Cowen and Company Downgrades Boston Beer Co. (SAM) to Underperform
Boston Beer Co. (NYSE:SAM) was downgraded by analysts at Cowen and Company from a “market perform” rating to an “underperform” rating in a research note issued to investors on Wednesday.
A number of other analysts have also recently issued reports on the company. Credit Suisse Group AG initiated coverage on Boston Beer in a report on Thursday, September 15th. They set an “underperform” rating and a $156.00 target price for the company. William Blair initiated coverage on Boston Beer in a report on Wednesday. They set an “outperform” rating for the company. Susquehanna reiterated a “hold” rating and set a $165.00 target price on shares of Boston Beer in a report on Sunday, July 3rd. Jefferies Group restated a “hold” rating on shares of Boston Beer in a report on Wednesday, August 10th. Finally, Zacks Investment Research upgraded Boston Beer from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 28th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $176.00.
Boston Beer (NYSE:SAM) traded down 2.54% during mid-day trading on Wednesday, reaching $149.50. 267,517 shares of the company’s stock were exchanged. The company’s 50 day moving average price is $180.47 and its 200-day moving average price is $171.43. Boston Beer has a 52 week low of $145.33 and a 52 week high of $260.51. The company has a market capitalization of $1.84 billion, a P/E ratio of 22.39 and a beta of 0.69.
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Boston Beer (NYSE:SAM) last issued its earnings results on Thursday, July 21st. The company reported $2.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.94 by $0.12. Boston Beer had a return on equity of 19.60% and a net margin of 9.22%. The business earned $244.80 million during the quarter, compared to analysts’ expectations of $238.87 million. On average, equities research analysts expect that Boston Beer will post $6.53 earnings per share for the current fiscal year.
In related news, VP David L. Grinnell sold 1,000 shares of the company’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $187.85, for a total transaction of $187,850.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Tybourne Capital Management Hk sold 600 shares of the company’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $186.33, for a total value of $111,798.00. The disclosure for this sale can be found here. Corporate insiders own 31.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC increased its position in shares of Boston Beer by 7.6% in the second quarter. Tower Research Capital LLC TRC now owns 965 shares of the company’s stock worth $165,000 after buying an additional 68 shares during the last quarter. Advisor Group Inc. bought a new position in shares of Boston Beer during the second quarter worth approximately $199,000. Squarepoint Ops LLC bought a new position in shares of Boston Beer during the first quarter worth approximately $220,000. Teacher Retirement System of Texas increased its position in shares of Boston Beer by 12.9% in the second quarter. Teacher Retirement System of Texas now owns 1,267 shares of the company’s stock worth $217,000 after buying an additional 145 shares during the last quarter. Finally, Diversified Trust Co bought a new position in shares of Boston Beer during the second quarter worth approximately $218,000. Hedge funds and other institutional investors own 65.23% of the company’s stock.
Boston Beer Company Profile
The Boston Beer Company, Inc (Boston Beer) is a craft brewer in the United States. The Company is engaged in the business of producing and selling alcohol beverages primarily in the domestic market and in international markets. The Company operates through two segments: Boston Beer Company segment and A&S Brewing Collaborative segment.
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