Briggs & Stratton Corporation (NYSE:BGG) Cut to Strong Sell at Zacks Investment Research

Briggs & Stratton Corporation (NYSE:BGG) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday, August 29th.

According to Zacks, “Briggs & Stratton Corp. is one of the world’s largest producers of air cooled gasoline engines for outdoor power equipment. The company designs, manufactures, markets and services these products for original equipment manufacturers worldwide. These engines are primarily aluminum alloy gasoline engines. “

Separately, BidaskClub cut Briggs & Stratton Corporation from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 3rd.

Shares of Briggs & Stratton Corporation (BGG) traded up 0.27% on Tuesday, reaching $21.98. 54,196 shares of the company were exchanged. The firm’s 50 day moving average price is $22.20 and its 200 day moving average price is $22.97. Briggs & Stratton Corporation has a 52 week low of $17.90 and a 52 week high of $25.92. The stock has a market capitalization of $939.75 million, a price-to-earnings ratio of 16.78 and a beta of 0.72.

Briggs & Stratton Corporation (NYSE:BGG) last released its earnings results on Wednesday, August 16th. The industrial products company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.06). The business had revenue of $474.00 million during the quarter, compared to analyst estimates of $537.82 million. Briggs & Stratton Corporation had a net margin of 3.17% and a return on equity of 11.24%. Briggs & Stratton Corporation’s revenue was down 5.6% compared to the same quarter last year. During the same period last year, the business posted $0.46 EPS. Equities research analysts anticipate that Briggs & Stratton Corporation will post $1.38 EPS for the current year.

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In related news, SVP William H. Reitman sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $20.69, for a total transaction of $144,830.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Todd J. Teske sold 5,830 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $20.68, for a total value of $120,564.40. Following the transaction, the insider now directly owns 379,417 shares in the company, valued at $7,846,343.56. The disclosure for this sale can be found here. 4.70% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Public Employees Retirement System of Ohio raised its position in shares of Briggs & Stratton Corporation by 4.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 7,230 shares of the industrial products company’s stock valued at $174,000 after purchasing an additional 293 shares in the last quarter. Piedmont Investment Advisors LLC acquired a new position in shares of Briggs & Stratton Corporation in the 2nd quarter valued at approximately $223,000. Westover Capital Advisors LLC acquired a new position in shares of Briggs & Stratton Corporation in the 2nd quarter valued at approximately $474,000. State Street Corp raised its position in shares of Briggs & Stratton Corporation by 4.7% in the 2nd quarter. State Street Corp now owns 1,189,916 shares of the industrial products company’s stock valued at $28,674,000 after purchasing an additional 53,505 shares in the last quarter. Finally, Gotham Asset Management LLC acquired a new position in shares of Briggs & Stratton Corporation in the 2nd quarter valued at approximately $474,000. 84.19% of the stock is currently owned by institutional investors.

Briggs & Stratton Corporation 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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