Birkenstock Holding PLC $BIRK Shares Bought by Broad Bay Capital Management LP

Key Points

• Broad Bay Capital Management LP increased its stake in Birkenstock Holding PLC by 22.8%, now owning 674,252 shares and making it the fund's 8th biggest holding.
• Several hedge funds, including JPMorgan Chase & Co. and Wells Fargo & Company, have significantly boosted their positions in Birkenstock, highlighting growing institutional interest in the company.
• Birkenstock's latest quarterly earnings report exceeded expectations, with an EPS of $0.70 and revenue of $749.13 million, marking a 12.4% year-over-year increase.

Broad Bay Capital Management LP increased its position in Birkenstock Holding PLC (NYSE:BIRK - Free Report) by 22.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 674,252 shares of the company's stock after acquiring an additional 125,190 shares during the period. Birkenstock makes up about 4.5% of Broad Bay Capital Management LP's investment portfolio, making the stock its 8th biggest position. Broad Bay Capital Management LP owned approximately 0.36% of Birkenstock worth $30,914,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Signaturefd LLC lifted its stake in Birkenstock by 66.5% in the 1st quarter. Signaturefd LLC now owns 841 shares of the company's stock valued at $39,000 after buying an additional 336 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Birkenstock by 12.3% during the 4th quarter. Legal & General Group Plc now owns 3,158 shares of the company's stock valued at $179,000 after buying an additional 347 shares during the period. Malaga Cove Capital LLC grew its stake in shares of Birkenstock by 3.5% during the 4th quarter. Malaga Cove Capital LLC now owns 12,108 shares of the company's stock valued at $686,000 after buying an additional 407 shares during the period. Quarry LP grew its stake in shares of Birkenstock by 120.3% during the 4th quarter. Quarry LP now owns 1,097 shares of the company's stock valued at $62,000 after buying an additional 599 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Birkenstock by 10.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 7,455 shares of the company's stock valued at $342,000 after buying an additional 681 shares during the period. Institutional investors and hedge funds own 19.93% of the company's stock.

Analysts Set New Price Targets

BIRK has been the subject of several recent research reports. UBS Group set a $77.00 price objective on shares of Birkenstock and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Bank of America lifted their target price on shares of Birkenstock from $70.00 to $73.00 and gave the company a "buy" rating in a report on Friday, May 16th. BMO Capital Markets lifted their target price on shares of Birkenstock from $70.00 to $75.00 and gave the company an "outperform" rating in a report on Friday, May 16th. Stifel Nicolaus lifted their target price on shares of Birkenstock from $62.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 16th. Finally, Robert W. Baird lifted their target price on shares of Birkenstock from $65.00 to $70.00 and gave the company an "outperform" rating in a report on Friday, May 16th. One investment analyst has rated the stock with a Strong Buy rating and thirteen have assigned a Buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $68.58.

Birkenstock Stock Down 3.3%

Birkenstock stock traded down $1.72 during midday trading on Tuesday, hitting $50.42. 1,367,717 shares of the stock were exchanged, compared to its average volume of 1,916,679. Birkenstock Holding PLC has a 1 year low of $40.56 and a 1 year high of $62.66. The firm has a market cap of $9.47 billion, a P/E ratio of 28.01, a P/E/G ratio of 1.16 and a beta of 1.31. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.78 and a quick ratio of 1.29. The company has a 50 day moving average price of $49.91 and a two-hundred day moving average price of $50.10.

Birkenstock (NYSE:BIRK - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.03. The firm had revenue of $749.13 million for the quarter, compared to the consensus estimate of $641.18 million. Birkenstock had a net margin of 15.21% and a return on equity of 11.52%. The firm's quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.40 EPS. Birkenstock has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that Birkenstock Holding PLC will post 1.77 earnings per share for the current fiscal year.

Birkenstock Company 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.