Briggs & Stratton (BGG) Upgraded by Zacks Investment Research to “Strong-Buy”
Briggs & Stratton (NYSE:BGG) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday. The brokerage presently has a $31.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 16.59% from the stock’s previous close.
According to Zacks, “Briggs & Stratton Corporation is focused on providing power to get work done and make people’s lives better. Briggs & Stratton is the world’s largest producer of gasoline engines for outdoor power equipment, and is a leading designer, manufacturer and marketer of power generation, pressure washer, lawn and garden, turf care and job site products through its Briggs & Stratton, Simplicity, Snapper, Ferris, Vanguard, Allmand, Billy Goat, Murray, Branco and Victa brands. Briggs & Stratton products are designed, manufactured, marketed and serviced in over 100 countries on six continents. “
A number of other equities research analysts also recently issued reports on BGG. Citigroup raised shares of Briggs & Stratton to a “market perform” rating in a research note on Tuesday. They noted that the move was a valuation call. ValuEngine raised shares of Briggs & Stratton from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Robert W. Baird reissued a “hold” rating and issued a $26.00 price target on shares of Briggs & Stratton in a research note on Tuesday, January 9th. Finally, Raymond James Financial raised shares of Briggs & Stratton from an “underperform” rating to a “market perform” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $27.33.
Briggs & Stratton (NYSE:BGG) last issued its earnings results on Wednesday, October 25th. The industrial products company reported ($0.27) EPS for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.08. Briggs & Stratton had a net margin of 3.05% and a return on equity of 11.38%. The company had revenue of $329.10 million for the quarter, compared to the consensus estimate of $295.84 million. During the same period in the previous year, the firm earned ($0.34) earnings per share. Briggs & Stratton’s quarterly revenue was up 14.7% compared to the same quarter last year. analysts anticipate that Briggs & Stratton will post 1.49 earnings per share for the current fiscal year.
In related news, insider Todd J. Teske sold 60,000 shares of Briggs & Stratton stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $24.01, for a total value of $1,440,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Andrea L. Golvach sold 19,174 shares of Briggs & Stratton stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $25.20, for a total transaction of $483,184.80. Following the completion of the transaction, the vice president now owns 27,197 shares of the company’s stock, valued at approximately $685,364.40. The disclosure for this sale can be found here. Insiders sold 97,174 shares of company stock valued at $2,360,825 in the last 90 days. Company insiders own 4.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Acadian Asset Management LLC acquired a new position in Briggs & Stratton during the 4th quarter worth approximately $148,000. Alpha Windward LLC acquired a new position in Briggs & Stratton during the 4th quarter worth approximately $530,000. Schwab Charles Investment Management Inc. grew its holdings in Briggs & Stratton by 2.1% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 415,592 shares of the industrial products company’s stock worth $10,544,000 after acquiring an additional 8,394 shares in the last quarter. GSA Capital Partners LLP grew its holdings in Briggs & Stratton by 43.0% during the 3rd quarter. GSA Capital Partners LLP now owns 24,503 shares of the industrial products company’s stock worth $576,000 after acquiring an additional 7,366 shares in the last quarter. Finally, California Public Employees Retirement System grew its holdings in Briggs & Stratton by 2.1% during the 3rd quarter. California Public Employees Retirement System now owns 173,906 shares of the industrial products company’s stock worth $4,087,000 after acquiring an additional 3,606 shares in the last quarter. Institutional investors own 82.98% of the company’s stock.
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Briggs & Stratton 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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