Craft Brew Alliance Inc. (BREW) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Craft Brew Alliance Inc. (NASDAQ:BREW) from a hold rating to a buy rating in a report issued on Tuesday. The firm currently has $22.00 price target on the stock.

According to Zacks, “Craft Brew Alliance Inc. is engaged in the business of brewing, marketing and selling of craft beers in the United States. The Company operates in two segments: Beer Related operations and Pubs and Other. Craft Brew owns and operates production breweries with adjacent restaurants or pubs in Portland, Oregon, Woodinville, Washington and Portsmouth, New Hampshire and in Kona, Hawaii. It offers its beer products under the Widmer Brothers, Redhook and Kona Brewing brand names. Craft Brew Alliance Inc., formerly known as Craft Brewers Alliance, Inc., is headquartered in Portland, Oregon. “

Several other equities research analysts have also weighed in on BREW. Sidoti raised Craft Brew Alliance from a neutral rating to a buy rating in a report on Thursday, August 4th. Citigroup Inc. decreased their price objective on Craft Brew Alliance from $10.00 to $9.00 and set a neutral rating for the company in a report on Wednesday, June 15th. Finally, TheStreet raised Craft Brew Alliance from a hold rating to a buy rating in a report on Wednesday, August 10th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $21.00.

Craft Brew Alliance (NASDAQ:BREW) opened at 18.45 on Tuesday. The stock’s 50 day moving average is $18.24 and its 200 day moving average is $11.86. Craft Brew Alliance has a 52 week low of $6.80 and a 52 week high of $22.40. The firm has a market cap of $354.92 million, a price-to-earnings ratio of 341.67 and a beta of 0.63.

Craft Brew Alliance (NASDAQ:BREW) last announced its earnings results on Wednesday, August 3rd. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by $0.02. Craft Brew Alliance had a net margin of 0.51% and a return on equity of 0.89%. The business had revenue of $62.28 million for the quarter, compared to analysts’ expectations of $61.52 million. During the same period in the prior year, the business earned $0.07 earnings per share. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. Equities research analysts expect that Craft Brew Alliance will post $0.26 EPS for the current year.

In other news, Director John D. Rogers, Jr. sold 12,376 shares of Craft Brew Alliance stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $20.05, for a total transaction of $248,138.80. Following the completion of the sale, the director now owns 29,301 shares in the company, valued at approximately $587,485.05. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.40% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the stock. PEAK6 Investments L.P. acquired a new stake in shares of Craft Brew Alliance during the second quarter worth about $121,000. Nationwide Fund Advisors increased its stake in Craft Brew Alliance by 7.5% in the second quarter. Nationwide Fund Advisors now owns 12,705 shares of the company’s stock worth $146,000 after buying an additional 884 shares during the last quarter. Parametric Portfolio Associates LLC purchased a new stake in Craft Brew Alliance during the second quarter worth $158,000. Spot Trading L.L.C purchased a new stake in Craft Brew Alliance during the second quarter worth $160,000. Finally, Jefferies Group LLC purchased a new stake in Craft Brew Alliance during the second quarter worth $193,000. Hedge funds and other institutional investors own 22.17% of the company’s stock.

About Craft Brew Alliance

Craft Brew Alliance, Inc is a craft brewing company that is engaged in brewing, branding and bringing to market American craft beers. The Company operates through two segments: Beer Related operations, which include the brewing operations and related domestic and international beer and cider sales of its Kona, Widmer Brothers, Redhook and Omission beer brands, and Square Mile cider brand, and Pubs operations, which include its approximately five pubs, over four of which are located adjacent to its Beer Related operations, as well as other merchandise sales, and sales of its beers directly to customers.

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