Zacks Investment Research upgraded shares of Briggs & Stratton Corporation (NYSE:BGG) from a hold rating to a strong-buy rating in a research report sent to investors on Monday, October 30th. The brokerage currently has $28.00 price target on the industrial products company’s stock.
According to Zacks, “Briggs & Stratton Corp. is one of the world’s largest producers of air cooled gasoline engines for outdoor power equipment. The company designs, manufactures, markets and services these products for original equipment manufacturers worldwide. These engines are primarily aluminum alloy gasoline engines. “
A number of other brokerages also recently commented on BGG. ValuEngine upgraded Briggs & Stratton Corporation from a hold rating to a buy rating in a research report on Thursday, October 26th. Raymond James Financial, Inc. reissued an underperform rating on shares of Briggs & Stratton Corporation in a research note on Tuesday, October 17th. They noted that the move was a valuation call. Finally, BidaskClub raised shares of Briggs & Stratton Corporation from a strong sell rating to a sell rating in a research note on Monday, August 14th. Two analysts have rated the stock with a sell rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $26.50.
Briggs & Stratton Corporation (NYSE BGG) opened at $24.28 on Monday. The company has a current ratio of 1.82, a quick ratio of 0.70 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $1,039.84, a P/E ratio of 17.71 and a beta of 0.79. Briggs & Stratton Corporation has a fifty-two week low of $20.00 and a fifty-two week high of $25.95.
Briggs & Stratton Corporation (NYSE:BGG) last released its earnings results on Wednesday, October 25th. The industrial products company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.08. Briggs & Stratton Corporation had a return on equity of 11.38% and a net margin of 3.05%. The firm had revenue of $329.10 million during the quarter, compared to the consensus estimate of $295.84 million. During the same period in the prior year, the firm posted ($0.34) earnings per share. The firm’s revenue for the quarter was up 14.7% compared to the same quarter last year. sell-side analysts predict that Briggs & Stratton Corporation will post 1.49 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Shareholders of record on Friday, December 15th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Thursday, December 14th. Briggs & Stratton Corporation’s dividend payout ratio (DPR) is 43.75%.
In related news, SVP David J. Rodgers sold 18,000 shares of the stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $24.28, for a total value of $437,040.00. Following the completion of the transaction, the senior vice president now owns 118,383 shares of the company’s stock, valued at $2,874,339.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd J. Teske sold 5,830 shares of the stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $20.68, for a total transaction of $120,564.40. Following the completion of the transaction, the insider now directly owns 379,417 shares of the company’s stock, valued at approximately $7,846,343.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,004 shares of company stock valued at $1,185,619. 4.20% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of BGG. BlackRock Inc. increased its holdings in shares of Briggs & Stratton Corporation by 26,045.7% in the first quarter. BlackRock Inc. now owns 5,666,301 shares of the industrial products company’s stock valued at $127,209,000 after purchasing an additional 5,644,629 shares in the last quarter. Bank of America Corp DE boosted its stake in Briggs & Stratton Corporation by 79.6% in the first quarter. Bank of America Corp DE now owns 368,281 shares of the industrial products company’s stock valued at $8,268,000 after acquiring an additional 163,210 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Briggs & Stratton Corporation by 12.3% in the third quarter. JPMorgan Chase & Co. now owns 830,029 shares of the industrial products company’s stock valued at $19,571,000 after acquiring an additional 90,831 shares during the last quarter. Algert Global LLC bought a new position in Briggs & Stratton Corporation in the second quarter valued at approximately $1,887,000. Finally, State Street Corp boosted its position in shares of Briggs & Stratton Corporation by 7.1% during the first quarter. State Street Corp now owns 1,136,411 shares of the industrial products company’s stock worth $25,516,000 after purchasing an additional 75,331 shares in the last quarter. 82.54% of the stock is owned by institutional investors and hedge funds.
Briggs & Stratton Corporation Company Profile
Briggs & Stratton Corporation is a producer of gasoline engines for outdoor power equipment. The Company designs, manufactures, markets, sells and services the various products for original equipment manufacturers (OEMs) around the world. It also markets and sells related service parts and accessories for its engines.
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