Brunswick Corporation (BC) Rose 23% Despite Reporting Mixed Results
TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy underperformed the Russell Midcap Growth Index and returned 13.66% (gross) and 13.44% (net) while the index return was - 14.55%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. Mid Cap Growth Strategy featured stocks like Brunswick Corporation (NYSE:BC) in the fourth quarter 2023 investor letter. Headquartered in Mettawa, Illinois, Brunswick Corporation (NYSE:BC) designs, manufactures, and markets recreational marine products, including marine engines, boats, and parts and accessories for those products. On March 27, 2024, Brunswick Corporation (NYSE:BC) stock closed at $95.71 per share. One-month return of Brunswick Corporation (NYSE:BC) was 10.66%, and its shares gained 21.37% of their value over the last 52 weeks. Brunswick Corporation (NYSE:BC) has a market capitalization of $6.5 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Brunswick Corporation (NYSE:BC) in its fourth quarter 2023 investor letter:
"In Consumer-oriented sectors, we lean towards value-oriented or specialty retailers, franchise models, as well as premium brands. Brunswick Corporation (NYSE:BC) designs and manufactures marine recreation products worldwide. The Propulsion segment operates under the Mercury brand. Their Boat business lineup features Sea Ray, Boston Whaler, Bayliner, Lund, Crestliner, and Princecraft. Its shares surged ahead by 23% despite reporting mixed results which included better earnings, though with weaker sales from a soft demand environment. Propulsion was the standout, driven by healthy demand for higher horsepower outboard engines. Brunswick moderated full-year guidance. We had trimmed back the position in anticipation of softer fundamentals."
A specialized vessel equipped with state of the art technology, sailing the seas for marine services.
Brunswick Corporation (NYSE:BC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Brunswick Corporation (NYSE:BC) was held by 24 hedge fund portfolios, compared to 28 in the previous quarter, according to our database.
We discussed Brunswick Corporation (NYSE:BC) in another article and shared TimesSquare Capital Management's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
