Cornercap Investment Counsel Inc. Purchases 2,654 Shares of The Boston Beer Company, Inc. (NYSE:SAM)

Cornercap Investment Counsel Inc. grew its stake in shares of The Boston Beer Company, Inc. (NYSE:SAM) by 213.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,895 shares of the company’s stock after acquiring an additional 2,654 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Boston Beer were worth $1,188,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. AdvisorShares Investments LLC bought a new stake in shares of Boston Beer during the second quarter valued at approximately $272,000. Studio Investment Management LLC raised its stake in shares of Boston Beer by 132.6% during the second quarter. Studio Investment Management LLC now owns 307 shares of the company’s stock valued at $94,000 after acquiring an additional 175 shares in the last quarter. Sachetta LLC raised its stake in shares of Boston Beer by 1,533.3% during the second quarter. Sachetta LLC now owns 245 shares of the company’s stock valued at $68,000 after acquiring an additional 230 shares in the last quarter. Texas Permanent School Fund Corp raised its stake in shares of Boston Beer by 18.7% during the second quarter. Texas Permanent School Fund Corp now owns 9,776 shares of the company’s stock valued at $2,982,000 after acquiring an additional 1,539 shares in the last quarter. Finally, Oak Thistle LLC bought a new stake in shares of Boston Beer during the second quarter valued at approximately $421,000. Institutional investors own 81.13% of the company’s stock.

Wall Street Analysts Forecast Growth

SAM has been the subject of several research analyst reports. StockNews.com downgraded shares of Boston Beer from a “buy” rating to a “hold” rating in a research note on Wednesday, June 12th. Morgan Stanley raised shares of Boston Beer from an “underweight” rating to an “equal weight” rating and set a $290.00 price objective for the company in a research note on Wednesday, June 5th. Royal Bank of Canada reduced their price objective on shares of Boston Beer from $332.00 to $318.00 and set a “sector perform” rating for the company in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Boston Beer from $273.00 to $283.00 and gave the stock a “hold” rating in a research note on Wednesday, July 17th. Finally, Piper Sandler reduced their price objective on shares of Boston Beer from $344.00 to $325.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Boston Beer currently has an average rating of “Hold” and an average target price of $326.92.

Boston Beer Trading Up 1.2 %

NYSE SAM opened at $269.73 on Friday. The firm’s fifty day simple moving average is $278.17 and its two-hundred day simple moving average is $287.13. The Boston Beer Company, Inc. has a 12-month low of $254.40 and a 12-month high of $395.52. The firm has a market capitalization of $3.16 billion, a P/E ratio of 33.84, a P/E/G ratio of 1.09 and a beta of 1.05.

Boston Beer (NYSE:SAM) last announced its quarterly earnings data on Thursday, July 25th. The company reported $4.39 earnings per share 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 analysts’ expectations of $597.33 million. Boston Beer had a net margin of 4.39% and a return on equity of 9.69%. Boston Beer’s quarterly revenue was down 4.0% compared to the same quarter last year. During the same period last year, the firm earned $4.72 earnings per share. As a group, sell-side analysts predict that The Boston Beer Company, Inc. will post 9.65 earnings per share for the current fiscal year.

Boston Beer 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.