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

Today, Briggs & Stratton Corp. (BGG) Upgrade 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 note issued to investors on Monday. The brokerage currently has a $24.00 price objective 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 analysts have also issued reports on BGG. Robert W. Baird restated a “neutral” rating and set a $22.00 target price on shares of Briggs & Stratton Corp. in a research report on Wednesday, August 17th. TheStreet lowered Briggs & Stratton Corp. from a “buy” rating to a “hold” rating in a research report on Friday, September 9th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Briggs & Stratton Corp. has a consensus rating of “Hold” and an average price target of $23.33.

Shares of Briggs & Stratton Corp. (NYSE:BGG) traded down 0.42% during trading on Monday, reaching $21.22. 242,799 shares of the company traded hands. The stock has a market cap of $908.39 million, a P/E ratio of 30.66 and a beta of 0.74. The stock’s 50 day moving average price is $19.44 and its 200-day moving average price is $20.35. Briggs & Stratton Corp. has a 12 month low of $15.47 and a 12 month high of $24.48.

Briggs & Stratton Corp. (NYSE:BGG) last posted its earnings results on Wednesday, October 26th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 return on equity of 10.94% and a net margin of 1.69%. The company’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.35) EPS. On average, equities research analysts expect that Briggs & Stratton Corp. will post $1.38 EPS for the current fiscal year.

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

In other Briggs & Stratton Corp. news, SVP William H. Reitman sold 15,300 shares of the business’s stock in a transaction that occurred on Thursday, October 27th. The stock was sold at an average price of $19.84, for a total value of $303,552.00. Following the sale, the senior vice president now owns 82,505 shares in the company, valued at approximately $1,636,899.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Todd J. Teske sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $20.52, for a total value of $1,539,000.00. Following the completion of the sale, the chairman now owns 399,382 shares in the company, valued at approximately $8,195,318.64. The disclosure for this sale can be found here. 4.70% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. ETRADE Capital Management LLC boosted its stake in Briggs & Stratton Corp. by 7.8% in the third quarter. ETRADE Capital Management LLC now owns 11,397 shares of the company’s stock valued at $213,000 after buying an additional 828 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Briggs & Stratton Corp. by 17.8% in the third quarter. Price T Rowe Associates Inc. MD now owns 39,000 shares of the company’s stock valued at $727,000 after buying an additional 5,900 shares during the last quarter. Credit Suisse AG boosted its stake in Briggs & Stratton Corp. by 19.2% in the third quarter. Credit Suisse AG now owns 296,481 shares of the company’s stock valued at $5,529,000 after buying an additional 47,735 shares during the last quarter. Boston Private Wealth LLC boosted its stake in Briggs & Stratton Corp. by 19.0% in the third quarter. Boston Private Wealth LLC now owns 18,385 shares of the company’s stock valued at $343,000 after buying an additional 2,930 shares during the last quarter. Finally, Highbridge Capital Management LLC boosted its stake in Briggs & Stratton Corp. by 26.1% in the third quarter. Highbridge Capital Management LLC now owns 37,210 shares of the company’s stock valued at $694,000 after buying an additional 7,708 shares during the last quarter. Hedge funds and other institutional investors own 90.07% of the company’s stock.

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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