Briggs & Stratton Co. (NYSE:BGG) was the target of a significant growth in short interest in June. As of June 15th, there was short interest totalling 5,508,800 shares, a growth of 7.0% from the May 15th total of 5,148,600 shares. Currently, 13.6% of the company’s stock are short sold. Based on an average trading volume of 443,800 shares, the short-interest ratio is currently 12.4 days.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA lifted its stake in shares of Briggs & Stratton by 96.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 10,828 shares of the industrial products company’s stock valued at $128,000 after acquiring an additional 5,329 shares during the last quarter. Piedmont Investment Advisors Inc. acquired a new stake in Briggs & Stratton in the fourth quarter valued at $132,000. Prospera Financial Services Inc acquired a new stake in Briggs & Stratton in the first quarter valued at $139,000. Municipal Employees Retirement System of Michigan acquired a new stake in Briggs & Stratton in the fourth quarter valued at $158,000. Finally, TD Asset Management Inc. increased its holdings in Briggs & Stratton by 22.8% in the first quarter. TD Asset Management Inc. now owns 13,961 shares of the industrial products company’s stock valued at $165,000 after purchasing an additional 2,593 shares during the period. Hedge funds and other institutional investors own 84.47% of the company’s stock.
BGG has been the topic of several analyst reports. ValuEngine lowered Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Zacks Investment Research downgraded First Merchants from a “hold” rating to a “sell” rating in a research report on Monday, July 1st. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $17.50.
Briggs & Stratton (NYSE:BGG) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.32). Briggs & Stratton had a positive return on equity of 4.22% and a negative net margin of 2.54%. The company had revenue of $580.20 million for the quarter, compared to analyst estimates of $575.35 million. During the same period in the prior year, the company earned $0.84 EPS. The company’s quarterly revenue was down 4.0% compared to the same quarter last year. Sell-side analysts predict that Briggs & Stratton will post 0.49 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 3rd. Shareholders of record on Wednesday, June 19th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 5.78%. The ex-dividend date of this dividend was Tuesday, June 18th. Briggs & Stratton’s payout ratio is presently 43.41%.
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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