Brunswick Corporation $BC Shares Sold by Turtle Creek Asset Management Inc.

Turtle Creek Asset Management Inc. cut its stake in shares of Brunswick Corporation (NYSE:BC) by 28.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 788,155 shares of the company’s stock after selling 308,518 shares during the period. Brunswick makes up 2.1% of Turtle Creek Asset Management Inc.’s investment portfolio, making the stock its 20th biggest holding. Turtle Creek Asset Management Inc.’s holdings in Brunswick were worth $57,346,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Bank of America Corp DE grew its stake in shares of Brunswick by 296.1% in the 1st quarter. Bank of America Corp DE now owns 872,368 shares of the company’s stock valued at $63,474,000 after purchasing an additional 652,136 shares during the last quarter. Bull Harbor Capital LLC purchased a new stake in shares of Brunswick during the first quarter worth approximately $223,000. Amundi acquired a new stake in shares of Brunswick during the first quarter worth $331,000. California State Teachers Retirement System lifted its holdings in shares of Brunswick by 28.6% during the first quarter. California State Teachers Retirement System now owns 78,652 shares of the company’s stock worth $5,723,000 after purchasing an additional 17,489 shares during the period. Finally, Maverick Capital Ltd. purchased a new position in Brunswick in the 1st quarter valued at $854,000. 99.34% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on BC shares. JPMorgan Chase & Co. upped their price objective on shares of Brunswick from $78.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 28th. Wall Street Zen downgraded shares of Brunswick from a “buy” rating to a “hold” rating in a report on Saturday, April 25th. Truist Financial boosted their price target on shares of Brunswick from $93.00 to $94.00 and gave the stock a “buy” rating in a research note on Monday, July 6th. Weiss Ratings reissued a “sell (d+)” rating on shares of Brunswick in a report on Wednesday, June 24th. Finally, DA Davidson restated a “neutral” rating and issued a $76.00 price objective on shares of Brunswick in a research report on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $87.07.

Brunswick Trading Down 1.9%

NYSE:BC opened at $80.45 on Thursday. Brunswick Corporation has a 1 year low of $55.60 and a 1 year high of $90.25. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.62 and a current ratio of 1.38. The stock has a fifty day moving average price of $81.28 and a two-hundred day moving average price of $80.36. The stock has a market capitalization of $5.23 billion, a price-to-earnings ratio of -38.31 and a beta of 1.33.

Brunswick (NYSE:BC) last issued its earnings results on Thursday, April 30th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.46 by $0.24. Brunswick had a negative net margin of 2.47% and a positive return on equity of 13.30%. The company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the firm earned $0.56 EPS. The business’s revenue was up 12.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Brunswick Corporation will post 4.31 earnings per share for the current fiscal year.

Brunswick Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Thursday, August 20th will be paid a $0.44 dividend. The ex-dividend date is Thursday, August 20th. This represents a $1.76 annualized dividend and a dividend yield of 2.2%. Brunswick’s dividend payout ratio (DPR) is -83.81%.

Insider Buying and Selling

In other Brunswick news, CEO David M. Foulkes sold 25,853 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $83.12, for a total transaction of $2,148,901.36. Following the transaction, the chief executive officer directly owned 267,528 shares in the company, valued at approximately $22,236,927.36. This represents a 8.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.99% of the company’s stock.

Brunswick Company Profile

Founded in 1845 by John Moses Brunswick, Brunswick Corporation is a global leader in recreation products. Headquartered in Mettawa, Illinois, the company has evolved from its origins as a billiard table manufacturer into a diversified supplier of leisure equipment, serving both consumer and commercial markets around the world.

Brunswick operates through two primary segments: Marine and Bowling & Billiards. In its Marine segment, the company designs, manufactures and distributes recreational boats, outboard engines and aftermarket parts under recognized brands such as Sea Ray, Bayliner and Mercury Marine.