Polaris (NYSE:PII) Stock Price Up 7.6% Following Dividend Announcement

Shares of Polaris Inc. (NYSE:PII) rose 7.6% during mid-day trading on Thursday following a dividend announcement from the company. The company traded as high as $78.51 and last traded at $78.45. Approximately 320,304 shares were traded during trading, a decline of 59% from the average daily volume of 775,608 shares. The stock had previously closed at $72.90.

The newly announced dividend which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 3.19%. The ex-dividend date is Tuesday, September 3rd. Polaris’s payout ratio is currently 38.71%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Longbow Research reaffirmed a “neutral” rating on shares of Polaris in a report on Wednesday. Truist Financial decreased their target price on shares of Polaris from $92.00 to $82.00 and set a “hold” rating for the company in a report on Monday, July 8th. Citigroup decreased their target price on shares of Polaris from $86.00 to $83.00 and set a “neutral” rating for the company in a report on Wednesday. BMO Capital Markets decreased their target price on shares of Polaris from $90.00 to $75.00 and set a “market perform” rating for the company in a report on Wednesday. Finally, Robert W. Baird decreased their target price on shares of Polaris from $95.00 to $85.00 and set an “outperform” rating for the company in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $89.18.

Polaris Price Performance

The company has a quick ratio of 0.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.56. The firm’s fifty day moving average price is $79.36 and its two-hundred day moving average price is $86.86. The stock has a market capitalization of $4.67 billion, a PE ratio of 12.13, a PEG ratio of 7.00 and a beta of 1.53.

Polaris (NYSE:PII) last released its quarterly earnings data on Tuesday, July 23rd. The company reported $1.38 earnings per share for the quarter, missing the consensus estimate of $2.27 by ($0.89). Polaris had a net margin of 3.98% and a return on equity of 26.38%. The company had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.18 billion. During the same period in the previous year, the firm earned $2.42 earnings per share. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. On average, equities analysts predict that Polaris Inc. will post 3.8 earnings per share for the current year.

Institutional Trading of Polaris

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. increased its holdings in Polaris by 8.4% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 15,358 shares of the company’s stock valued at $1,203,000 after buying an additional 1,186 shares during the last quarter. JLB & Associates Inc. increased its holdings in Polaris by 0.5% during the second quarter. JLB & Associates Inc. now owns 24,476 shares of the company’s stock valued at $1,917,000 after buying an additional 120 shares during the last quarter. Hunter Perkins Capital Management LLC boosted its position in shares of Polaris by 4.2% in the second quarter. Hunter Perkins Capital Management LLC now owns 64,991 shares of the company’s stock worth $5,089,000 after purchasing an additional 2,610 shares during the period. Envestnet Portfolio Solutions Inc. bought a new position in shares of Polaris in the second quarter worth approximately $205,000. Finally, Mitchell & Pahl Private Wealth LLC boosted its position in shares of Polaris by 3.5% in the second quarter. Mitchell & Pahl Private Wealth LLC now owns 9,016 shares of the company’s stock worth $706,000 after purchasing an additional 301 shares during the period. 88.06% of the stock is owned by hedge funds and other institutional investors.

About Polaris

Polaris Inc designs, engineers, manufactures, and markets powersports vehicles in the United States, Canada, and internationally. It operates through three segments: Off-Road, On-Road, and Marine. The company offers off-road vehicles (ORVs), including all-terrain vehicles and side-by-side vehicles; military and commercial ORVs; snowmobiles; motorcycles; and moto-roadsters, quadricycles, and boats.