Envestnet Asset Management Inc. Has $9.31 Million Stake in Polaris Inc. (NYSE:PII)

Posted by Defense World Staff on Sep 7th, 2023

Envestnet Asset Management Inc. raised its position in Polaris Inc. (NYSE:PII – Free Report) by 21.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 84,127 shares of the company’s stock after purchasing an additional 14,670 shares during the period. Envestnet Asset Management Inc. owned 0.15% of Polaris worth $9,307,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Polaris by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 5,885,506 shares of the company’s stock valued at $562,950,000 after acquiring an additional 89,717 shares in the last quarter. BlackRock Inc. increased its stake in shares of Polaris by 0.3% in the 1st quarter. BlackRock Inc. now owns 4,803,771 shares of the company’s stock valued at $505,933,000 after acquiring an additional 13,281 shares in the last quarter. State Street Corp increased its stake in shares of Polaris by 14.8% in the 1st quarter. State Street Corp now owns 4,136,582 shares of the company’s stock valued at $435,665,000 after acquiring an additional 532,947 shares in the last quarter. Capital World Investors increased its stake in shares of Polaris by 33.2% in the 1st quarter. Capital World Investors now owns 3,698,573 shares of the company’s stock valued at $389,534,000 after acquiring an additional 922,101 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Polaris by 8.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 2,422,384 shares of the company’s stock valued at $244,661,000 after acquiring an additional 195,433 shares in the last quarter. Institutional investors and hedge funds own 87.36% of the company’s stock.

Insider Buying and Selling

In related news, SVP James P. Williams sold 14,000 shares of the business’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $130.00, for a total value of $1,820,000.00. Following the transaction, the senior vice president now directly owns 16,001 shares of the company’s stock, valued at approximately $2,080,130. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Polaris news, CEO Michael T. Speetzen sold 58,301 shares of the company’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $136.14, for a total transaction of $7,937,098.14. Following the sale, the chief executive officer now directly owns 56,067 shares of the company’s stock, valued at $7,632,961.38. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP James P. Williams sold 14,000 shares of the company’s 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 sale, the senior vice president now directly owns 16,001 shares in the company, valued at $2,080,130. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 145,464 shares of company stock valued at $19,593,994. 2.75% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PII shares. Truist Financial lifted their price objective on shares of Polaris from $100.00 to $125.00 and gave the company a “hold” rating in a research note on Wednesday, July 26th. Citigroup boosted their price target on shares of Polaris from $130.00 to $138.00 and gave the company a “neutral” rating in a research note on Thursday, July 27th. KeyCorp boosted their price target on shares of Polaris from $135.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday, July 26th. Robert W. Baird boosted their price target on shares of Polaris from $125.00 to $140.00 in a research note on Wednesday, July 26th. Finally, Royal Bank of Canada boosted their price target on shares of Polaris from $115.00 to $121.00 in a research note on Wednesday, July 26th. Eleven analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Polaris presently has an average rating of “Hold” and an average target price of $124.18.

Read Our Latest Stock Report on PII

Polaris Stock Performance

NYSE PII opened at $108.25 on Thursday. Polaris Inc. has a 1 year low of $91.86 and a 1 year high of $138.49. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.20 and a quick ratio of 0.36. The firm has a market cap of $6.14 billion, a price-to-earnings ratio of 10.11 and a beta of 1.68. The company has a fifty day moving average price of $123.32 and a 200-day moving average price of $115.14.

Polaris (NYSE:PII – Get Free Report) last posted its earnings results on Tuesday, July 25th. The company reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.21. Polaris had a net margin of 6.89% and a return on equity of 57.98%. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same quarter in the prior year, the business posted $2.42 EPS. The business’s revenue was up 7.5% compared to the same quarter last year. As a group, equities research analysts predict that Polaris Inc. will post 10.41 EPS for the current fiscal year.

Polaris Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date is Thursday, August 31st. Polaris’s dividend payout ratio (DPR) is currently 24.28%.

About Polaris

(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.