State of Michigan Retirement System Has $1.50 Million Position in Brunswick Co. (NYSE:BC)

Posted by Defense World Staff on Jul 23rd, 2023

State of Michigan Retirement System trimmed its position in shares of Brunswick Co. (NYSE:BC – Free Report) by 1.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,270 shares of the company’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in Brunswick were worth $1,498,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of BC. International Assets Investment Management LLC purchased a new position in Brunswick during the 1st quarter worth $52,000. Bank of Montreal Can raised its stake in shares of Brunswick by 140.4% during the 1st quarter. Bank of Montreal Can now owns 41,387 shares of the company’s stock worth $3,496,000 after purchasing an additional 24,171 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Brunswick by 10.5% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 28,255 shares of the company’s stock worth $2,286,000 after purchasing an additional 2,694 shares during the period. BlackRock Inc. raised its stake in shares of Brunswick by 0.7% during the 1st quarter. BlackRock Inc. now owns 6,426,552 shares of the company’s stock worth $519,843,000 after purchasing an additional 46,519 shares during the period. Finally, Great West Life Assurance Co. Can raised its stake in shares of Brunswick by 9.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 45,006 shares of the company’s stock worth $3,746,000 after purchasing an additional 3,992 shares during the period. 93.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. KeyCorp assumed coverage on Brunswick in a research note on Wednesday, April 19th. They set an “overweight” rating and a $100.00 target price on the stock. Truist Financial lowered their target price on Brunswick from $105.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, July 14th. StockNews.com began coverage on Brunswick in a research note on Thursday, May 18th. They set a “buy” rating on the stock. Stifel Nicolaus lowered their price objective on Brunswick from $106.00 to $102.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Raymond James lowered their price objective on Brunswick from $100.00 to $94.00 in a research note on Friday, April 28th. One investment analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $101.38.

Brunswick Trading Up 0.8 %

Shares of BC opened at $86.25 on Friday. The business’s 50-day moving average price is $82.59 and its 200-day moving average price is $82.60. Brunswick Co. has a twelve month low of $64.55 and a twelve month high of $93.15. The stock has a market cap of $6.10 billion, a PE ratio of 10.39 and a beta of 1.54. The company has a quick ratio of 0.81, a current ratio of 1.86 and a debt-to-equity ratio of 1.17.

Brunswick (NYSE:BC – Get Free Report) last announced its quarterly earnings results on Thursday, April 27th. The company reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.21. Brunswick had a return on equity of 36.65% and a net margin of 8.97%. The firm had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the prior year, the business posted $2.53 earnings per share. The company’s revenue was up 2.8% on a year-over-year basis. On average, equities analysts forecast that Brunswick Co. will post 10.36 EPS for the current fiscal year.

Brunswick Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 23rd will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend is Tuesday, August 22nd. Brunswick’s payout ratio is 19.28%.

Insider Transactions at Brunswick

In other news, CEO David M. Foulkes sold 13,000 shares of the business’s stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $81.40, for a total transaction of $1,058,200.00. Following the completion of the transaction, the chief executive officer now owns 241,957 shares of the company’s stock, valued at $19,695,299.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Brunswick news, Director Nancy E. Cooper sold 327 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $86.23, for a total value of $28,197.21. Following the completion of the sale, the director now owns 20,499 shares of the company’s stock, valued at $1,767,628.77. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO David M. Foulkes sold 13,000 shares of the company’s stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $81.40, for a total value of $1,058,200.00. Following the completion of the sale, the chief executive officer now directly owns 241,957 shares of the company’s stock, valued at approximately $19,695,299.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,636 shares of company stock valued at $1,186,156. 0.58% of the stock is owned by corporate insiders.

Brunswick Company Profile

(Free Report)

Brunswick Corporation designs, manufactures, and markets recreation products worldwide. It operates through three segments: Propulsion, Parts & Accessories, and Boat. The Propulsion segment provides outboard, sterndrive, and inboard engines for independent boat builders and governments through marine dealers and distributors, specialty marine retailers, and marine service centers; and propulsion-related controls, rigging, and propellers to original equipment manufacturers and aftermarket retailers, distributors, and distribution businesses.