Short Interest in Briggs & Stratton Co. (NYSE:BGG) Increases By 9.5%

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Briggs & Stratton Co. (NYSE:BGG) saw a significant increase in short interest in the month of June. As of June 30th, there was short interest totalling 6,032,500 shares, an increase of 9.5% from the May 30th total of 5,508,800 shares. Currently, 14.9% of the company’s shares are short sold. Based on an average daily trading volume, of 447,500 shares, the days-to-cover ratio is currently 13.5 days.

Several hedge funds and other institutional investors have recently bought and sold shares of BGG. BNP Paribas Arbitrage SA lifted its position in shares of Briggs & Stratton by 96.9% in the first quarter. BNP Paribas Arbitrage SA now owns 10,828 shares of the industrial products company’s stock worth $128,000 after purchasing an additional 5,329 shares in the last quarter. Prospera Financial Services Inc bought a new position in Briggs & Stratton during the first quarter valued at approximately $139,000. Municipal Employees Retirement System of Michigan bought a new position in Briggs & Stratton during the fourth quarter valued at approximately $158,000. TD Asset Management Inc. raised its position in Briggs & Stratton by 22.8% during the first quarter. TD Asset Management Inc. now owns 13,961 shares of the industrial products company’s stock valued at $165,000 after acquiring an additional 2,593 shares in the last quarter. Finally, Rational Advisors LLC bought a new position in Briggs & Stratton during the first quarter valued at approximately $184,000. 84.39% of the stock is owned by institutional investors and hedge funds.

NYSE BGG opened at $9.67 on Tuesday. The stock has a 50 day moving average of $9.88. The company has a quick ratio of 0.50, a current ratio of 1.34 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $407.54 million, a price-to-earnings ratio of 19.38 and a beta of 1.11. Briggs & Stratton has a 52-week low of $9.35 and a 52-week high of $21.40.

Briggs & Stratton (NYSE:BGG) last posted its quarterly earnings results on Thursday, April 25th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.32). The company had revenue of $580.20 million during the quarter, compared to analysts’ expectations of $575.35 million. Briggs & Stratton had a positive return on equity of 4.22% and a negative net margin of 2.54%. Briggs & Stratton’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same period last year, the company earned $0.84 earnings per share. As a group, equities research analysts predict that Briggs & Stratton will post 0.49 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 3rd. Stockholders of record on Wednesday, June 19th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.79%. The ex-dividend date was Tuesday, June 18th. Briggs & Stratton’s dividend payout ratio (DPR) is 43.41%.

BGG has been the subject of several recent analyst reports. ValuEngine cut shares of Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Zacks Investment Research cut shares of First Merchants from a “hold” rating to a “sell” rating in a report on Monday, July 1st. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $17.50.

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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