Pinpoint Asset Management Ltd Acquires New Holdings in Birkenstock Holding PLC (NYSE:BIRK)

Key Points

• Pinpoint Asset Management Ltd has invested approximately $302,000 in Birkenstock Holding PLC, acquiring 6,589 shares in the first quarter as reported in their recent 13F filing.
• Birkenstock's recent quarterly earnings showed a 19.3% increase in revenue, beating expectations with earnings per share of $0.58, surpassing the consensus estimate of $0.57.
• Several institutional investors, including Principal Financial Group and Bank of New York Mellon, have increased their holdings in Birkenstock, reflecting a growing confidence in the company's stock.

Pinpoint Asset Management Ltd acquired a new stake in Birkenstock Holding PLC (NYSE:BIRK - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 6,589 shares of the company's stock, valued at approximately $302,000.

Several other institutional investors and hedge funds have also recently modified their holdings of BIRK. Signaturefd LLC boosted its position in shares of Birkenstock by 66.5% during the 1st quarter. Signaturefd LLC now owns 841 shares of the company's stock worth $39,000 after acquiring an additional 336 shares in the last quarter. NewEdge Advisors LLC purchased a new position in shares of Birkenstock during the 4th quarter worth approximately $45,000. Quarry LP raised 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 worth $62,000 after buying an additional 599 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Birkenstock by 112.0% during the 4th quarter. JPMorgan Chase & Co. now owns 1,338 shares of the company's stock worth $76,000 after buying an additional 707 shares in the last quarter. Finally, Sterling Capital Management LLC increased its stake in Birkenstock by 49.7% in the 4th quarter. Sterling Capital Management LLC now owns 2,354 shares of the company's stock valued at $133,000 after purchasing an additional 782 shares in the last quarter. Hedge funds and other institutional investors own 19.93% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on BIRK shares. Robert W. Baird raised their price target on Birkenstock from $65.00 to $70.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. Stifel Nicolaus lifted their target price on Birkenstock from $62.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 16th. The Goldman Sachs Group upgraded Birkenstock from a "neutral" rating to a "buy" rating and set a $60.00 target price on the stock in a report on Thursday, July 24th. BMO Capital Markets raised their price objective on Birkenstock from $70.00 to $75.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. Finally, Bank of America lifted their target price on Birkenstock from $70.00 to $73.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Birkenstock has a consensus rating of "Buy" and a consensus target price of $68.58.

Birkenstock Trading Down 0.9%

BIRK stock traded down $0.44 during midday trading on Monday, reaching $47.77. The company's stock had a trading volume of 711,712 shares, compared to its average volume of 1,894,983. The business's 50-day simple moving average is $50.86 and its 200-day simple moving average is $50.86. The stock has a market cap of $8.97 billion, a PE ratio of 33.63, a price-to-earnings-growth ratio of 1.15 and a beta of 1.31. Birkenstock Holding PLC has a 52 week low of $40.56 and a 52 week high of $64.78. The company has a quick ratio of 1.34, a current ratio of 3.06 and a debt-to-equity ratio of 0.47.

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

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.