Texas Permanent School Fund Lowers Stock Position in Brunswick Co. (NYSE:BC)

Posted by Defense World Staff on May 8th, 2023

Texas Permanent School Fund reduced its stake in shares of Brunswick Co. (NYSE:BC – Get Rating) by 8.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,746 shares of the company’s stock after selling 4,744 shares during the period. Texas Permanent School Fund owned 0.07% of Brunswick worth $3,514,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BC. International Assets Investment Management LLC lifted its holdings in Brunswick by 10,038.0% in the 3rd quarter. International Assets Investment Management LLC now owns 10,949 shares of the company’s stock worth $38,000 after purchasing an additional 10,841 shares in the last quarter. Neo Ivy Capital Management purchased a new position in Brunswick in the 2nd quarter worth approximately $46,000. Wipfli Financial Advisors LLC purchased a new position in Brunswick in the 3rd quarter worth approximately $50,000. CWM LLC lifted its holdings in Brunswick by 23.3% in the 3rd quarter. CWM LLC now owns 975 shares of the company’s stock worth $64,000 after purchasing an additional 184 shares in the last quarter. Finally, Quent Capital LLC lifted its holdings in Brunswick by 55.1% in the 4th quarter. Quent Capital LLC now owns 909 shares of the company’s stock worth $66,000 after purchasing an additional 323 shares in the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Brunswick Price Performance

BC opened at $82.67 on Monday. Brunswick Co. has a 12-month low of $61.89 and a 12-month high of $93.15. The company has a current ratio of 1.86, a quick ratio of 0.81 and a debt-to-equity ratio of 1.17. The business’s fifty day simple moving average is $82.44 and its 200-day simple moving average is $78.62. The company has a market capitalization of $5.89 billion, a price-to-earnings ratio of 9.96 and a beta of 1.53.

Brunswick (NYSE:BC – Get Rating) last posted its quarterly earnings results on Thursday, April 27th. The company reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.21. Brunswick had a return on equity of 36.65% and a net margin of 8.97%. The business had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the prior year, the company earned $2.53 EPS. The business’s revenue was up 2.8% compared to the same quarter last year. On average, equities research analysts anticipate that Brunswick Co. will post 10.37 earnings per share for the current fiscal year.

Brunswick Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Monday, May 15th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Friday, May 12th. Brunswick’s dividend payout ratio (DPR) is currently 19.28%.

Insider Buying and Selling

In related news, Director Nancy E. Cooper sold 327 shares of the company’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $86.23, for a total transaction of $28,197.21. Following the completion of the sale, the director now directly owns 20,499 shares in the company, valued at approximately $1,767,628.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Nancy E. Cooper sold 327 shares of the company’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $86.23, for a total transaction of $28,197.21. Following the completion of the sale, the director now directly owns 20,499 shares in the company, valued at approximately $1,767,628.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Christopher F. Dekker sold 7,353 shares of the stock in a transaction dated Thursday, February 16th. The shares were sold at an average price of $88.29, for a total value of $649,196.37. Following the completion of the sale, the vice president now owns 41,455 shares of the company’s stock, valued at $3,660,061.95. The disclosure for this sale can be found here. Insiders sold 13,390 shares of company stock worth $1,181,472 in the last three months. 0.58% of the stock is owned by insiders.

Analyst Ratings Changes

BC has been the topic of several recent research reports. B. Riley upped their price objective on Brunswick from $88.00 to $108.00 and gave the stock a “buy” rating in a report on Friday, February 3rd. Roth Capital reaffirmed a “buy” rating on shares of Brunswick in a report on Thursday, February 2nd. Citigroup upped their price objective on Brunswick from $104.00 to $106.00 and gave the stock a “buy” rating in a report on Friday, February 3rd. MKM Partners upped their price objective on Brunswick from $91.00 to $105.00 in a report on Friday, February 3rd. Finally, Robert W. Baird upped their price objective on Brunswick from $100.00 to $110.00 in a report on Friday, February 3rd. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.25.

About Brunswick

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Brunswick Corp. engages in the design, manufacture, and marketing of recreational marine products, including marine engines, boats, and parts and accessories for those products. It operates through the following segments: Propulsion, Parts and Accessories, Boat, and Corporate/Other. The Propulsion segment manufactures a full range of outboard, sterndrive, and inboard engines, as well as propulsion-related controls, propellers, and rigging parts and accessories.