Joseph W. McClanathan, a director at Brunswick Corp (NYSE:BC), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, McClanathan sold 4,745 shares of Brunswick's common stock on October 25, 2024. The shares were sold at a price of $80.14 each, resulting in a total transaction value of $380,264.
Following this transaction, McClanathan's direct ownership of Brunswick shares stands at 19,218 shares. This figure includes 96 shares acquired through dividend reinvestments in September 2024.
In other recent news, Brunswick Corporation reported a 20% year-over-year decrease in Q3 net sales, with an adjusted earnings per share (EPS) of $1.17. The company anticipates a full-year decline of about 10% in new boat retail unit sales. Despite these figures, Brunswick's aftermarket parts business achieved a record 26% margin, and the Freedom Boat Club contributed 12% of segment sales with steady membership growth. Brunswick also amended its credit facility and commercial paper program to $1 billion each for improved capital flexibility. Looking ahead, the company expects steady market conditions for Q4, with net sales guidance between $5.1 to $5.2 billion and an adjusted EPS of approximately $4.50. These recent developments reflect Brunswick's resilience amidst challenging market conditions and its continued commitment to capital flexibility and new product contributions.
InvestingPro Insights
Brunswick Corp (NYSE:BC) has been experiencing some challenges, as reflected in recent InvestingPro data and tips. The company's revenue growth has been negative, with a 17.79% decline in the last twelve months as of Q3 2024. This aligns with the InvestingPro Tip that analysts anticipate sales decline in the current year. Additionally, the company's EBITDA growth has also been negative at -27.92% over the same period.
Despite these headwinds, Brunswick maintains a strong dividend profile. The company has raised its dividend for 12 consecutive years and has maintained dividend payments for an impressive 54 consecutive years, according to InvestingPro Tips. This commitment to shareholder returns is further evidenced by the current dividend yield of 2.08% and a dividend growth rate of 5% in the last twelve months.
The recent insider sale by director Joseph W. McClanathan should be viewed in the context of Brunswick's current valuation metrics. The company's P/E ratio stands at 6.21, which is relatively low compared to many peers. However, the adjusted P/E ratio for the last twelve months as of Q3 2024 is higher at 16.37, suggesting that the stock may not be as undervalued as it initially appears.
InvestingPro offers additional insights with 9 more tips available for Brunswick Corp, providing a more comprehensive analysis for investors interested in delving deeper into the company's prospects.
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