Allianz Asset Management GmbH lowered its stake in shares of Briggs & Stratton Corporation (NYSE:BGG) by 34.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 135,174 shares of the industrial products company’s stock after selling 70,452 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.32% of Briggs & Stratton worth $3,177,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of BGG. BlackRock Inc. boosted its position in Briggs & Stratton by 15.8% during the second quarter. BlackRock Inc. now owns 6,559,290 shares of the industrial products company’s stock worth $158,080,000 after purchasing an additional 892,989 shares during the period. LSV Asset Management boosted its position in Briggs & Stratton by 0.9% during the second quarter. LSV Asset Management now owns 2,177,517 shares of the industrial products company’s stock worth $52,478,000 after purchasing an additional 18,700 shares during the period. State Street Corp boosted its position in Briggs & Stratton by 4.7% during the second quarter. State Street Corp now owns 1,189,916 shares of the industrial products company’s stock worth $28,674,000 after purchasing an additional 53,505 shares during the period. Frontier Capital Management Co. LLC boosted its position in Briggs & Stratton by 2.2% during the third quarter. Frontier Capital Management Co. LLC now owns 1,046,450 shares of the industrial products company’s stock worth $24,592,000 after purchasing an additional 22,438 shares during the period. Finally, Northern Trust Corp boosted its position in Briggs & Stratton by 8.0% during the second quarter. Northern Trust Corp now owns 898,841 shares of the industrial products company’s stock worth $21,662,000 after purchasing an additional 66,716 shares during the period. Institutional investors own 82.98% of the company’s stock.
BGG has been the subject of a number of research reports. Zacks Investment Research lowered shares of Briggs & Stratton from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 29th. ValuEngine raised shares of Briggs & Stratton from a “hold” rating to a “buy” rating in a report on Thursday, October 26th. Finally, Raymond James Financial reissued an “underperform” rating on shares of Briggs & Stratton in a report on Tuesday, October 17th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $26.50.
Briggs & Stratton (NYSE:BGG) last announced its quarterly earnings results on Wednesday, October 25th. The industrial products company reported ($0.27) earnings per share (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 firm had revenue of $329.10 million for the quarter, compared to the consensus estimate of $295.84 million. During the same period in the prior year, the firm posted ($0.34) earnings per share. The company’s revenue for the quarter was up 14.7% on a year-over-year basis. research analysts predict that Briggs & Stratton Corporation will post 1.49 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Stockholders of record on Friday, December 15th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Thursday, December 14th. Briggs & Stratton’s payout ratio is 43.75%.
In related news, insider Todd J. Teske sold 60,000 shares of the firm’s 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 filing with the SEC, which is available through this link. Also, VP Andrea L. Golvach sold 19,174 shares of the firm’s 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 sale, the vice president now directly owns 27,197 shares in the company, valued at $685,364.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 97,174 shares of company stock worth $2,360,825. Insiders own 4.20% 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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