Boston Beer (NYSE:SAM) Issues Quarterly Earnings Results, Misses Expectations By $2.29 EPS

Boston Beer (NYSE:SAMGet Rating) issued its quarterly earnings results on Thursday. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of $2.13 by ($2.29), MarketWatch Earnings reports. The company had revenue of $430.11 million during the quarter, compared to analysts’ expectations of $444.80 million. Boston Beer had a return on equity of 14.68% and a net margin of 0.69%. Boston Beer’s revenue was down 21.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.58 EPS. Boston Beer updated its FY 2022 guidance to $11.000-$16.000 EPS and its FY22 guidance to $11.00-16.00 EPS.

Shares of SAM stock traded up $4.74 on Friday, hitting $350.71. 5,532 shares of the stock traded hands, compared to its average volume of 193,516. The firm’s 50-day moving average price is $382.61 and its two-hundred day moving average price is $449.98. The stock has a market capitalization of $4.31 billion, a PE ratio of 349.51 and a beta of 0.82. Boston Beer has a twelve month low of $342.74 and a twelve month high of $1,349.98.

In related news, insider John C. Geist sold 1,008 shares of the business’s stock in a transaction dated Friday, April 1st. The shares were sold at an average price of $387.98, for a total value of $391,083.84. Following the sale, the insider now directly owns 4,752 shares in the company, valued at approximately $1,843,680.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 24.30% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of SAM. Morgan Stanley raised its holdings in Boston Beer by 115.5% in the 2nd quarter. Morgan Stanley now owns 87,538 shares of the company’s stock valued at $89,359,000 after buying an additional 46,921 shares during the period. Founders Capital Management LLC purchased a new stake in Boston Beer in the 4th quarter valued at about $1,179,000. Schonfeld Strategic Advisors LLC raised its holdings in Boston Beer by 115.5% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 4,525 shares of the company’s stock valued at $2,285,000 after buying an additional 2,425 shares during the period. Sei Investments Co. raised its holdings in Boston Beer by 11.8% in the 4th quarter. Sei Investments Co. now owns 8,608 shares of the company’s stock valued at $4,348,000 after buying an additional 908 shares during the period. Finally, MetLife Investment Management LLC raised its holdings in Boston Beer by 0.9% in the 4th quarter. MetLife Investment Management LLC now owns 4,550 shares of the company’s stock valued at $2,298,000 after buying an additional 40 shares during the period. Hedge funds and other institutional investors own 63.38% of the company’s stock.

SAM has been the subject of several recent analyst reports. Guggenheim cut their price target on shares of Boston Beer from $660.00 to $520.00 and set a “buy” rating for the company in a report on Wednesday. Royal Bank of Canada lowered their target price on shares of Boston Beer from $661.00 to $625.00 and set an “outperform” rating on the stock in a research note on Friday, January 14th. StockNews.com started coverage on shares of Boston Beer in a research note on Thursday, March 31st. They set a “sell” rating on the stock. MKM Partners lowered their target price on shares of Boston Beer from $475.00 to $440.00 in a research note on Friday, January 14th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Boston Beer from $420.00 to $337.00 and set a “hold” rating on the stock in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Boston Beer has an average rating of “Hold” and an average target price of $606.75.

About Boston Beer (Get Rating)

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.

Further Reading

Earnings History for Boston Beer (NYSE:SAM)

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