Boston Beer Company Inc (NYSE:SAM) insider has latelyjoinedan insider trading activity. Chairman, KOCH C JAMES sold 5,000 shares for $788,063 via through transaction Oct 28. Following the transaction, the insider now holds 432 shares in the company, priced at $67068 as of Monday. Additional notable insider trading was performed by the same insider on Oct 27. KOCH C JAMES Sold 7,000 shares with $155.67 as the average price of common stock. That amounts to $1,089,724 in total. Apart from this, Grinnell David L. carried out a sale of 1,000 shares at $157.97 per share on Oct 20. The transaction was worth $157,974. President and C.E.O. ROPER MARTIN F sold 2,157 shares for $332,523 via one transaction Oct 03. Following this sale, this insider’s ownership comprises 32,273 shares, priced at $5010383.25 as of Monday.
The stock has seen a count of 32 insider trades in the past 3 months. These transactions include 31 sell trades and 1 buy activities. Furthermore, over the past 12 months, insider traded the stock on 96 occasions. In 87 instances, an employee was a seller while the insider of the company was the buyer in just 9 times.
Boston Beer Company Inc (SAM) on October 21, 2016 reported third quarter 2016 net revenue of $253.4 million, a decrease of $39.7 million or 14% from the third quarter of 2015, mainly due to a decline in shipments of 12% and decreased revenue per barrel due to product mix. Net income for the third quarter was $31.5 million, or $2.48 per diluted share, a decrease of $0.37 per diluted share from the third quarter of 2015. This decrease was primarily due to decreases in net revenue and a decrease in gross margin, partially offset by decreased advertising, promotional and selling expenses.
Earnings per diluted share for the 39-week period ended September 24, 2016 were $5.05, a decrease of $0.97 from the comparable 39-week period in 2015. Net revenue for the 39-week period ended September 24, 2016 was $687.1 million, a decrease of $57.7 million, or 8%, from the comparable 39-week period in 2015.
Highlights of this release include:
- Depletions decreased 8% and 6% from the comparable 13 and 39 week periods in 2015.
- Third quarter gross margin was 52.7% and year-to-date gross margin was 51.2%; with the Company maintaining its full-year gross margin target of between 50% and 52%.
- Advertising, promotional and selling expense decreased by $14.4 million or 18% in the third quarter, primarily due to lower media spending and decreases in freight to distributors, as a result of lower volume and lower freight rates.
- The 2016 fiscal year includes 53 weeks compared to the 2015 fiscal year, which included only 52 weeks.
- Full-year 2016 year over year depletion and shipment change is now estimated at between minus 6% and minus 2%, a decrease of the range from the previously communicated estimate of between minus 4% and zero.
- Full-year 2016 earnings per diluted share are now estimated at between $6.30 and $6.70, a decrease and narrowing of the range from the previously communicated estimate of $6.40 to $7.00.
- Full-year 2016 capital spending is now estimated to be between $55 million and $65 million, a decrease of the range from the previously communicated estimate of $60 million to $70 million.