Principal Financial Group Inc. boosted its position in Briggs & Stratton Co. (NYSE:BGG) by 2.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 328,914 shares of the industrial products company’s stock after purchasing an additional 8,177 shares during the period. Principal Financial Group Inc. owned about 0.77% of Briggs & Stratton worth $7,042,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB acquired a new position in Briggs & Stratton in the first quarter valued at $255,000. Foundry Partners LLC acquired a new position in shares of Briggs & Stratton during the first quarter worth about $4,728,000. Millennium Management LLC lifted its stake in shares of Briggs & Stratton by 637.8% during the first quarter. Millennium Management LLC now owns 83,123 shares of the industrial products company’s stock worth $1,780,000 after purchasing an additional 71,857 shares in the last quarter. Cornercap Investment Counsel Inc. lifted its stake in shares of Briggs & Stratton by 9.2% during the first quarter. Cornercap Investment Counsel Inc. now owns 32,795 shares of the industrial products company’s stock worth $702,000 after purchasing an additional 2,770 shares in the last quarter. Finally, A.R.T. Advisors LLC acquired a new position in shares of Briggs & Stratton during the first quarter worth about $252,000. 81.72% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have commented on BGG shares. ValuEngine cut Briggs & Stratton from a “sell” rating to a “strong sell” rating in a research note on Friday, June 1st. Zacks Investment Research cut Briggs & Stratton from a “hold” rating to a “sell” rating in a research note on Thursday, July 26th. Northcoast Research restated a “buy” rating and set a $25.00 price objective on shares of Briggs & Stratton in a research note on Friday. Finally, Sidoti cut Briggs & Stratton from a “buy” rating to a “neutral” rating and set a $17.00 price objective on the stock. in a research note on Thursday, July 19th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Briggs & Stratton presently has an average rating of “Hold” and a consensus price target of $24.75.
Shares of BGG opened at $20.12 on Friday. The stock has a market cap of $733.42 million, a price-to-earnings ratio of 15.36 and a beta of 0.64. Briggs & Stratton Co. has a 12 month low of $16.26 and a 12 month high of $27.34. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.71 and a current ratio of 1.61.
Briggs & Stratton (NYSE:BGG) last issued its quarterly earnings data on Wednesday, August 15th. The industrial products company reported $0.47 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.06. The company had revenue of $501.69 million for the quarter, compared to analysts’ expectations of $495.83 million. Briggs & Stratton had a return on equity of 10.11% and a net margin of 1.09%. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 earnings per share. equities research analysts predict that Briggs & Stratton Co. will post 1.3 earnings per share for the current fiscal year.
Briggs & Stratton announced that its Board of Directors has initiated a share buyback program on Wednesday, April 25th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 5.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 3rd. Stockholders of record on Tuesday, September 18th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date is Monday, September 17th. Briggs & Stratton’s payout ratio is 42.75%.
About Briggs & Stratton
Briggs & Stratton Corporation designs, manufactures, markets, sells, and services gasoline engines for outdoor power equipment to the original equipment manufacturers in the United States. It operates in two segments, Engines and Products. The Engines segment offers four-cycle aluminum alloy gasoline engines that are used primarily by the lawn and garden equipment industry.
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