Briggs & Stratton (BGG) Shares Up 6.4% Following Insider Buying Activity

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Briggs & Stratton Co. (NYSE:BGG)’s share price shot up 6.4% during trading on Wednesday after an insider bought additional shares in the company. The stock traded as high as $12.85 and last traded at $12.81. 710,836 shares traded hands during mid-day trading, an increase of 11% from the average session volume of 638,887 shares. The stock had previously closed at $12.04.

Specifically, Director Frank M. Jaehnert purchased 10,000 shares of the firm’s stock in a transaction on Monday, January 28th. The stock was acquired at an average price of $12.04 per share, with a total value of $120,400.00. Following the completion of the acquisition, the director now owns 25,000 shares in the company, valued at approximately $301,000. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 6.30% of the company’s stock.

A number of research firms have issued reports on BGG. Zacks Investment Research raised shares of Briggs & Stratton from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a report on Tuesday, October 30th. Sidoti decreased their price target on shares of Briggs & Stratton from $19.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, December 6th. ValuEngine raised shares of Briggs & Stratton from a “strong sell” rating to a “sell” rating in a report on Friday, November 16th. Finally, Robert W. Baird set a $14.00 price target on shares of Briggs & Stratton and gave the stock a “hold” rating in a report on Friday, January 25th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $17.50.

The firm has a market capitalization of $510.36 million, a PE ratio of 9.98 and a beta of 1.02. The company has a current ratio of 1.31, a quick ratio of 0.47 and a debt-to-equity ratio of 0.39.

Briggs & Stratton (NYSE:BGG) last posted its quarterly earnings results on Wednesday, January 23rd. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.05). The company had revenue of $505.50 million during the quarter, compared to analysts’ expectations of $461.71 million. Briggs & Stratton had a positive return on equity of 8.12% and a negative net margin of 1.24%. The company’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.25 EPS. Analysts predict that Briggs & Stratton Co. will post 1.15 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 3rd. Stockholders of record on Tuesday, March 19th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Monday, March 18th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.35%. Briggs & Stratton’s payout ratio is currently 43.41%.

Several large investors have recently added to or reduced their stakes in BGG. Peregrine Capital Management LLC acquired a new stake in shares of Briggs & Stratton in the fourth quarter worth $7,678,000. BlackRock Inc. increased its stake in shares of Briggs & Stratton by 3.7% in the second quarter. BlackRock Inc. now owns 6,448,589 shares of the industrial products company’s stock worth $113,561,000 after acquiring an additional 228,281 shares during the period. Morgan Stanley increased its stake in shares of Briggs & Stratton by 100.4% in the third quarter. Morgan Stanley now owns 394,040 shares of the industrial products company’s stock worth $7,576,000 after acquiring an additional 197,426 shares during the period. First Trust Advisors LP acquired a new stake in shares of Briggs & Stratton in the third quarter worth $3,228,000. Finally, Renaissance Technologies LLC increased its stake in shares of Briggs & Stratton by 259.1% in the third quarter. Renaissance Technologies LLC now owns 227,000 shares of the industrial products company’s stock worth $4,365,000 after acquiring an additional 163,787 shares during the period. Hedge funds and other institutional investors own 84.43% of the company’s stock.

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Briggs & Stratton Company Profile (NYSE:BGG)

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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