Bank of Nova Scotia Takes $7.57 Million Position in BellRing Brands Inc. $BRBR

Bank of Nova Scotia bought a new stake in BellRing Brands Inc. (NYSE:BRBR) during the 2nd quarter, Holdings Channel.com reports. The firm bought 130,600 shares of the company’s stock, valued at approximately $7,566,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Maseco LLP acquired a new position in shares of BellRing Brands in the 2nd quarter worth approximately $25,000. Smartleaf Asset Management LLC increased its position in shares of BellRing Brands by 149.8% during the first quarter. Smartleaf Asset Management LLC now owns 517 shares of the company’s stock worth $38,000 after buying an additional 310 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in BellRing Brands by 287.2% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 875 shares of the company’s stock worth $65,000 after buying an additional 649 shares during the last quarter. McIlrath & Eck LLC lifted its holdings in BellRing Brands by 13.6% in the first quarter. McIlrath & Eck LLC now owns 1,413 shares of the company’s stock valued at $105,000 after buying an additional 169 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new position in BellRing Brands in the second quarter valued at $82,000. Institutional investors and hedge funds own 94.97% of the company’s stock.

BellRing Brands Price Performance

Shares of NYSE BRBR opened at $33.29 on Thursday. The company has a 50-day moving average price of $31.28 and a 200-day moving average price of $43.12. The stock has a market capitalization of $3.98 billion, a P/E ratio of 19.82, a P/E/G ratio of 4.08 and a beta of 0.67. BellRing Brands Inc. has a 1 year low of $22.45 and a 1 year high of $80.67.

BellRing Brands (NYSE:BRBR) last announced its quarterly earnings results on Tuesday, November 18th. The company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.03). The business had revenue of $648.20 million during the quarter, compared to the consensus estimate of $633.21 million. BellRing Brands had a net margin of 9.33% and a negative return on equity of 95.87%. BellRing Brands’s revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.51 EPS. As a group, equities research analysts anticipate that BellRing Brands Inc. will post 2.23 earnings per share for the current fiscal year.

BellRing Brands announced that its board has approved a share repurchase plan on Tuesday, September 2nd that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at BellRing Brands

In other news, insider Douglas J. Cornille sold 3,970 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $30.93, for a total value of $122,792.10. Following the transaction, the insider owned 54,812 shares in the company, valued at $1,695,335.16. This trade represents a 6.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.07% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on BRBR shares. Zacks Research downgraded BellRing Brands from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 1st. JPMorgan Chase & Co. lowered their target price on BellRing Brands from $52.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, October 9th. Evercore ISI dropped their price target on BellRing Brands from $40.00 to $35.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 19th. Sanford C. Bernstein began coverage on BellRing Brands in a report on Thursday, October 23rd. They set an “outperform” rating and a $46.00 price target on the stock. Finally, Stifel Nicolaus reduced their price objective on shares of BellRing Brands from $56.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, November 19th. Eleven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $42.53.

About BellRing Brands

BellRing Brands, Inc, together with its subsidiaries, provides various nutrition products in the United States. The company offers ready-to-drink (RTD) protein shakes, other RTD beverages, powders, nutrition bars, and other products primarily under the Premier Protein and Dymatize brands. It distributes its products through club, food, drug, mass, eCommerce, specialty, and convenience channels.