Boston Beer (NYSE:SAM – Get Rating) posted its quarterly earnings results on Thursday. The company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $3.48 by ($1.27), Briefing.com reports. The business had revenue of $596.45 million during the quarter, compared to the consensus estimate of $566.42 million. Boston Beer had a positive return on equity of 8.60% and a negative net margin of 2.91%. The business's revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.97 earnings per share. Boston Beer updated its FY 2022 guidance to $7.00-$10.00 EPS and its FY22 guidance to $7.00-10.00 EPS.
Boston Beer Stock Up 0.3 %
NYSE:SAM opened at $336.16 on Friday. The stock has a fifty day simple moving average of $344.45 and a 200-day simple moving average of $346.20. Boston Beer has a 52-week low of $287.00 and a 52-week high of $547.71.
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Insider Activity
In other Boston Beer news, VP David L. Grinnell sold 425 shares of the company's stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $379.92, for a total value of $161,466.00. Following the completion of the transaction, the vice president now owns 1,611 shares in the company, valued at approximately $612,051.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Carolyn L. O'boyle sold 101 shares of the stock in a transaction on Monday, October 10th. The stock was sold at an average price of $350.00, for a total value of $35,350.00. Following the completion of the transaction, the insider now owns 2,476 shares in the company, valued at approximately $866,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP David L. Grinnell sold 425 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $379.92, for a total value of $161,466.00. Following the completion of the sale, the vice president now directly owns 1,611 shares of the company's stock, valued at $612,051.12. The disclosure for this sale can be found here. Insiders sold a total of 777 shares of company stock valued at $292,630 in the last 90 days. 23.30% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Boston Beer
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Advisory Services Network LLC increased its holdings in shares of Boston Beer by 2.2% during the 1st quarter. Advisory Services Network LLC now owns 1,799 shares of the company's stock valued at $700,000 after acquiring an additional 39 shares during the last quarter. Eaton Vance Management grew its holdings in Boston Beer by 0.7% in the 1st quarter. Eaton Vance Management now owns 6,718 shares of the company's stock valued at $2,609,000 after buying an additional 50 shares during the last quarter. Guggenheim Capital LLC grew its holdings in Boston Beer by 1.2% in the 1st quarter. Guggenheim Capital LLC now owns 4,391 shares of the company's stock valued at $1,706,000 after buying an additional 53 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Boston Beer by 3.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,961 shares of the company's stock valued at $1,151,000 after buying an additional 95 shares during the last quarter. Finally, Eagle Bay Advisors LLC acquired a new stake in Boston Beer in the 2nd quarter valued at approximately $32,000. 70.32% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
SAM has been the topic of a number of recent research reports. TheStreet upgraded shares of Boston Beer from a "d+" rating to a "c" rating in a report on Friday, July 22nd. MKM Partners decreased their price objective on shares of Boston Beer from $334.00 to $279.00 and set a "neutral" rating on the stock in a research report on Friday, July 22nd. Jefferies Financial Group cut their target price on shares of Boston Beer from $384.00 to $341.00 in a research note on Thursday, July 21st. Royal Bank of Canada cut their target price on shares of Boston Beer from $331.00 to $314.00 in a research note on Friday, July 22nd. Finally, Redburn Partners began coverage on shares of Boston Beer in a research note on Wednesday, July 13th. They issued a "sell" rating for the company. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Boston Beer currently has a consensus rating of "Hold" and an average target price of $353.43.
About Boston Beer
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The Boston Beer Company, Inc produces and sells alcohol beverages primarily in the United States. The company's flagship beer is Samuel Adams Boston Lager. It offers various beers, hard ciders, and hard seltzers under the Samuel Adams, Twisted Tea, Truly Hard Seltzer, Angry Orchard, Dogfish Head, Angel City, Coney Island, Concrete Beach brand names.
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