Norges Bank Buys Shares of 2,325,916 Birkenstock Holding plc (NYSE:BIRK)

Norges Bank purchased a new position in Birkenstock Holding plc (NYSE:BIRK) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,325,916 shares of the company’s stock, valued at approximately $131,786,000. Norges Bank owned approximately 1.24% of Birkenstock at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Quarry LP purchased a new stake in Birkenstock in the 3rd quarter worth approximately $25,000. Signaturefd LLC increased its holdings in shares of Birkenstock by 642.6% in the fourth quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $29,000 after purchasing an additional 437 shares during the period. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Birkenstock in the fourth quarter worth $34,000. MetLife Investment Management LLC boosted its stake in Birkenstock by 52.2% during the third quarter. MetLife Investment Management LLC now owns 688 shares of the company’s stock valued at $34,000 after buying an additional 236 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Birkenstock by 112.0% during the fourth quarter. JPMorgan Chase & Co. now owns 1,338 shares of the company’s stock worth $76,000 after buying an additional 707 shares in the last quarter. 19.93% of the stock is currently owned by institutional investors.

Birkenstock Price Performance

Shares of BIRK stock opened at $45.99 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.08 and a current ratio of 2.84. Birkenstock Holding plc has a fifty-two week low of $41.00 and a fifty-two week high of $64.78. The firm has a market cap of $8.64 billion, a P/E ratio of 37.08, a P/E/G ratio of 1.02 and a beta of 1.90. The business’s 50 day moving average price is $51.69 and its 200-day moving average price is $51.64.

Birkenstock (NYSE:BIRK) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.03. The company had revenue of $385.88 million for the quarter, compared to analysts’ expectations of $355.80 million. Birkenstock had a net margin of 11.73% and a return on equity of 9.52%. On average, equities research analysts anticipate that Birkenstock Holding plc will post 1.77 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on BIRK. Hsbc Global Res raised Birkenstock to a “strong-buy” rating in a report on Tuesday, December 3rd. BTIG Research lifted their target price on shares of Birkenstock from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. HSBC raised shares of Birkenstock from a “hold” rating to a “buy” rating and increased their price target for the stock from $58.00 to $60.00 in a report on Tuesday, December 3rd. Piper Sandler initiated coverage on shares of Birkenstock in a report on Tuesday, December 10th. They set an “overweight” rating and a $65.00 price objective for the company. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $70.00 target price on shares of Birkenstock in a research note on Thursday, February 20th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.31.

Birkenstock Profile

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally.