Teacher Retirement System of Texas Sells 2,947 Shares of Brunswick Co. (NYSE:BC)

Posted by Defense World Staff on Oct 5th, 2023

Teacher Retirement System of Texas lessened its stake in Brunswick Co. (NYSE:BC – Free Report) by 11.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 23,275 shares of the company’s stock after selling 2,947 shares during the period. Teacher Retirement System of Texas’ holdings in Brunswick were worth $2,017,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Summit Global Investments bought a new stake in shares of Brunswick in the second quarter valued at about $275,000. Louisiana State Employees Retirement System lifted its stake in Brunswick by 7.8% during the second quarter. Louisiana State Employees Retirement System now owns 20,700 shares of the company’s stock worth $1,793,000 after purchasing an additional 1,500 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in Brunswick by 1,070.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,820 shares of the company’s stock worth $244,000 after purchasing an additional 2,579 shares during the period. New Mexico Educational Retirement Board lifted its stake in Brunswick by 13.0% during the second quarter. New Mexico Educational Retirement Board now owns 14,800 shares of the company’s stock worth $1,282,000 after purchasing an additional 1,700 shares during the period. Finally, Bartlett & Co. LLC lifted its stake in Brunswick by 246.7% during the second quarter. Bartlett & Co. LLC now owns 520 shares of the company’s stock worth $45,000 after purchasing an additional 370 shares during the period. Institutional investors own 94.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. JPMorgan Chase & Co. cut shares of Brunswick from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $109.00 to $79.00 in a research note on Monday, September 11th. Truist Financial reaffirmed a “buy” rating and set a $100.00 price objective on shares of Brunswick in a report on Tuesday, September 19th. B. Riley dropped their price objective on shares of Brunswick from $108.00 to $106.00 in a report on Friday, July 28th. Raymond James dropped their price objective on shares of Brunswick from $90.00 to $88.00 and set an “outperform” rating for the company in a report on Tuesday, September 19th. Finally, Citigroup dropped their price objective on shares of Brunswick from $106.00 to $100.00 in a report on Monday, June 26th. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $95.73.

Read Our Latest Research Report on BC

Brunswick Stock Performance

Shares of Brunswick stock opened at $76.30 on Thursday. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.92 and a quick ratio of 0.85. The firm has a market cap of $5.40 billion, a P/E ratio of 10.03 and a beta of 1.53. The firm has a 50 day simple moving average of $80.73 and a 200 day simple moving average of $81.64. Brunswick Co. has a fifty-two week low of $64.55 and a fifty-two week high of $93.15.

Brunswick (NYSE:BC – Get Free Report) last announced its quarterly earnings data on Thursday, July 27th. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.03. Brunswick had a net margin of 8.21% and a return on equity of 33.86%. The firm had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.75 billion. During the same period last year, the firm earned $2.82 earnings per share. The business’s revenue for the quarter was down 7.3% on a year-over-year basis. Sell-side analysts predict that Brunswick Co. will post 9.29 earnings per share for the current fiscal year.

Brunswick Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Wednesday, August 23rd were paid a $0.40 dividend. The ex-dividend date was Tuesday, August 22nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.10%. Brunswick’s payout ratio is presently 21.02%.

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.