Molson Coors' Shares Fall on Accounting Errors, Lower Sales
15 Février, 2019, 01:48 | Auteur: Auguste Feret
Molson Coors posted another disappointing quarter as financial irregularities further tarnished an already hard market for the beer giant. The company's earnings per share topped consensus, but it was mostly because the company's tax rate came in roughly four to seven percentage points below what analysts were expecting. 99 institutions jumped in to acquire Molson Coors Brewing Company (TAP) fresh stake, 304 added to their current holdings in these shares, 262 lowered their positions, and 63 left no stake in the company. Twin Capital Management Inc. increased its position in Molson Coors Brewing by 321.9% during the fourth quarter. Molson Coors Brewing Company (NYSE:TAP) has declined 21.53% since February 12, 2018 and is downtrending. The Illinois-based fund Fairpointe Capital Llc looks positive on Molson Coors Brewing Co, having 1.47 million shares. The registration statement governing the sale included 5 million shares in the offering, with an additional 750,000 share allotment offered to the underwriters of the secondary offering.
Molson Coors Brewing Company (NYSE:TAP) as of current trade, has shown weekly performance of -1.61% which was maintained at 6.46% in one month period. Finally, Andra AP fonden raised its stake in shares of Molson Coors Brewing by 2.4% in the third quarter.
Sysco Corporation (SYY) trade volume has decreased by -22.69% as around 2,883,845 shares were sold when compared with its 50-day average volume of traded shares which is 3,730,024. The stock was sold at an average price of $64.75, for a total transaction of $168,026.25. The company's average trading volume now stands at 1.79M shares, which means that the short-interest ratio is just 3.90 days.
TAP opened at $65.36 on Tuesday. On Monday, August 27 the stock of Molson Coors Brewing Company (NYSE:TAP) has "Buy" rating given by Citigroup. 42 investors sold all, 129 reduced holdings as Molson Coors Brewing Company ratio improved. The company has market cap of $14.12 billion.
Several brokerages recently weighed in on TAP. Standpoint Research initiated coverage on shares of Molson Coors Brewing in a research report on Tuesday, October 23rd. They issued a "buy" rating and a $80.00 target price for the company.
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Biechele Royce Advisors acquired a new position in Molson Coors Brewing Co (NYSE:TAP) during the 4th quarter, according to its most recent filing with the SEC. Citigroup cut their price target on shares of Molson Coors Brewing from $78.00 to $72.00 and set a "buy" rating on the stock in a research report on Thursday, November 1st. Numerixs Inv holds 0.08% of its capital in Molson Coors Brewing Company (NYSE:TAP) for 7,100 shs. 8 brokerage firms of the remaining 50% rated the stock as a Hold with 1 analyst rating it as a sell. The company now has a consensus rating of "Hold" and a consensus target price of $75.27.
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TAP reached $64.96 during the last trading session after $0.02 change.Currently Molson Coors Brewing Company is downtrending after 21.53% change in last February 11, 2018.
The company's sales were hurt by low volumes in the U.S. and Canada, partially offsetting gains from Europe and other overseas markets.
CEO Mark Hunter said on Tuesday that Molson Coors expects USA beer-industry volumes to continue declines, with the company's answer to "accelerate our portfolio premiumization", which means adding more of those craft beers and other products that sell above the "premium" price point of its Coors line.
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