Briggs & Stratton Corporation (NYSE:BGG) shares were up 5.39% on Monday when approximately 589,008.00 shares were traded, against the average daily trading volume of 401,259.00. Analysts at Credit Agricole recently upgraded the stock to Underperform from Buy. Briggs & Stratton Corporation (NYSE:BGG) has a consensus Hold rating, according to Zacks Investment Research. No analyst has rated the stock with a sell rating, 3 have assigned a hold rating, Zero says it’s a buy, and 0 have assigned a strong buy rating to the company.
Analysts have a consensus target price of $23.00 in the 12-month period. The price objective is 4.97% higher than the recent closing price of $21.91. The 52-week price range is $17.79-$23.98 and the company has a market capitalization of $933.45M.
Briggs & Stratton Corporation (BGG) on January 26, 2017 announced financial results for its second fiscal quarter ended January 1, 2017.
- Second quarter net sales were $428 million, up $15 million or 3.6% compared to last year.
- Second quarter net income was $15.3 million, an increase from GAAP net income of $12.6 million and adjusted net income of $15.1 million last year.
- Second quarter diluted earnings per share were $0.35 compared to $0.28 (GAAP) and $0.34 (adjusted) last year.
- Repurchased $6.5 million in shares under the share repurchase program during the quarter.
“We are pleased with how the first half of our fiscal year has played out,” said Todd J. Teske, Chairman, President and Chief Executive Officer. “We have set a solid foundation on which to deliver our full year projected sales and profitability growth, which included modest support from generator sales immediately following Hurricane Matthew. Our engine placement on lawn and garden products is set for the upcoming season and is consistent with last season as anticipated. We continue to introduce new, innovative residential products and engines that will help people get the job done.” Teske continued, “We have achieved strong sales growth of commercial engines and products over the past several years and sustaining this momentum is a key focus for us. We expect that our new products and engines this year will result in further success in this market. The new offerings are designed to improve the productivity of people who use our equipment to earn a living. This includes the launch of the Oil Guard system on our Ferris mowers which allows for oil changes every 500 hours compared to the typical 100 hours resulting in more uptime and more lawns getting cut. We also continue to offer a strong lineup for landscapers through our Billy Goat branded products including our new easy to use sod cutter that we launched for the upcoming season. Plus, we have introduced product expansions into larger, light commercial style standby generators, as well as towable air compressors and generators that are used on job sites. These new offerings, along with many other actions we are taking, further demonstrate that we are executing our strategy of investing in higher value, higher margin products while diversifying our business. All things considered, we believe that we are set up for a solid back half of the fiscal year.”