Boston Beer (NYSE:SAM) Shares Gap Up After Better-Than-Expected Earnings

Shares of The Boston Beer Company, Inc. (NYSE:SAM) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $287.27, but opened at $315.00. Boston Beer shares last traded at $300.83, with a volume of 57,772 shares trading hands.

The company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.96. Boston Beer had a net margin of 3.61% and a return on equity of 8.13%. The firm had revenue of $426.05 million during the quarter, compared to analysts’ expectations of $414.18 million.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Sanford C. Bernstein raised shares of Boston Beer from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $280.00 to $335.00 in a research report on Tuesday, January 16th. Roth Mkm boosted their price objective on shares of Boston Beer from $406.00 to $422.00 and gave the stock a “buy” rating in a report on Tuesday, January 23rd. Citigroup decreased their price objective on shares of Boston Beer from $350.00 to $315.00 and set a “neutral” rating for the company in a research report on Tuesday, April 16th. The Goldman Sachs Group dropped their target price on Boston Beer from $257.00 to $250.00 and set a “sell” rating on the stock in a research report on Tuesday, April 9th. Finally, Piper Sandler initiated coverage on Boston Beer in a research note on Friday, March 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Two analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $335.21.

Insider Activity at Boston Beer

In other Boston Beer news, insider Carolyn L. O’boyle sold 101 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $303.49, for a total transaction of $30,652.49. Following the completion of the sale, the insider now owns 7,029 shares in the company, valued at $2,133,231.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Boston Beer news, insider Carolyn L. O’boyle sold 101 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $303.49, for a total value of $30,652.49. Following the transaction, the insider now owns 7,029 shares of the company’s stock, valued at $2,133,231.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Carolyn L. O’boyle sold 102 shares of Boston Beer stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $350.72, for a total value of $35,773.44. Following the completion of the transaction, the insider now owns 2,630 shares of the company’s stock, valued at $922,393.60. The disclosure for this sale can be found here. Corporate insiders own 23.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. New York State Teachers Retirement System boosted its holdings in shares of Boston Beer by 3.3% during the first quarter. New York State Teachers Retirement System now owns 14,081 shares of the company’s stock valued at $4,287,000 after acquiring an additional 448 shares during the period. Assenagon Asset Management S.A. boosted its stake in Boston Beer by 205.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 16,058 shares of the company’s stock valued at $4,888,000 after purchasing an additional 10,794 shares during the period. Louisiana State Employees Retirement System grew its position in Boston Beer by 3.8% in the 1st quarter. Louisiana State Employees Retirement System now owns 2,700 shares of the company’s stock worth $822,000 after purchasing an additional 100 shares during the last quarter. Foguth Wealth Management LLC. acquired a new stake in shares of Boston Beer in the first quarter valued at approximately $243,000. Finally, Cardinal Capital Management increased its stake in shares of Boston Beer by 45.5% in the first quarter. Cardinal Capital Management now owns 4,051 shares of the company’s stock valued at $1,233,000 after purchasing an additional 1,267 shares during the period. 81.13% of the stock is currently owned by institutional investors.

Boston Beer Stock Down 1.4 %

The firm has a market capitalization of $3.40 billion, a price-to-earnings ratio of 45.68, a P/E/G ratio of 1.20 and a beta of 1.02. The company has a 50-day moving average price of $303.71 and a 200-day moving average price of $333.63.

Boston Beer Company Profile

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, flavored malt beverages, and hard seltzers under the Samuel Adams, Twisted Tea, Truly, Angry Orchard, Dogfish Head, Angel City, and Coney Island brand names.