AGF Management Ltd. Boosts Stake in Birkenstock Holding PLC (NYSE:BIRK)

Key Points

• AGF Management Ltd. increased its stake in Birkenstock Holding PLC by 79.9%, acquiring an additional 523,961 shares, bringing its total holdings to 1,179,688 shares valued at approximately $54 million.
• Several hedge funds, including JPMorgan Chase & Co. and Wells Fargo, have significantly boosted their positions in Birkenstock, reflecting growing institutional interest in the company.
• Birkenstock's stock has received positive ratings from analysts, with a consensus target price of $68.58 and multiple firms assigning it an "outperform" rating.

AGF Management Ltd. lifted its position in Birkenstock Holding PLC (NYSE:BIRK - Free Report) by 79.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,179,688 shares of the company's stock after purchasing an additional 523,961 shares during the period. AGF Management Ltd. owned 0.63% of Birkenstock worth $54,089,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Nuveen LLC bought a new position in Birkenstock in the first quarter worth approximately $52,385,000. Virtu Financial LLC bought a new position in Birkenstock in the first quarter worth approximately $205,000. Invesco Ltd. raised its stake in Birkenstock by 23.0% in the first quarter. Invesco Ltd. now owns 35,973 shares of the company's stock worth $1,649,000 after buying an additional 6,720 shares in the last quarter. Pinpoint Asset Management Ltd bought a new position in Birkenstock in the first quarter worth approximately $302,000. Finally, Deutsche Bank AG raised its stake in Birkenstock by 56.7% in the first quarter. Deutsche Bank AG now owns 78,876 shares of the company's stock worth $3,616,000 after buying an additional 28,533 shares in the last quarter. Hedge funds and other institutional investors own 19.93% of the company's stock.

Birkenstock Stock Performance

NYSE:BIRK traded down $1.82 during mid-day trading on Thursday, hitting $48.41. The company's stock had a trading volume of 5,925,604 shares, compared to its average volume of 1,940,606. Birkenstock Holding PLC has a 1 year low of $40.56 and a 1 year high of $64.78. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.06 and a quick ratio of 1.34. The stock has a market cap of $9.09 billion, a price-to-earnings ratio of 34.09, a PEG ratio of 1.17 and a beta of 1.31. The business's fifty day moving average is $50.49 and its two-hundred day moving average is $50.76.

Birkenstock (NYSE:BIRK - Get Free Report) last posted its quarterly earnings results on Thursday, May 15th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.57 by $0.01. Birkenstock had a net margin of 12.86% and a return on equity of 10.22%. The company had revenue of $623.54 million for the quarter, compared to analyst estimates of $567.84 million. During the same period in the prior year, the company earned $0.38 earnings per share. The firm's revenue was up 19.3% on a year-over-year basis. Analysts anticipate that Birkenstock Holding PLC will post 1.77 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. UBS Group set a $77.00 price objective on shares of Birkenstock and gave the stock a "buy" rating in a research note on Tuesday, August 5th. BTIG Research upped their price target on Birkenstock from $70.00 to $72.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Stifel Nicolaus upped their price target on Birkenstock from $62.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. William Blair reaffirmed an "outperform" rating on shares of Birkenstock in a research report on Tuesday, June 3rd. Finally, Bank of America upped their price target on Birkenstock from $70.00 to $73.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $68.58.

Birkenstock Profile

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally.