Hourglass Capital LLC Increases Stock Position in Molson Coors Beverage (NYSE:TAP)

Hourglass Capital LLC boosted its stake in Molson Coors Beverage (NYSE:TAP) by 2.8% in the third quarter, Holdings Channel.com reports. The fund owned 24,205 shares of the company’s stock after buying an additional 660 shares during the quarter. Hourglass Capital LLC’s holdings in Molson Coors Beverage were worth $1,392,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Victory Capital Management Inc. lifted its position in Molson Coors Beverage by 92.8% in the third quarter. Victory Capital Management Inc. now owns 434,047 shares of the company’s stock valued at $24,966,000 after acquiring an additional 208,974 shares during the last quarter. Entropy Technologies LP acquired a new position in Molson Coors Beverage in the third quarter valued at $1,885,000. Loudon Investment Management LLC acquired a new position in Molson Coors Beverage in the third quarter valued at $443,000. Venturi Wealth Management LLC increased its stake in Molson Coors Beverage by 428.6% in the third quarter. Venturi Wealth Management LLC now owns 2,733 shares of the company’s stock valued at $157,000 after purchasing an additional 2,216 shares during the period. Finally, Ashton Thomas Securities LLC acquired a new position in Molson Coors Beverage in the third quarter valued at $35,000. 78.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on TAP shares. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and lifted their price objective for the company from $52.00 to $74.00 in a research note on Friday, November 8th. TD Cowen dropped their price target on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research note on Tuesday, October 8th. UBS Group boosted their price target on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Hsbc Global Res downgraded shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Molson Coors Beverage presently has a consensus rating of “Hold” and an average target price of $60.31.

Molson Coors Beverage Stock Performance

Shares of TAP stock opened at $63.89 on Thursday. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The company has a 50 day moving average price of $55.96 and a 200 day moving average price of $54.31. The firm has a market capitalization of $13.24 billion, a price-to-earnings ratio of 14.39, a price-to-earnings-growth ratio of 2.41 and a beta of 0.82.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the prior year, the business posted $1.92 earnings per share. Molson Coors Beverage’s revenue for the quarter was down 7.8% compared to the same quarter last year. Sell-side analysts anticipate that Molson Coors Beverage will post 5.74 EPS for the current year.

Molson Coors Beverage Company Profile

Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products under various brands in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers flavored malt beverages including hard seltzers, craft, spirits and energy, and ready to drink beverages.