Jennison Associates LLC Sells 416,983 Shares of Brunswick Co. (NYSE:BC)

Jennison Associates LLC lessened its holdings in shares of Brunswick Co. (NYSE:BC) by 66.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 207,265 shares of the company’s stock after selling 416,983 shares during the quarter. Jennison Associates LLC’s holdings in Brunswick were worth $17,373,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of BC. V Square Quantitative Management LLC bought a new stake in Brunswick during the 3rd quarter valued at about $26,000. Avior Wealth Management LLC raised its stake in shares of Brunswick by 1,073.7% during the third quarter. Avior Wealth Management LLC now owns 669 shares of the company’s stock valued at $56,000 after acquiring an additional 612 shares in the last quarter. Covestor Ltd grew its stake in Brunswick by 669.0% in the third quarter. Covestor Ltd now owns 969 shares of the company’s stock worth $81,000 after purchasing an additional 843 shares in the last quarter. GAMMA Investing LLC increased its holdings in Brunswick by 92.5% during the 3rd quarter. GAMMA Investing LLC now owns 1,155 shares of the company’s stock worth $97,000 after purchasing an additional 555 shares during the period. Finally, Fifth Third Bancorp raised its position in Brunswick by 47.0% during the 2nd quarter. Fifth Third Bancorp now owns 1,511 shares of the company’s stock valued at $110,000 after purchasing an additional 483 shares in the last quarter. Institutional investors own 99.34% of the company’s stock.

Insiders Place Their Bets

In related news, Director Joseph W. Mcclanathan sold 4,745 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $80.14, for a total value of $380,264.30. Following the transaction, the director now owns 19,218 shares in the company, valued at approximately $1,540,130.52. This represents a 19.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Nancy E. Cooper sold 366 shares of Brunswick stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $80.19, for a total transaction of $29,349.54. Following the sale, the director now owns 24,557 shares of the company’s stock, valued at approximately $1,969,225.83. The trade was a 1.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,940 shares of company stock valued at $2,321,176. Insiders own 0.81% of the company’s stock.

Brunswick Price Performance

Shares of NYSE BC opened at $82.37 on Friday. The company has a market cap of $5.43 billion, a PE ratio of 20.49 and a beta of 1.51. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.74 and a current ratio of 1.97. The business has a 50-day simple moving average of $81.74 and a two-hundred day simple moving average of $78.80. Brunswick Co. has a fifty-two week low of $69.05 and a fifty-two week high of $99.68.

Brunswick Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Wednesday, November 20th will be paid a dividend of $0.42 per share. The ex-dividend date is Wednesday, November 20th. This represents a $1.68 dividend on an annualized basis and a yield of 2.04%. Brunswick’s payout ratio is 41.79%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BC. Robert W. Baird cut their price target on Brunswick from $95.00 to $93.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Jefferies Financial Group reissued a “hold” rating and set a $70.00 target price (down previously from $115.00) on shares of Brunswick in a research report on Friday, July 26th. Benchmark reiterated a “buy” rating and set a $100.00 price objective on shares of Brunswick in a research note on Friday, October 25th. Citigroup boosted their price objective on shares of Brunswick from $92.00 to $101.00 and gave the stock a “buy” rating in a research note on Friday, September 27th. Finally, Northcoast Research raised Brunswick from a “neutral” rating to a “buy” rating and set a $100.00 target price on the stock in a research report on Monday, July 29th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Brunswick presently has a consensus rating of “Moderate Buy” and an average target price of $89.23.

About Brunswick

Brunswick Corporation designs, manufactures, and markets recreation products in the United States, Europe, the Asia-Pacific, Canada, and internationally. It operates through four segments: Propulsion, Engine P&A, Navico Group, and Boat. The Propulsion segment provides outboard, sterndrive, inboard engines, propulsion-related controls, rigging, and propellers for boat builders through marine retail dealers under the Mercury, Mercury MerCruiser, Mariner, Mercury Racing, Mercury Diesel, Avator, and Fliteboard brands.