Allspring Global Investments Holdings LLC Sells 1,494 Shares of The Boston Beer Company, Inc. (NYSE:SAM)

Allspring Global Investments Holdings LLC trimmed its position in The Boston Beer Company, Inc. (NYSE:SAM) by 7.8% during the 4th quarter, HoldingsChannel reports. The firm owned 17,730 shares of the company’s stock after selling 1,494 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Boston Beer were worth $6,127,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. International Assets Investment Management LLC bought a new stake in Boston Beer during the fourth quarter worth approximately $64,490,000. Stratos Wealth Partners LTD. increased its stake in Boston Beer by 21.5% during the fourth quarter. Stratos Wealth Partners LTD. now owns 1,085 shares of the company’s stock worth $375,000 after acquiring an additional 192 shares during the last quarter. New York State Teachers Retirement System increased its stake in Boston Beer by 2.2% during the fourth quarter. New York State Teachers Retirement System now owns 13,633 shares of the company’s stock worth $4,711,000 after acquiring an additional 291 shares during the last quarter. Camelot Portfolios LLC increased its stake in Boston Beer by 69.0% during the fourth quarter. Camelot Portfolios LLC now owns 980 shares of the company’s stock worth $339,000 after acquiring an additional 400 shares during the last quarter. Finally, Oak Thistle LLC bought a new stake in Boston Beer during the fourth quarter worth approximately $1,575,000. 81.13% of the stock is owned by institutional investors.

Boston Beer Stock Performance

Shares of NYSE SAM opened at $284.87 on Friday. The firm has a market capitalization of $3.42 billion, a price-to-earnings ratio of 45.95, a PEG ratio of 1.12 and a beta of 1.02. The stock has a 50 day moving average price of $311.70 and a 200 day moving average price of $337.14. The Boston Beer Company, Inc. has a 52-week low of $274.78 and a 52-week high of $395.52.

Boston Beer (NYSE:SAM) last announced its quarterly earnings results on Tuesday, February 27th. The company reported ($1.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($1.27). The firm had revenue of $393.72 million during the quarter, compared to analysts’ expectations of $413.57 million. Boston Beer had a net margin of 3.61% and a return on equity of 8.13%. The firm’s revenue for the quarter was down 12.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.93) EPS. Analysts forecast that The Boston Beer Company, Inc. will post 9.98 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Morgan Stanley reduced their price objective on Boston Beer from $285.00 to $275.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 28th. Sanford C. Bernstein raised Boston Beer from an “underperform” rating to a “market perform” rating and boosted their price objective for the stock from $280.00 to $335.00 in a research note on Tuesday, January 16th. Citigroup cut their target price on Boston Beer from $350.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $337.00 target price on shares of Boston Beer in a research note on Wednesday, February 28th. 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 target price on the stock. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Boston Beer currently has a consensus rating of “Hold” and a consensus target price of $334.86.

Insiders Place Their Bets

In other Boston Beer news, insider Carolyn L. O’boyle sold 101 shares of the company’s stock in a transaction on Monday, April 1st. The stock was 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 document filed with the SEC, which can be accessed through this link. In other Boston Beer news, insider Carolyn L. O’boyle sold 101 shares of the company’s stock in a transaction on Monday, April 1st. The stock was 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 document filed with the SEC, which can be accessed through this link. Also, insider Carolyn L. O’boyle sold 102 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $350.72, for a total value of $35,773.44. Following the sale, the insider now owns 2,630 shares of the company’s stock, valued at approximately $922,393.60. The disclosure for this sale can be found here. 23.30% of the stock is owned by company insiders.

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.