Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) released its earnings results on Tuesday. The company reported $0.21 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.21, Bloomberg Earnings reports. The firm had revenue of $294.80 million for the quarter, compared to analyst estimates of $301.88 million. Blue Buffalo Pet Products had a return on equity of 122.62% and a net margin of 11.69%. The company’s revenue was up 2.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.19 EPS. Blue Buffalo Pet Products updated its FY17 guidance to $0.91-$0.94 EPS.
Shares of Blue Buffalo Pet Products (NASDAQ:BUFF) traded up 6.59% during trading on Wednesday, reaching $23.14. The company’s stock had a trading volume of 8,090,144 shares. The company has a market cap of $4.55 billion, a PE ratio of 34.03 and a beta of 1.95. Blue Buffalo Pet Products has a 52-week low of $21.55 and a 52-week high of $27.50. The firm’s 50-day moving average is $22.72 and its 200 day moving average is $23.80.
A number of large investors have recently added to or reduced their stakes in BUFF. Russell Investments Group Ltd. acquired a new stake in Blue Buffalo Pet Products during the fourth quarter valued at $134,000. Dimensional Fund Advisors LP boosted its stake in Blue Buffalo Pet Products by 67.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 603,176 shares of the company’s stock valued at $14,500,000 after buying an additional 242,844 shares during the last quarter. AQR Capital Management LLC acquired a new stake in Blue Buffalo Pet Products during the fourth quarter valued at $485,000. Teachers Advisors LLC boosted its stake in Blue Buffalo Pet Products by 103.4% in the fourth quarter. Teachers Advisors LLC now owns 150,066 shares of the company’s stock valued at $3,608,000 after buying an additional 76,305 shares during the last quarter. Finally, Bank of Montreal Can boosted its stake in Blue Buffalo Pet Products by 12,091.4% in the first quarter. Bank of Montreal Can now owns 121,914 shares of the company’s stock valued at $2,804,000 after buying an additional 120,914 shares during the last quarter. Hedge funds and other institutional investors own 88.92% of the company’s stock.
A number of analysts have issued reports on BUFF shares. Citigroup Inc. raised Blue Buffalo Pet Products from a “buy” rating to a “top pick” rating in a report on Tuesday, April 18th. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Blue Buffalo Pet Products in a report on Thursday, April 20th. Zacks Investment Research lowered Blue Buffalo Pet Products from a “buy” rating to a “hold” rating in a report on Thursday, May 11th. Off Wall Street assumed coverage on Blue Buffalo Pet Products in a research report on Wednesday, June 21st. They issued a “sell” rating for the company. Finally, Imperial Capital assumed coverage on Blue Buffalo Pet Products in a research report on Wednesday, June 28th. They issued an “outperform” rating and a $30.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $27.82.
Blue Buffalo Pet Products declared that its Board of Directors has initiated a stock buyback plan on Tuesday, August 8th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to buy up to 1.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
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About Blue Buffalo Pet Products
Blue Buffalo Pet Products, Inc (BBPP) is a holding company. The Company operates as a pet food company. The Company, through its subsidiaries, develops, produces, markets and sells pet food under product lines, including BLUE Life Protection Formula, BLUE Wilderness, BLUE Basics, BLUE Freedom and BLUE Natural Veterinary Diet lines.
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