Today: Today, Briggs & Stratton Corp. (BGG) Upgraded to “Buy” at The Zacks Investment Research

Today, Briggs & Stratton Corp. (BGG) Upgraded to “Buy” at The Zacks Investment Research

Briggs & Stratton Corp. (NYSE:BGG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The brokerage presently has a $24.00 target price on the stock. Zacks Investment Research’s price objective suggests a potential upside of 12.62% from the stock’s current price.

According to Zacks, “Briggs & Stratton Corp. is one of the world’s largest producers of air cooled gasoline engines for outdoor power equipment. The company designs, manufactures, markets and services these products for original equipment manufacturers worldwide. These engines are primarily aluminum alloy gasoline engines. “

Several other equities research analysts have also commented on BGG. Robert W. Baird reissued a “neutral” rating and issued a $22.00 price target on shares of Briggs & Stratton Corp. in a report on Wednesday, August 17th. TheStreet lowered shares of Briggs & Stratton Corp. from a “buy” rating to a “hold” rating in a report on Friday, September 9th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Briggs & Stratton Corp. currently has an average rating of “Hold” and a consensus price target of $23.33.

Briggs & Stratton Corp. (NYSE:BGG) traded down 0.42% during midday trading on Monday, hitting $21.22. 242,799 shares of the stock traded hands. The stock has a 50-day moving average of $19.44 and a 200 day moving average of $20.35. The firm has a market cap of $908.39 million, a PE ratio of 30.66 and a beta of 0.74. Briggs & Stratton Corp. has a 52-week low of $15.47 and a 52-week high of $24.48.

Briggs & Stratton Corp. (NYSE:BGG) last issued its quarterly earnings results on Wednesday, October 26th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.06. The company earned $286.80 million during the quarter, compared to analyst estimates of $276.96 million. Briggs & Stratton Corp. had a net margin of 1.69% and a return on equity of 10.94%. The firm’s revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.35) EPS. Equities analysts forecast that Briggs & Stratton Corp. will post $1.38 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Friday, December 16th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.63%. Briggs & Stratton Corp.’s payout ratio is 83.58%.

In other news, SVP William H. Reitman sold 15,300 shares of the business’s stock in a transaction dated Thursday, October 27th. The shares were sold at an average price of $19.84, for a total transaction of $303,552.00. Following the transaction, the senior vice president now owns 82,505 shares of the company’s stock, valued at approximately $1,636,899.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Todd J. Teske sold 75,000 shares of the business’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $20.52, for a total transaction of $1,539,000.00. Following the transaction, the chairman now directly owns 399,382 shares in the company, valued at approximately $8,195,318.64. The disclosure for this sale can be found here. Insiders own 4.70% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Riverhead Capital Management LLC boosted its position in shares of Briggs & Stratton Corp. by 128.8% in the second quarter. Riverhead Capital Management LLC now owns 4,290 shares of the company’s stock valued at $195,000 after buying an additional 2,415 shares during the last quarter. PineBridge Investments L.P. boosted its position in shares of Briggs & Stratton Corp. by 5.8% in the second quarter. PineBridge Investments L.P. now owns 5,497 shares of the company’s stock valued at $117,000 after buying an additional 300 shares during the last quarter. Teacher Retirement System of Texas boosted its position in shares of Briggs & Stratton Corp. by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,171 shares of the company’s stock valued at $131,000 after buying an additional 749 shares during the last quarter. Contravisory Investment Management Inc. purchased a new position in shares of Briggs & Stratton Corp. during the second quarter valued at $142,000. Finally, Hussman Strategic Advisors Inc. purchased a new position in shares of Briggs & Stratton Corp. during the second quarter valued at $159,000. 90.07% of the stock is currently owned by hedge funds and other institutional investors.

Briggs & Stratton Corp. Company Profile

Briggs & Stratton Corporation is a producer of gasoline engines for outdoor power equipment. The Company designs, manufactures, markets, sells and services the various products for original equipment manufacturers (OEMs) around the world. It also markets and sells related service parts and accessories for its engines.

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