Boston Beer (NYSE:SAM) Shares Drop 4.1% After Analyst Downgrade

The Boston Beer Company, Inc. (NYSE:SAM – Get Free Report) stock price fell 4.1% during Monday trading after Roth Mkm lowered their price target on the stock from $395.00 to $389.00. Roth Mkm currently has a “buy” rating on the stock. Boston Beer traded as low as $278.87 and was last traded at $278.87. About 8,966 shares were traded during mid-day trading, a decline of 95% from its average daily volume of 174,040 shares. The stock previously closed at $290.91.

Other research analysts have also recently issued research reports on the company. Deutsche Bank Aktiengesellschaft raised their price target on Boston Beer from $273.00 to $283.00 and gave the stock a “hold” rating in a research note on Wednesday, July 17th. Morgan Stanley raised Boston Beer from an “underweight” rating to an “equal weight” rating and set a $290.00 price target on the stock in a research note on Wednesday, June 5th. Citigroup lowered their price target on Boston Beer from $350.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 16th. Jefferies Financial Group raised Boston Beer from a “hold” rating to a “buy” rating and raised their price target on the company from $335.00 to $360.00 in a research note on Tuesday, May 14th. Finally, Piper Sandler lowered their price objective on Boston Beer from $344.00 to $325.00 and gave the stock an “overweight” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $328.69.

Read our latest report on SAM

Institutional Trading in Boston Beer

Institutional investors and hedge funds have recently made changes to their positions in the stock. Armistice Capital LLC purchased a new position in Boston Beer in the 4th quarter worth approximately $21,499,000. Norges Bank purchased a new position in Boston Beer in the 4th quarter worth approximately $13,879,000. Jane Street Group LLC increased its shares in Boston Beer by 171.8% in the 1st quarter. Jane Street Group LLC now owns 15,876 shares of the company’s stock worth $4,833,000 after purchasing an additional 37,985 shares in the last quarter. Assenagon Asset Management SA increased its shares in Boston Beer by 190.6% in the 2nd quarter. Assenagon Asset Management SA now owns 46,659 shares of the company’s stock worth $14,233,000 after buying an additional 30,601 shares in the last quarter. Finally, Vanguard Group Inc. increased its shares in Boston Beer by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 918,502 shares of the company’s stock worth $317,425,000 after buying an additional 21,060 shares in the last quarter. 81.13% of the shares are currently held by institutional investors and hedge funds.

Boston Beer Stock Performance

The company has a market cap of $3.39 billion, a price/earnings ratio of 35.64, a price/earnings growth ratio of 1.17, and a beta of 1.03. The company has a 50-day moving average of $286.90 and a 200-day moving average of $304.74.

Boston Beer (NYSE:SAM – Get Free Report) last released its quarterly earnings results on Thursday, July 25. The company reported $4.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.99 by ($0.60). The company had revenue of $579.10 million for the quarter, compared to the consensus estimate of $597.33 million. Boston Beer had a net margin of 4.39% and a return on equity of 9.69%. The company’s revenue for the quarter was down 4.0% from the year-ago quarter. In the same period last year, the company had earnings per share of $4.72. On average, equities research analysts predict that The Boston Beer Company, Inc. will post 9.78 EPS for the current fiscal year.

Profile of Boston Beer Company

(Get free report)

The Boston Beer Company, Inc. produces and sells alcoholic beverages primarily in the United States. The company’s flagship beer is Samuel Adams Boston Lager. It offers a variety of ales, hard ciders, flavored malt beverages, and hard seltzers under the Samuel Adams, Twisted Tea, Truly, Angry Orchard, Dogfish Head, Angel City, and Coney Island brands.

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