Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) was the target of a large growth in short interest during the month of September. As of September 29th, there was short interest totalling 15,758,867 shares, a growth of 21.9% from the September 15th total of 12,931,094 shares. Currently, 8.7% of the shares of the company are sold short. Based on an average trading volume of 2,209,796 shares, the days-to-cover ratio is currently 7.1 days.

BUFF has been the subject of a number of research analyst reports. Off Wall Street initiated coverage on Blue Buffalo Pet Products in a report on Wednesday, June 21st. They issued a “sell” rating for the company. J P Morgan Chase & Co reiterated an “overweight” rating and issued a $25.00 price target (down from $28.00) on shares of Blue Buffalo Pet Products in a report on Wednesday, June 28th. Zacks Investment Research downgraded Blue Buffalo Pet Products from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 11th. Robert W. Baird reiterated a “hold” rating and issued a $23.00 price target on shares of Blue Buffalo Pet Products in a report on Friday, September 1st. Finally, Imperial Capital assumed coverage on Blue Buffalo Pet Products in a report on Wednesday, June 28th. They issued an “outperform” rating and a $30.00 price target for the company. Two analysts have rated the stock with a sell rating, three have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $29.36.

Blue Buffalo Pet Products (BUFF) opened at 28.65 on Thursday. The company’s 50-day moving average price is $27.56 and its 200-day moving average price is $27.56. The company has a market capitalization of $5.65 billion, a P/E ratio of 40.35 and a beta of 1.94. Blue Buffalo Pet Products has a 52 week low of $21.51 and a 52 week high of $29.44.

Blue Buffalo Pet Products (NASDAQ:BUFF) last released its quarterly earnings results on Tuesday, August 8th. The company reported $0.21 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.21. Blue Buffalo Pet Products had a return on equity of 98.02% and a net margin of 12.13%. The firm had revenue of $294.80 million during the quarter, compared to analysts’ expectations of $301.88 million. During the same period last year, the firm posted $0.19 EPS. The business’s revenue was up 2.8% on a year-over-year basis. On average, equities analysts forecast that Blue Buffalo Pet Products will post $0.92 EPS for the current fiscal year.

Blue Buffalo Pet Products announced that its board has approved a stock buyback plan on Tuesday, August 8th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to purchase up to 1.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

In other news, CFO Michael Nathenson sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $25.00, for a total value of $1,250,000.00. Following the completion of the sale, the chief financial officer now directly owns 50,000 shares in the company, valued at approximately $1,250,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 187,072 shares of company stock valued at $4,736,802 over the last quarter. Company insiders own 7.70% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its position in shares of Blue Buffalo Pet Products by 812.9% in the 1st quarter. Russell Investments Group Ltd. now owns 50,720 shares of the company’s stock worth $1,166,000 after purchasing an additional 45,164 shares during the last quarter. Great West Life Assurance Co. Can boosted its position in shares of Blue Buffalo Pet Products by 50.9% in the 1st quarter. Great West Life Assurance Co. Can now owns 10,675 shares of the company’s stock worth $245,000 after purchasing an additional 3,600 shares during the last quarter. US Bancorp DE boosted its position in shares of Blue Buffalo Pet Products by 38.5% in the 1st quarter. US Bancorp DE now owns 7,193 shares of the company’s stock worth $165,000 after purchasing an additional 2,000 shares during the last quarter. Parametric Portfolio Associates LLC boosted its position in shares of Blue Buffalo Pet Products by 207.0% in the 1st quarter. Parametric Portfolio Associates LLC now owns 98,343 shares of the company’s stock worth $2,262,000 after purchasing an additional 66,305 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in shares of Blue Buffalo Pet Products by 166.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 13,381 shares of the company’s stock worth $308,000 after purchasing an additional 8,362 shares during the last quarter. 88.74% of the stock is owned by institutional investors.

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Blue Buffalo Pet Products Company Profile

Blue Buffalo Pet Products, Inc (BBPP) is a holding company. The Company operates as a pet food company. The Company, through its subsidiaries, develops, produces, markets and sells pet food under product lines, including BLUE Life Protection Formula, BLUE Wilderness, BLUE Basics, BLUE Freedom and BLUE Natural Veterinary Diet lines.

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