Tectonic Advisors LLC significantly increased its holdings in Brunswick Corporation, raising its stake by 96.2% during the third quarter of 2023. According to a recent filing with the Securities & Exchange Commission, Tectonic now owns 61,607 shares of Brunswick, after acquiring an additional 30,212 shares in that period. The total value of Tectonic’s investment in Brunswick is approximately $3.9 million.
This move comes as several other institutional investors and hedge funds have also adjusted their positions in Brunswick. For example, Parkside Financial Bank & Trust increased its stake in the company by 103.5% during the second quarter, holding 702 shares valued at around $39,000 after acquiring 357 shares.
Similarly, Geneos Wealth Management Inc. raised its stake by an impressive 477.0% in the first quarter, bringing its total to 727 shares worth $39,000. MassMutual Private Wealth & Trust FSB also expanded its holdings by 243.2% in the second quarter, owning 858 shares valued at $47,000 after purchasing an additional 608 shares.
Other notable investors include Blue Trust Inc., which increased its stake by 24.7%, and First Horizon Advisors Inc., which boosted its stake by 41.3%. Collectively, hedge funds and institutional investors now own approximately 99.34% of Brunswick’s stock.
Brunswick’s Stock Performance and Recent Developments
As of the latest trading session, Brunswick’s stock opened at $74.28. The company currently holds a market capitalization of $4.83 billion and has a price-to-earnings (P/E) ratio of -20.41. Brunswick’s performance metrics include a current ratio of 1.78, a quick ratio of 0.73, and a debt-to-equity ratio of 1.28. Over the past year, its stock has seen a low of $41.00 and a high of $76.81.
Further demonstrating its financial health, Brunswick recently announced a quarterly dividend of $0.43 per share, which was paid on December 15, 2023. This dividend reflects an annualized payout of $1.72 and a yield of 2.3%. The company’s payout ratio currently stands at -47.25%, indicating a focus on reinvestment.
Analyst Ratings and Market Outlook
Analysts have varied opinions regarding Brunswick’s stock, with several brokerages making recent updates. Wall Street Zen downgraded the stock from a “buy” rating to a “hold” in a note issued on December 7, 2023. Conversely, Seaport Res Ptn upgraded Brunswick to a “strong-buy” rating shortly thereafter.
In a report from JPMorgan Chase & Co., the firm raised its price target for Brunswick from $63.00 to $70.00, maintaining a “neutral” rating. Additionally, Loop Capital initiated coverage with a “hold” rating and a target price of $74.00. Meanwhile, Roth Capital set a price target of $79.00 and rated the stock as a “buy.”
Currently, Brunswick holds a consensus rating of “Hold” from analysts, with an average price target of $73.57, as reported by MarketBeat.
Founded in 1845 by John Moses Brunswick, Brunswick Corporation has transformed from a billiard table manufacturer into a leading global provider of recreational products. Based in Mettawa, Illinois, the company operates primarily through its Marine and Bowling & Billiards segments, offering a range of leisure equipment to both consumers and commercial markets worldwide.
Investors and analysts alike will continue to monitor Brunswick’s financial developments and market performance as the company navigates its path forward in the recreational products sector.
