Polaris (NYSE:PII) Sets New 52-Week High on Analyst Upgrade

Posted by Defense World Staff on Jul 19th, 2023

Polaris Inc. (NYSE:PII – Get Free Report)’s share price reached a new 52-week high on Tuesday after KeyCorp raised their price target on the stock from $125.00 to $135.00. The stock traded as high as $131.38 and last traded at $131.15, with a volume of 44139 shares trading hands. The stock had previously closed at $129.43.

Several other brokerages have also commented on PII. StockNews.com initiated coverage on shares of Polaris in a research note on Thursday, May 18th. They set a “buy” rating on the stock. Roth Capital reaffirmed a “neutral” rating on shares of Polaris in a report on Tuesday, April 25th. Truist Financial decreased their price objective on shares of Polaris from $105.00 to $100.00 and set a “hold” rating for the company in a report on Wednesday, April 5th. Finally, Royal Bank of Canada upped their price objective on shares of Polaris from $108.00 to $115.00 and gave the stock a “sector perform” rating in a report on Tuesday, March 21st. Ten investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $115.18.

Insider Buying and Selling

In related news, SVP James P. Williams sold 14,000 shares of the stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $130.00, for a total transaction of $1,820,000.00. Following the completion of the sale, the senior vice president now owns 16,001 shares in the company, valued at approximately $2,080,130. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.75% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Polaris

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PII. Larson Financial Group LLC bought a new position in shares of Polaris in the 4th quarter valued at about $28,000. Vigilant Capital Management LLC bought a new position in shares of Polaris in the 1st quarter valued at about $28,000. Dark Forest Capital Management LP boosted its stake in shares of Polaris by 64.8% in the 4th quarter. Dark Forest Capital Management LP now owns 290 shares of the company’s stock valued at $29,000 after purchasing an additional 114 shares during the last quarter. Money Concepts Capital Corp boosted its stake in shares of Polaris by 89.1% in the 4th quarter. Money Concepts Capital Corp now owns 312 shares of the company’s stock valued at $32,000 after purchasing an additional 147 shares during the last quarter. Finally, Red Tortoise LLC bought a new position in Polaris during the 4th quarter worth approximately $43,000. Institutional investors and hedge funds own 88.29% of the company’s stock.

Polaris Stock Up 2.1 %

The firm’s 50 day moving average is $115.97 and its two-hundred day moving average is $111.90. The firm has a market cap of $7.52 billion, a P/E ratio of 15.90 and a beta of 1.61. The company has a current ratio of 1.21, a quick ratio of 0.37 and a debt-to-equity ratio of 1.34.

Polaris (NYSE:PII – Get Free Report) last released its quarterly earnings data on Tuesday, April 25th. The company reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.32. Polaris had a net margin of 5.46% and a return on equity of 60.97%. The business had revenue of $2.18 billion for the quarter, compared to analyst estimates of $1.96 billion. During the same quarter last year, the firm earned $1.29 EPS. Polaris’s quarterly revenue was up 11.4% compared to the same quarter last year. As a group, research analysts anticipate that Polaris Inc. will post 10.19 EPS for the current fiscal year.

Polaris Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date was Wednesday, May 31st. Polaris’s payout ratio is currently 31.29%.

About Polaris

(Get Free Report)

Polaris Inc designs, engineers, manufactures, and markets powersports vehicles worldwide. It operates through three segments: Off-Road, On-Road, and Marine. The company offers off-road vehicles (ORVs), including all-terrain vehicles and side-by-side vehicles; military and commercial ORVs; snowmobiles; motorcycles; moto-roadsters, quadricycles, and boats; and aftermarket parts and apparel.