BlackRock Inc. Cuts Holdings in Polaris Inc. (NYSE:PII)

Posted by Defense World Staff on Mar 9th, 2023

BlackRock Inc. lessened its stake in Polaris Inc. (NYSE:PII – Get Rating) by 0.7% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 4,751,262 shares of the company’s stock after selling 34,714 shares during the quarter. BlackRock Inc. owned 8.20% of Polaris worth $454,458,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Standard Family Office LLC purchased a new stake in Polaris during the third quarter worth approximately $26,000. Quadrant Capital Group LLC increased its stake in Polaris by 47.8% in the second quarter. Quadrant Capital Group LLC now owns 306 shares of the company’s stock valued at $30,000 after purchasing an additional 99 shares during the period. Private Trust Co. NA purchased a new stake in shares of Polaris in the second quarter valued at about $37,000. Spire Wealth Management raised its stake in Polaris by 137.6% during the 3rd quarter. Spire Wealth Management now owns 430 shares of the company’s stock valued at $41,000 after acquiring an additional 249 shares during the last quarter. Finally, Brown Brothers Harriman & Co. acquired a new position in shares of Polaris in the first quarter valued at approximately $47,000. 86.57% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. MKM Partners initiated coverage on shares of Polaris in a research note on Tuesday, November 29th. They issued a “neutral” rating and a $117.00 price objective for the company. UBS Group lowered Polaris from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $165.00 to $112.00 in a research note on Friday, January 27th. Citigroup raised their target price on shares of Polaris from $105.00 to $115.00 and gave the stock a “neutral” rating in a research report on Thursday, February 2nd. StockNews.com upgraded Polaris from a “hold” rating to a “buy” rating in a report on Saturday, February 4th. Finally, Raymond James upped their price objective on Polaris from $123.00 to $130.00 and gave the stock a “strong-buy” rating in a report on Wednesday, February 1st. Eight investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $113.56.

Insider Transactions at Polaris

In other Polaris news, SVP Dougherty Lucy Clark sold 10,626 shares of the company’s stock in a transaction that occurred on Wednesday, February 1st. The shares were sold at an average price of $115.00, for a total value of $1,221,990.00. Following the transaction, the senior vice president now owns 12,282 shares in the company, valued at approximately $1,412,430. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.20% of the stock is owned by insiders.

Polaris Price Performance

NYSE:PII opened at $118.69 on Thursday. Polaris Inc. has a 52-week low of $91.86 and a 52-week high of $123.87. The firm has a market cap of $6.77 billion, a P/E ratio of 15.83 and a beta of 1.61. The business’s 50-day moving average price is $110.54 and its 200 day moving average price is $107.76. The company has a quick ratio of 0.37, a current ratio of 1.19 and a debt-to-equity ratio of 1.37.

Polaris (NYSE:PII – Get Rating) last released its earnings results on Tuesday, January 31st. The company reported $3.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.28 by $0.18. The company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.40 billion. Polaris had a return on equity of 57.76% and a net margin of 5.10%. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.16 earnings per share. As a group, sell-side analysts predict that Polaris Inc. will post 10.24 earnings per share for the current fiscal year.

Polaris Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 2.19%. The ex-dividend date is Tuesday, February 28th. This is a boost from Polaris’s previous quarterly dividend of $0.64. Polaris’s payout ratio is 34.67%.

Polaris Profile

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Polaris Inc engages in designing, engineering, and manufacturing power sports vehicles. It operates through the following segments: Off-Road, On-Road, and Marine. The Off-Road segment includes ORVs and snowmobile. The On Road segment involves the design and manufacture of motorcycles, moto-roadsters, light duty hauling, and passenger vehicles.