Harbour Capital Advisors LLC Acquires New Stake in BellRing Brands Inc. (NYSE:BRBR)

Harbour Capital Advisors LLC bought a new stake in shares of BellRing Brands Inc. (NYSE:BRBR - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 13,505 shares of the company's stock, valued at approximately $997,000.

A number of other institutional investors have also recently modified their holdings of BRBR. Blue Trust Inc. raised its position in BellRing Brands by 160.5% during the fourth quarter. Blue Trust Inc. now owns 1,050 shares of the company's stock valued at $79,000 after purchasing an additional 647 shares in the last quarter. Sanctuary Advisors LLC lifted its position in shares of BellRing Brands by 16.4% during the 4th quarter. Sanctuary Advisors LLC now owns 8,413 shares of the company's stock worth $668,000 after buying an additional 1,185 shares during the last quarter. CIBC Asset Management Inc boosted its stake in BellRing Brands by 5.5% in the fourth quarter. CIBC Asset Management Inc now owns 4,048 shares of the company's stock valued at $305,000 after buying an additional 211 shares in the last quarter. Private Advisor Group LLC acquired a new stake in BellRing Brands in the fourth quarter valued at about $228,000. Finally, Handelsbanken Fonder AB grew its position in BellRing Brands by 1.7% in the fourth quarter. Handelsbanken Fonder AB now owns 36,080 shares of the company's stock valued at $2,718,000 after acquiring an additional 600 shares during the last quarter. 94.97% of the stock is currently owned by institutional investors.

BellRing Brands Price Performance

Shares of NYSE:BRBR traded down $1.04 during mid-day trading on Wednesday, hitting $58.76. The company had a trading volume of 1,302,890 shares, compared to its average volume of 1,407,536. BellRing Brands Inc. has a one year low of $48.06 and a one year high of $80.67. The firm has a fifty day moving average price of $65.82 and a 200 day moving average price of $71.20. The company has a market capitalization of $7.46 billion, a PE ratio of 27.33, a price-to-earnings-growth ratio of 1.87 and a beta of 0.74.

BellRing Brands (NYSE:BRBR - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.53 earnings per share for the quarter, meeting the consensus estimate of $0.53. The firm had revenue of $588.00 million during the quarter, compared to the consensus estimate of $577.56 million. BellRing Brands had a net margin of 12.82% and a negative return on equity of 133.63%. The business's revenue was up 18.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.45 earnings per share. Research analysts expect that BellRing Brands Inc. will post 2.23 earnings per share for the current fiscal year.

BellRing Brands declared that its Board of Directors has authorized a stock repurchase plan on Thursday, March 6th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BRBR. Morgan Stanley began coverage on shares of BellRing Brands in a research note on Monday, March 24th. They issued an "overweight" rating and a $84.00 price objective for the company. Citigroup cut their price objective on BellRing Brands from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. DA Davidson raised BellRing Brands from a "neutral" rating to a "buy" rating and set a $85.00 target price for the company in a report on Tuesday, May 27th. Truist Financial cut their target price on shares of BellRing Brands from $75.00 to $65.00 and set a "hold" rating on the stock in a research report on Thursday, May 8th. Finally, Barclays set a $75.00 price objective on BellRing Brands and gave the company an "overweight" rating in a report on Wednesday, May 7th. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $77.00.

Insider Buying and Selling

In other news, insider Douglas J. Cornille sold 3,192 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $75.13, for a total value of $239,814.96. Following the completion of the sale, the insider now directly owns 57,836 shares of the company's stock, valued at $4,345,218.68. This represents a 5.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Darcy Horn Davenport sold 1,600 shares of BellRing Brands stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $59.69, for a total value of $95,504.00. Following the transaction, the chief executive officer now directly owns 203,578 shares in the company, valued at approximately $12,151,570.82. The trade was a 0.78% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,992 shares of company stock valued at $532,903. 1.07% of the stock is owned by company insiders.

About BellRing Brands

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.