The Boston Beer Company, Inc. (NYSE:SAM – Get Free Report) gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $370.06, but opened at $326.36. Boston Beer shares last traded at $318.02, with a volume of 74,917 shares traded.
The company reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($1.27). Boston Beer had a net margin of 3.83% and a return on equity of 8.77%. The business had revenue of $393.72 million for the quarter, compared to analyst estimates of $413.57 million. During the same period in the prior year, the business earned ($0.93) EPS. The company’s revenue for the quarter was down 12.0% compared to the same quarter last year.
Wall Street Analysts Forecast Growth
SAM has been the topic of several research reports. Roth Mkm boosted their price target on Boston Beer from $406.00 to $422.00 and gave the stock a “buy” rating in a report on Tuesday, January 23rd. Jefferies Financial Group initiated coverage on Boston Beer in a report on Monday, November 13th. They set a “hold” rating and a $375.00 price target on the stock. Finally, Sanford C. Bernstein upgraded Boston Beer from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $280.00 to $335.00 in a report on Tuesday, January 16th. One analyst has rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Boston Beer has an average rating of “Hold” and a consensus target price of $348.25.
Insider Buying and Selling at Boston Beer
In other Boston Beer news, insider Carolyn L. O’boyle sold 102 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $354.90, for a total value of $36,199.80. Following the transaction, the insider now directly owns 2,834 shares of the company’s stock, valued at $1,005,786.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders have sold 306 shares of company stock valued at $107,146. 23.50% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Boston Beer
A number of institutional investors have recently modified their holdings of SAM. JPMorgan Chase & Co. raised its position in shares of Boston Beer by 2.0% during the first quarter. JPMorgan Chase & Co. now owns 16,610 shares of the company’s stock worth $6,452,000 after purchasing an additional 333 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in shares of Boston Beer by 64.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 1,778 shares of the company’s stock worth $691,000 after purchasing an additional 696 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Boston Beer by 3.3% during the first quarter. PNC Financial Services Group Inc. now owns 2,961 shares of the company’s stock worth $1,151,000 after purchasing an additional 95 shares during the period. Bank of Montreal Can raised its position in shares of Boston Beer by 220.8% during the first quarter. Bank of Montreal Can now owns 6,080 shares of the company’s stock worth $2,414,000 after purchasing an additional 4,185 shares during the period. Finally, MetLife Investment Management LLC raised its position in shares of Boston Beer by 42.6% during the first quarter. MetLife Investment Management LLC now owns 6,488 shares of the company’s stock worth $2,520,000 after purchasing an additional 1,938 shares during the period. 64.10% of the stock is owned by institutional investors and hedge funds.
Boston Beer Stock Down 13.3 %
The business has a 50-day moving average price of $351.44 and a two-hundred day moving average price of $355.75. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of 47.04, a price-to-earnings-growth ratio of 1.07 and a beta of 1.09.
Boston Beer Company Profile
The Boston Beer Company, Inc engages in the production and sale of alcohol beverages primarily in the United States. The company’s flagship beer is Samuel Adams Boston Lager. It offers various beers, hard ciders, flavored malt beverages, and hard seltzers under the Samuel Adams, Twisted Tea, Truly Hard Seltzer, Angry Orchard, Dogfish Head, Angel City, Coney Island, and Havana Lager brand names.