David M. Foulkes, the Chief Executive Officer of Brunswick Corp (NYSE:BC), recently sold a significant portion of the company's stock. According to an SEC filing, Foulkes sold 23,829 shares of common stock on October 31, 2024. The shares were sold at a weighted average price of $80.22, with transaction prices ranging from $79.80 to $80.63. The total value of the transaction amounted to approximately $1.91 million.
Following this sale, Foulkes holds 251,094 shares directly. Additionally, he maintains an indirect ownership of 6,900 shares through a savings plan trustee. The sale and current holdings reflect Foulkes' ongoing involvement with Brunswick Corp, a company known for its engines and turbines.
In other recent news, Brunswick Corporation reported a 20% year-over-year decrease in Q3 net sales, alongside an adjusted EPS of $1.17. The corporation also anticipates a 10% decline in new boat retail unit sales for the full year. Despite these challenges, Brunswick managed to execute $190 million in share repurchases year-to-date, and its recurring revenue businesses made up nearly 70% of Q3 adjusted operating earnings.
The company also amended its credit facility and commercial paper program to $1 billion each, improving its capital flexibility. However, the propulsion segment saw a 32% sales drop, and Navico Group's sales decreased by 14%. Despite these setbacks, the aftermarket parts business achieved record margins of 26%.
Looking ahead, Brunswick expects steady market conditions for Q4, with guidance for net sales between $5.1 to $5.2 billion and an adjusted EPS of approximately $4.50. The company also anticipates a stronger 2025, driven by healthier economic conditions and stable retail demand. These are the recent developments in Brunswick Corporation's business operations.
InvestingPro Insights
In light of David M. Foulkes' recent stock sale, it's worth examining Brunswick Corp's financial health and market position. According to InvestingPro data, Brunswick Corp currently has a market capitalization of $5.33 billion, with a P/E ratio of 6.19, suggesting the stock may be undervalued compared to industry peers.
Despite the CEO's stock sale, Brunswick Corp has demonstrated a commitment to shareholder returns. An InvestingPro Tip highlights that the company has maintained dividend payments for 54 consecutive years, a testament to its financial stability. The current dividend yield stands at 2.08%, which may appeal to income-focused investors.
However, the company faces some headwinds. Revenue for the last twelve months as of Q3 2024 was $5.44 billion, representing a decline of 17.79%. This aligns with another InvestingPro Tip indicating that analysts anticipate a sales decline in the current year.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for Brunswick Corp, providing a deeper understanding of the company's financial position and future prospects.
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