Cornercap Investment Counsel Inc. Purchases Shares of 1,241 The Boston Beer Company, Inc. (NYSE:SAM)

Cornercap Investment Counsel Inc. bought a new position in shares of The Boston Beer Company, Inc. (NYSE:SAM) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,241 shares of the company’s stock, valued at approximately $429,000.

A number of other institutional investors have also made changes to their positions in SAM. Southeastern Asset Management Inc. TN acquired a new position in shares of Boston Beer during the first quarter worth $35,680,000. Loomis Sayles & Co. L P acquired a new position in shares of Boston Beer during the first quarter worth $38,859,000. Millennium Management LLC acquired a new stake in Boston Beer in the second quarter valued at $18,690,000. Wellington Management Group LLP raised its holdings in Boston Beer by 119.6% in the first quarter. Wellington Management Group LLP now owns 92,524 shares of the company’s stock valued at $35,943,000 after acquiring an additional 50,384 shares in the last quarter. Finally, Federated Hermes Inc. raised its holdings in Boston Beer by 3,954.5% in the first quarter. Federated Hermes Inc. now owns 51,168 shares of the company’s stock valued at $19,877,000 after acquiring an additional 49,906 shares in the last quarter. 81.13% of the stock is owned by institutional investors and hedge funds.

Boston Beer Stock Up 2.0 %

Shares of SAM opened at $280.34 on Thursday. The firm has a 50-day moving average price of $313.04 and a 200 day moving average price of $337.51. The firm has a market capitalization of $3.37 billion, a PE ratio of 45.22, a P/E/G ratio of 1.12 and a beta of 1.02. 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 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 company had revenue of $393.72 million during the quarter, compared to the consensus estimate of $413.57 million. Boston Beer had a net margin of 3.61% and a return on equity of 8.13%. The business’s quarterly revenue was down 12.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.93) EPS. On average, equities analysts expect that The Boston Beer Company, Inc. will post 9.98 EPS for the current year.

Insider Activity at Boston Beer

In related news, insider Carolyn L. O’boyle sold 101 shares of the 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 completion of the transaction, the insider now owns 7,029 shares in the company, valued at approximately $2,133,231.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Boston Beer news, insider Carolyn L. O’boyle sold 101 shares of the company’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 completion of the sale, the insider now directly owns 7,029 shares of the company’s stock, valued at approximately $2,133,231.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Carolyn L. O’boyle sold 102 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $350.72, for a total transaction of $35,773.44. Following the completion of the sale, the insider now directly owns 2,630 shares of the company’s stock, valued at $922,393.60. The disclosure for this sale can be found here. 23.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Roth Mkm upped their price target on shares of Boston Beer from $406.00 to $422.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. Sanford C. Bernstein raised shares of Boston Beer from an “underperform” rating to a “market perform” rating and upped their price target for the company from $280.00 to $335.00 in a report on Tuesday, January 16th. The Goldman Sachs Group cut their price target on shares of Boston Beer from $257.00 to $250.00 and set a “sell” rating on the stock in a report on Tuesday, April 9th. Morgan Stanley lowered their target price on shares of Boston Beer from $285.00 to $275.00 and set an “underweight” rating for the company in a research note on Wednesday, February 28th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $337.00 target price on shares of Boston Beer in a research note on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Boston Beer presently has an average rating of “Hold” and a consensus target price of $334.86.

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.