JPMorgan Chase & Co. lessened its stake in shares of Briggs & Stratton Co. (NYSE:BGG) by 3.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 757,230 shares of the industrial products company’s stock after selling 27,422 shares during the quarter. JPMorgan Chase & Co. owned about 1.79% of Briggs & Stratton worth $14,561,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the business. Commonwealth Equity Services LLC raised its stake in shares of Briggs & Stratton by 95.4% in the third quarter. Commonwealth Equity Services LLC now owns 28,522 shares of the industrial products company’s stock worth $548,000 after buying an additional 13,927 shares during the period. Wells Fargo & Company MN grew its position in shares of Briggs & Stratton by 38.8% during the third quarter. Wells Fargo & Company MN now owns 101,962 shares of the industrial products company’s stock worth $1,960,000 after purchasing an additional 28,523 shares in the last quarter. Engineers Gate Manager LP grew its position in shares of Briggs & Stratton by 33.8% during the third quarter. Engineers Gate Manager LP now owns 38,457 shares of the industrial products company’s stock worth $740,000 after purchasing an additional 9,706 shares in the last quarter. Frontier Capital Management Co. LLC grew its position in shares of Briggs & Stratton by 7.7% during the third quarter. Frontier Capital Management Co. LLC now owns 1,093,544 shares of the industrial products company’s stock worth $21,029,000 after purchasing an additional 78,255 shares in the last quarter. Finally, Cardinal Capital Management purchased a new stake in shares of Briggs & Stratton during the third quarter worth about $596,000. 83.59% of the stock is owned by institutional investors and hedge funds.
BGG has been the subject of several research analyst reports. Zacks Investment Research cut Briggs & Stratton from a “hold” rating to a “sell” rating in a research report on Tuesday, October 16th. ValuEngine upgraded Briggs & Stratton from a “strong sell” rating to a “sell” rating in a research report on Friday, November 16th. Northcoast Research set a $25.00 target price on Briggs & Stratton and gave the stock a “buy” rating in a research report on Friday, September 28th. Finally, Sidoti cut their target price on Briggs & Stratton from $19.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $20.50.
NYSE:BGG opened at $13.87 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.39 and a quick ratio of 0.44. Briggs & Stratton Co. has a 12-month low of $13.33 and a 12-month high of $27.34. The stock has a market cap of $594.71 million, a P/E ratio of 10.75 and a beta of 1.02.
Briggs & Stratton (NYSE:BGG) last released its earnings results on Thursday, October 25th. The industrial products company reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.04). Briggs & Stratton had a positive return on equity of 8.46% and a negative net margin of 2.04%. The business had revenue of $279.00 million for the quarter, compared to analysts’ expectations of $297.80 million. As a group, research analysts anticipate that Briggs & Stratton Co. will post 1.46 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 3rd. Investors of record on Tuesday, December 18th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 4.04%. The ex-dividend date is Monday, December 17th. Briggs & Stratton’s dividend payout ratio is currently 43.41%.
In other Briggs & Stratton news, Director Frank M. Jaehnert bought 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 30th. The stock was purchased at an average price of $13.73 per share, for a total transaction of $68,650.00. Following the completion of the transaction, the director now owns 15,000 shares of the company’s stock, valued at approximately $205,950. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.30% of the company’s stock.
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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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