BellRing Brands, Inc. (NYSE:BRBR) Short Interest Update
BellRing Brands, Inc. (NYSE:BRBR) experienced a significant increase in short interest, rising 37.3% to 4.2 million shares by May 15. The short-interest ratio is 2.4 days, with 3.3% of shares sold short. Insider Douglas J. Cornille sold 3,192 shares, reducing his stake by 5.23%. Institutional investors hold 94.97% of the stock, with Vanguard and Franklin Resources increasing their positions. The stock opened at $62.14, with a market cap of $7.89 billion. The company reported $0.53 EPS for the last quarter, meeting estimates, and initiated a $300 million share buyback program.
BellRing Brands, Inc. (NYSE:BRBR - Get Free Report) was the target of a large growth in short interest in May. As of May 15th, there was short interest totalling 4,200,000 shares, a growth of 37.3% from the April 30th total of 3,060,000 shares. Based on an average daily trading volume, of 1,780,000 shares, the short-interest ratio is currently 2.4 days. Currently, 3.3% of the shares of the stock are short sold.
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In other BellRing Brands news, insider Douglas J. Cornille sold 3,192 shares of BellRing Brands stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $75.13, for a total value of $239,814.96. Following the completion of the transaction, the insider now directly owns 57,836 shares of the company's stock, valued at $4,345,218.68. This trade represents a 5.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.07% of the company's stock.
Institutional Trading of BellRing Brands
A number of hedge funds have recently added to or reduced their stakes in BRBR. Vanguard Group Inc. raised its position in BellRing Brands by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 13,438,006 shares of the company's stock worth $1,012,419,000 after acquiring an additional 135,105 shares during the period. Franklin Resources Inc. raised its position in shares of BellRing Brands by 2.2% in the fourth quarter. Franklin Resources Inc. now owns 4,577,708 shares of the company's stock valued at $344,885,000 after buying an additional 96,991 shares during the last quarter. Invesco Ltd. raised its position in shares of BellRing Brands by 35.7% in the fourth quarter. Invesco Ltd. now owns 4,266,375 shares of the company's stock valued at $321,429,000 after buying an additional 1,121,691 shares during the last quarter. Wellington Management Group LLP raised its position in shares of BellRing Brands by 32.6% in the fourth quarter. Wellington Management Group LLP now owns 3,655,607 shares of the company's stock valued at $275,413,000 after buying an additional 898,885 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. raised its position in shares of BellRing Brands by 32.1% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,321,022 shares of the company's stock valued at $174,866,000 after buying an additional 564,342 shares during the last quarter. 94.97% of the stock is owned by hedge funds and other institutional investors.
BellRing Brands Price Performance
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BRBR stock opened at $62.14 on Monday. The firm's fifty day simple moving average is $70.13 and its 200-day simple moving average is $73.03. The company has a market capitalization of $7.89 billion, a P/E ratio of 29.17, a price-to-earnings-growth ratio of 2.24 and a beta of 0.86. BellRing Brands has a 12 month low of $48.06 and a 12 month high of $80.67.
BellRing Brands (NYSE:BRBR - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $0.53 EPS for the quarter, meeting the consensus estimate of $0.53. BellRing Brands had a net margin of 13.32% and a negative return on equity of 130.14%. The business had revenue of $588.00 million for the quarter, compared to the consensus estimate of $577.56 million. During the same period in the prior year, the firm earned $0.45 EPS. The business's revenue for the quarter was up 18.9% on a year-over-year basis. As a group, sell-side analysts forecast that BellRing Brands will post 2.23 earnings per share for the current year.
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BellRing Brands announced that its Board of Directors has initiated a share buyback program on Thursday, March 6th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 3.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.
Wall Street Analysts Forecast Growth
A number of research firms recently commented on BRBR. Truist Financial dropped their price target on shares of BellRing Brands from $75.00 to $65.00 and set a "hold" rating for the company in a research note on Thursday, May 8th. Mizuho decreased their price objective on shares of BellRing Brands from $85.00 to $75.00 and set an "outperform" rating for the company in a report on Wednesday, May 28th. UBS Group decreased their price objective on shares of BellRing Brands from $81.00 to $71.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. DA Davidson upgraded shares of BellRing Brands from a "neutral" rating to a "buy" rating and set a $85.00 price objective for the company in a report on Tuesday, May 27th. Finally, Citigroup reduced their price target on shares of BellRing Brands from $90.00 to $80.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $77.00.
Read Our Latest Analysis on BRBR
About BellRing Brands
(Get Free Report)BellRing Brands, Inc, together with its subsidiaries, provides various nutrition products in the United States. The company offers ready-to-drink (RTD) protein shakes, other RTD beverages, powders, nutrition bars, and other products primarily under the Premier Protein and Dymatize brands. It distributes its products through club, food, drug, mass, eCommerce, specialty, and convenience channels.
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