Analyst initiates Brunswick with 'hold' rating
An analyst initiated coverage on Brunswick Corp. (NYSE: BC) but gave it a "Hold" rating based on consumer spending and economic concerns. Brunswick's fitness portfolio includes Life Fitness, Parabody and Hammer Strength.
With more than 80 percent of the company's total business coming from the recreational marine market, Scott Hamann of KeyBanc Capital Markets said in a client note that he expects Brunswick to be squeezed in the intermediate term due to consumer spending constraints.
But Hamann was more optimistic on the company long term, writing in the note that Brunswick's strong brand names, cost control efforts and new product development should "drive meaningful operating leverage long term."
Shares of Brunswick shed $0.53 to close at $16 on May 20.
Life Time Fitness appoints VP/chief marketing officer
Life Time Fitness (NYSE: LTM) has named Scott Lutz as executive vice president and chief marketing officer, handling marketing operations, including strategy development, planning and execution. Lutz joins Life Time Fitness from Best Buy Co. where he served as senior vice president of new business development and marketing since 2006.
Lutz has held executive management roles at leading packaged goods companies, including Procter & Gamble, General Mills and ConAgra. He served as president and chief operating officer at ConAgra and CEO of 8th Continent, a General Mills-DuPont health and wellness joint venture.
Foot Locker declares quarterly dividend
Foot Locker (NYSE: FL) reported that its board of directors declared a quarterly cash dividend on the company's common stock of $0.15 per share, which will be payable on August 1 to shareholders of record on July 18.
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