508,224 shares in the last quarter. LSV Asset Management increased its holdings in Briggs & Stratton by 0.5% during the 2nd quarter. LSV Asset Management now owns 2,325,617 shares of the industrial products company’s stock valued at $40,954,000 after purchasing an additional 10,900 shares in the last quarter. Northern Trust Corp increased its holdings in Briggs & Stratton by 0.4% during the 2nd quarter. Northern Trust Corp now owns 902,584 shares of the industrial products company’s stock valued at $15,894,000 after purchasing an additional 3,686 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its holdings in Briggs & Stratton by 13.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 493,370 shares of the industrial products company’s stock valued at $8,689,000 after purchasing an additional 59,385 shares in the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.
Briggs & Stratton Company Profile
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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