Boston Beer (NYSE:SAM – Get Rating) released its earnings results on Thursday. The company reported $2.21 earnings per share for the quarter, missing analysts' consensus estimates of $3.48 by ($1.27), Briefing.com reports. Boston Beer had a negative net margin of 2.91% and a positive return on equity of 8.60%. The firm had revenue of $596.45 million for the quarter, compared to analysts' expectations of $566.42 million. During the same quarter last year, the firm posted $2.97 EPS. The firm's quarterly revenue was up 6.2% compared to the same quarter last year. 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 Trading Up 0.3 %
Shares of SAM opened at $336.16 on Friday. Boston Beer has a 1-year low of $287.00 and a 1-year high of $547.71. The firm has a 50-day simple moving average of $344.45 and a two-hundred day simple moving average of $346.20.
Get Boston Beer alerts:Insider Buying and Selling at Boston Beer
In related news, insider Carolyn L. O'boyle sold 251 shares of Boston Beer stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $381.73, for a total value of $95,814.23. Following the completion of the transaction, the insider now owns 2,593 shares in the company, valued at $989,825.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Boston Beer news, VP David L. Grinnell sold 425 shares of the business's stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $379.92, for a total transaction 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 Securities & Exchange Commission, which is available at this hyperlink. Also, insider Carolyn L. O'boyle sold 251 shares of the business's stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $381.73, for a total transaction of $95,814.23. Following the transaction, the insider now owns 2,593 shares of the company's stock, valued at approximately $989,825.89. The disclosure for this sale can be found here. Insiders sold a total of 777 shares of company stock worth $292,630 over the last three months. Insiders own 23.30% of the company's stock.
Institutional Trading of Boston Beer
Several institutional investors have recently modified their holdings of SAM. Loomis Sayles & Co. L P purchased a new stake in shares of Boston Beer during the 1st quarter worth approximately $38,859,000. Millennium Management LLC purchased a new stake in Boston Beer in the 2nd quarter valued at $18,690,000. Wellington Management Group LLP increased its stake in Boston Beer by 119.6% in the 1st quarter. Wellington Management Group LLP now owns 92,524 shares of the company's stock valued at $35,943,000 after buying an additional 50,384 shares during the period. Federated Hermes Inc. increased its stake in Boston Beer by 3,954.5% in the 1st quarter. Federated Hermes Inc. now owns 51,168 shares of the company's stock valued at $19,877,000 after buying an additional 49,906 shares during the period. Finally, Vanguard Group Inc. increased its stake in Boston Beer by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 869,805 shares of the company's stock valued at $337,893,000 after buying an additional 10,709 shares during the period. Hedge funds and other institutional investors own 70.32% of the company's stock.Analyst Upgrades and Downgrades
SAM has been the topic of a number of research reports. Wedbush assumed coverage on shares of Boston Beer in a report on Monday, October 10th. They issued a "neutral" rating and a $350.00 target price on the stock. Redburn Partners began coverage on shares of Boston Beer in a research report on Wednesday, July 13th. They issued a "sell" rating for the company. Sanford C. Bernstein lowered their price target on shares of Boston Beer to $320.00 in a research report on Friday, July 22nd. MKM Partners lowered their price target on shares of Boston Beer from $334.00 to $279.00 and set a "neutral" rating for the company in a research report on Friday, July 22nd. Finally, Jefferies Financial Group decreased their target price on shares of Boston Beer from $384.00 to $341.00 in a research report on Thursday, July 21st. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target 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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