State of New Jersey Common Pension Fund D Buys 3,491 Shares of BellRing Brands Inc. $BRBR

State of New Jersey Common Pension Fund D raised its stake in BellRing Brands Inc. (NYSE:BRBR) by 8.3% in the second quarter, Holdings Channel reports. The firm owned 45,359 shares of the company’s stock after acquiring an additional 3,491 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in BellRing Brands were worth $2,628,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Maseco LLP acquired a new stake in BellRing Brands during the 2nd quarter worth approximately $25,000. TCTC Holdings LLC raised its holdings in shares of BellRing Brands by 87.6% during the 1st quarter. TCTC Holdings LLC now owns 407 shares of the company’s stock worth $30,000 after buying an additional 190 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in shares of BellRing Brands by 283.3% during the 1st quarter. First Horizon Advisors Inc. now owns 460 shares of the company’s stock worth $34,000 after buying an additional 340 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of BellRing Brands by 149.8% during the 1st quarter. Smartleaf Asset Management LLC now owns 517 shares of the company’s stock worth $38,000 after buying an additional 310 shares in the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of BellRing Brands by 2,660.0% during the 1st quarter. Larson Financial Group LLC now owns 690 shares of the company’s stock worth $51,000 after buying an additional 665 shares in the last quarter. 94.97% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Darcy Horn Davenport sold 1,600 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $54.18, for a total transaction of $86,688.00. Following the completion of the transaction, the chief executive officer owned 193,978 shares in the company, valued at approximately $10,509,728.04. This represents a 0.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Craig L. Rosenthal purchased 2,600 shares of the business’s stock in a transaction dated Wednesday, August 6th. The stock was bought at an average cost of $37.29 per share, with a total value of $96,954.00. Following the completion of the acquisition, the insider directly owned 33,475 shares of the company’s stock, valued at approximately $1,248,282.75. This trade represents a 8.42% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired a total of 6,616 shares of company stock valued at $65,995,248 over the last three months. Corporate insiders own 1.07% of the company’s stock.

BellRing Brands Stock Down 0.9%

BRBR stock opened at $31.60 on Wednesday. The firm has a market cap of $3.98 billion, a PE ratio of 18.06, a P/E/G ratio of 1.55 and a beta of 0.75. The business has a 50 day moving average of $36.62 and a 200-day moving average of $51.88. BellRing Brands Inc. has a 12-month low of $30.44 and a 12-month high of $80.67.

BellRing Brands (NYSE:BRBR) last released its earnings results on Monday, February 28th. The company reported $0.22 earnings per share (EPS) for the quarter. The company had revenue of $282.40 million during the quarter. BellRing Brands had a negative return on equity of 123.43% and a net margin of 10.26%. On average, research analysts expect that BellRing Brands Inc. will post 2.23 earnings per share for the current year.

BellRing Brands declared that its board has approved a share buyback program on Tuesday, September 2nd that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 7.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

BRBR has been the topic of a number of research reports. Stifel Nicolaus reduced their price objective on BellRing Brands from $66.00 to $56.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Zacks Research downgraded BellRing Brands from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 1st. Stephens raised BellRing Brands from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $68.00 to $50.00 in a research note on Wednesday, August 6th. Morgan Stanley dropped their price target on BellRing Brands from $78.00 to $58.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 6th. Finally, Mizuho lowered their price objective on BellRing Brands from $75.00 to $45.00 and set an “outperform” rating for the company in a research note on Monday, August 18th. Fourteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $61.56.

BellRing Brands Company Profile

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.