Brunswick (NYSE:BC) Releases FY 2023 Earnings Guidance

Brunswick (NYSE:BC) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $9.50-$9.50 for the period, compared to the consensus estimate of $9.48. The company issued revenue guidance of $6.70 billion-$6.80 billion, compared to the consensus revenue estimate of $6.71 billion. Brunswick also updated its FY 2027 guidance to $15.00-$15.00 EPS.

Brunswick Price Performance

Shares of NYSE:BC opened at $76.32 on Tuesday. The company has a 50-day simple moving average of $82.78 and a 200-day simple moving average of $82.10. Brunswick has a one year low of $64.55 and a one year high of $93.15. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.85 and a current ratio of 1.92. The stock has a market capitalization of $5.40 billion, a price-to-earnings ratio of 10.03 and a beta of 1.56.

Brunswick (NYSE:BC) last issued its quarterly earnings results on Thursday, July 27th. The company reported $2.35 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.75 billion. During the same period in the previous year, the business posted $2.82 earnings per share. The business’s revenue was down 7.3% compared to the same quarter last year. On average, analysts predict that Brunswick will post 9.5 EPS for the current year.

Brunswick Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Wednesday, August 23rd were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, August 22nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.10%. Brunswick’s dividend payout ratio (DPR) is 21.02%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BC. Stifel Nicolaus dropped their price target on shares of Brunswick from $106.00 to $102.00 and set a buy rating on the stock in a research note on Thursday, July 20th. StockNews.com initiated coverage on shares of Brunswick in a research report on Thursday, August 17th. They set a buy rating on the stock. B. Riley lowered their target price on shares of Brunswick from $108.00 to $106.00 in a research report on Friday, July 28th. Citigroup lowered their price target on shares of Brunswick from $106.00 to $100.00 in a research report on Monday, June 26th. Finally, Truist Financial lowered their price target on shares of Brunswick from $105.00 to $100.00 and set a buy rating on the stock in a research report on Friday, July 14th. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Brunswick currently has a consensus rating of Moderate Buy and a consensus price target of $98.31.

Hedge Funds Weigh In On Brunswick

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. raised its stake in Brunswick by 0.7% during the first 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. State Street Corp raised its stake in shares of Brunswick by 2.6% in the 1st quarter. State Street Corp now owns 2,121,553 shares of the company’s stock valued at $171,612,000 after acquiring an additional 53,083 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Brunswick by 8.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,142,450 shares of the company’s stock valued at $92,432,000 after acquiring an additional 84,345 shares during the period. Geode Capital Management LLC raised its stake in shares of Brunswick by 2.3% in the 1st quarter. Geode Capital Management LLC now owns 1,023,914 shares of the company’s stock valued at $83,961,000 after acquiring an additional 22,609 shares during the period. Finally, Morgan Stanley raised its stake in shares of Brunswick by 100.6% in the 4th quarter. Morgan Stanley now owns 953,791 shares of the company’s stock valued at $68,749,000 after acquiring an additional 478,329 shares during the period. Hedge funds and other institutional investors own 94.44% of the company’s stock.

About Brunswick

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.