Ambev SA (NYSE:ABEV) was the target of a large drop in short interest in September. As of September 30th, there was short interest totalling 27,871,313 shares, a drop of 19.2% from the September 15th total of 34,514,066 shares. Based on an average daily trading volume, of 9,765,812 shares, the days-to-cover ratio is currently 2.9 days. Currently, 0.2% of the shares of the stock are short sold.
A number of brokerages have issued reports on ABEV. TheStreet lowered shares of Ambev SA from a “buy” rating to a “hold” rating in a report on Thursday, September 29th. Morgan Stanley lowered shares of Ambev SA from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $6.00 to $6.40 in a report on Thursday, August 18th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Ambev SA from a “buy” rating to a “hold” rating in a report on Monday, July 4th. Finally, Goldman Sachs Group Inc. reaffirmed a “buy” rating and set a $6.80 price objective on shares of Ambev SA in a report on Monday, October 10th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Ambev SA currently has an average rating of “Hold” and an average price target of $6.05.
A number of large investors have recently modified their holdings of ABEV. Park National Corp OH purchased a new stake in shares of Ambev SA during the third quarter worth approximately $119,000. Commonwealth Equity Services Inc increased its position in shares of Ambev SA by 69.6% in the second quarter. Commonwealth Equity Services Inc now owns 23,647 shares of the company’s stock worth $140,000 after buying an additional 9,704 shares during the last quarter. MSI Financial Services Inc increased its position in shares of Ambev SA by 16.9% in the third quarter. MSI Financial Services Inc now owns 29,330 shares of the company’s stock worth $178,000 after buying an additional 4,241 shares during the last quarter. Global X Management Co. LLC increased its position in shares of Ambev SA by 13.3% in the second quarter. Global X Management Co. LLC now owns 32,804 shares of the company’s stock worth $194,000 after buying an additional 3,846 shares during the last quarter. Finally, Ingalls & Snyder LLC bought a new position in shares of Ambev SA during the second quarter worth about $197,000. Hedge funds and other institutional investors own 7.22% of the company’s stock.
Ambev SA (NYSE:ABEV) opened at 6.09 on Monday. The stock has a market capitalization of $95.60 billion, a price-to-earnings ratio of 26.59 and a beta of 0.82. Ambev SA has a 12-month low of $3.86 and a 12-month high of $6.32. The company has a 50 day moving average of $6.03 and a 200-day moving average of $5.69.
Ambev SA Company Profile
Ambev SA, formerly Inbev Participacoes Societarias SA, is a Brazil-based company engaged in the brewing sector. The Company produces and sells beer, carbonated soft drinks (CSDs) and other non-alcoholic and non-carbonated (NANC) beverages across the Americas. The Company’s activities are divided into three segments: Latin America North, including sell of beer, CSD and NANC drinks in Brazil, as well as operations in Dominican Republic, Saint Vincent, Antigua, Dominica, Guatemala, El Salvador, Nicaragua and Cuba; Latin America South, distributing products in Argentina, Bolivia, Paraguay, Uruguay, Chile, Ecuador, Peru and Colombia, and Canada, represented by Labatt’s operations, which comprises sales in Canada.
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