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Brunswick hits 52-week low for second time in one week
Brunswick Corp.’s (NYSE: BC) stock slid to a new 52-week low for the second time in less than a week as a Goldman Sachs analyst cut his price target due to worries about fuel costs. The company’s core boating sector has been hit as consumers curb their discretionary spending. Brunswick is also parent to fitness brands Life Fitness, Parabody and Hammer Strength.
“Brunswick’s powerboats and marine engines are likely to continue to have difficulty attracting buyers that are already struggling with their homes and cars,” analyst Chris Hussey wrote in a note to clients, but added that a drop in oil prices could lead to improved boat sales.
Hussey trimmed his price target to $17 from $18.60 and maintained a “Neutral” rating.
Shares of Brunswick fell $0.45, or 3.2 percent, to $13.70 on May 30. The stock hit a new low of $13.39 earlier in the session. The stock’s previous 52-week low of $13.92 was set on May 28.
Dick’s Sporting Goods CEO buys 46,000 shares
Edward Stack, CEO of Dick’s Sporting Goods (NYSE: DKS), reported that he bought 46,000 shares of common stock, according to a Securities and Exchange Commission filing. In a Form 4 filed with the SEC, he bought the shares for $21.84 to $21.99 apiece.
Insiders file Form 4s with the SEC to report transactions in their companies’ shares. Open market purchases and sales must be reported within two business days of the transaction.
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