Iridian Asset Management LLC CT Cuts Stock Holdings in BellRing Brands, Inc. (NYSE:BRBR)

Iridian Asset Management LLC CT lowered its stake in shares of BellRing Brands, Inc. (NYSE:BRBR) by 29.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,758 shares of the company’s stock after selling 23,377 shares during the period. Iridian Asset Management LLC CT’s holdings in BellRing Brands were worth $3,446,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of BRBR. State of Michigan Retirement System raised its stake in BellRing Brands by 1.9% during the first quarter. State of Michigan Retirement System now owns 32,145 shares of the company’s stock worth $1,898,000 after purchasing an additional 600 shares during the period. Commonwealth Equity Services LLC purchased a new position in BellRing Brands during the first quarter worth approximately $524,000. SeaBridge Investment Advisors LLC raised its stake in BellRing Brands by 13.7% during the first quarter. SeaBridge Investment Advisors LLC now owns 27,079 shares of the company’s stock worth $1,598,000 after purchasing an additional 3,263 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in BellRing Brands by 1.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,791 shares of the company’s stock worth $4,238,000 after purchasing an additional 893 shares during the period. Finally, Oak Ridge Investments LLC raised its stake in BellRing Brands by 101.1% during the first quarter. Oak Ridge Investments LLC now owns 126,870 shares of the company’s stock worth $7,489,000 after purchasing an additional 63,796 shares during the period. Hedge funds and other institutional investors own 94.97% of the company’s stock.

BellRing Brands Price Performance

Shares of BRBR stock opened at $66.82 on Thursday. The firm has a market cap of $8.64 billion, a P/E ratio of 46.40, a P/E/G ratio of 1.48 and a beta of 0.85. BellRing Brands, Inc. has a 1-year low of $43.32 and a 1-year high of $67.12. The firm has a fifty day moving average of $60.66 and a two-hundred day moving average of $57.50.

BellRing Brands (NYSE:BRBR) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.10. BellRing Brands had a net margin of 11.55% and a negative return on equity of 88.30%. The company had revenue of $515.40 million during the quarter, compared to analyst estimates of $504.73 million. During the same period last year, the business earned $0.34 EPS. The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, sell-side analysts expect that BellRing Brands, Inc. will post 1.9 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BRBR. Evercore ISI increased their price target on shares of BellRing Brands from $65.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Truist Financial raised their target price on shares of BellRing Brands from $50.00 to $60.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. cut their target price on shares of BellRing Brands from $65.00 to $64.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $66.00 price target on shares of BellRing Brands in a report on Tuesday, August 6th. Finally, Stephens reaffirmed an “equal weight” rating and set a $55.00 price target on shares of BellRing Brands in a report on Tuesday, August 6th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, BellRing Brands currently has an average rating of “Moderate Buy” and an average price target of $65.71.

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.