Briggs & Stratton Co. (NYSE:BGG) Position Cut by Peregrine Capital Management LLC

Peregrine Capital Management LLC decreased its position in shares of Briggs & Stratton Co. (NYSE:BGG) by 2.1% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 701,684 shares of the industrial products company’s stock after selling 15,196 shares during the quarter. Peregrine Capital Management LLC owned approximately 1.67% of Briggs & Stratton worth $4,252,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Morgan Stanley boosted its position in Briggs & Stratton by 408.6% in the 2nd quarter. Morgan Stanley now owns 554,986 shares of the industrial products company’s stock valued at $5,683,000 after buying an additional 445,861 shares during the period. Vanguard Group Inc. boosted its position in Briggs & Stratton by 8.7% in the 2nd quarter. Vanguard Group Inc. now owns 4,396,640 shares of the industrial products company’s stock valued at $45,021,000 after buying an additional 352,274 shares during the period. Nuveen Asset Management LLC purchased a new stake in Briggs & Stratton in the 2nd quarter valued at about $2,586,000. Silvercrest Asset Management Group LLC lifted its position in shares of Briggs & Stratton by 1,479.6% in the 2nd quarter. Silvercrest Asset Management Group LLC now owns 173,754 shares of the industrial products company’s stock worth $7,582,000 after purchasing an additional 162,754 shares during the period. Finally, BlackRock Inc. lifted its position in shares of Briggs & Stratton by 1.3% in the 2nd quarter. BlackRock Inc. now owns 6,527,781 shares of the industrial products company’s stock worth $66,844,000 after purchasing an additional 85,670 shares during the period. Institutional investors own 90.00% of the company’s stock.

In related news, Director Frank M. Jaehnert acquired 40,000 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were acquired at an average cost of $4.39 per share, with a total value of $175,600.00. Following the completion of the acquisition, the director now directly owns 70,479 shares in the company, valued at approximately $309,402.81. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Jeffrey Michael Zeiler acquired 15,112 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were bought at an average cost of $6.31 per share, for a total transaction of $95,356.72. Following the completion of the acquisition, the vice president now owns 90,195 shares of the company’s stock, valued at $569,130.45. The disclosure for this purchase can be found here. Insiders have purchased 109,112 shares of company stock worth $500,707 over the last three months. 7.60% of the stock is currently owned by insiders.

Several equities research analysts have recently weighed in on the stock. TheStreet cut shares of Briggs & Stratton from a “c-” rating to a “d” rating in a research report on Thursday, August 15th. ValuEngine raised shares of Briggs & Stratton from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 5th. Finally, Zacks Investment Research upgraded shares of Briggs & Stratton from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $15.00.

Briggs & Stratton stock traded down $0.04 during mid-day trading on Friday, reaching $7.53. 437,862 shares of the company traded hands, compared to its average volume of 582,127. The company has a debt-to-equity ratio of 1.58, a current ratio of 2.28 and a quick ratio of 0.72. Briggs & Stratton Co. has a fifty-two week low of $3.96 and a fifty-two week high of $16.11. The company has a market capitalization of $332.80 million, a price-to-earnings ratio of -23.53 and a beta of 1.28. The firm’s fifty day moving average is $6.43 and its two-hundred day moving average is $8.39.

Briggs & Stratton (NYSE:BGG) last released its quarterly earnings data on Friday, November 1st. The industrial products company reported ($0.67) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.73) by $0.06. The firm had revenue of $313.70 million for the quarter, compared to analyst estimates of $291.14 million. Briggs & Stratton had a negative net margin of 2.50% and a negative return on equity of 4.18%. The business’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.51) earnings per share. As a group, equities research analysts predict that Briggs & Stratton Co. will post 0.2 earnings per share for the current year.

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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Institutional Ownership by Quarter for Briggs & Stratton (NYSE:BGG)

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