Ambev (NYSE:ABEV) Hits New 52-Week Low - Here's What Happened

Shares of Ambev S.A. (NYSE:ABEV - Get Free Report) hit a new 52-week low during trading on Wednesday . The company traded as low as $2.01 and last traded at $2.02, with a volume of 29282479 shares trading hands. The stock had previously closed at $2.12.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on shares of Ambev in a research report on Friday, October 18th. They issued a "buy" rating for the company.

Ambev Trading Down 4.7 %

The business has a 50 day moving average of $2.23 and a two-hundred day moving average of $2.23. The firm has a market cap of $31.82 billion, a P/E ratio of 11.22, a PEG ratio of 6.67 and a beta of 1.05. The company has a current ratio of 1.20, a quick ratio of 0.89 and a debt-to-equity ratio of 0.02.

Ambev Cuts Dividend

The business also recently announced an annual dividend, which will be paid on Thursday, January 9th. Investors of record on Monday, December 23rd will be issued a dividend of $0.0414 per share. This represents a dividend yield of 1.93%. The ex-dividend date of this dividend is Monday, December 23rd. Ambev's payout ratio is 66.67%.

Hedge Funds Weigh In On Ambev

Several institutional investors and hedge funds have recently made changes to their positions in ABEV. Private Management Group Inc. bought a new stake in Ambev in the 2nd quarter valued at about $19,149,000. Allspring Global Investments Holdings LLC raised its position in shares of Ambev by 323.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 9,913,282 shares of the company's stock valued at $20,322,000 after buying an additional 7,570,842 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Ambev by 27.7% in the second quarter. Renaissance Technologies LLC now owns 34,133,000 shares of the company's stock valued at $69,973,000 after buying an additional 7,412,395 shares during the period. Marshall Wace LLP grew its position in Ambev by 324.8% during the second quarter. Marshall Wace LLP now owns 8,324,037 shares of the company's stock worth $17,064,000 after buying an additional 6,364,592 shares in the last quarter. Finally, Kiltearn Partners LLP increased its stake in Ambev by 43.3% during the 2nd quarter. Kiltearn Partners LLP now owns 14,575,900 shares of the company's stock worth $29,881,000 after acquiring an additional 4,407,800 shares during the period. Institutional investors and hedge funds own 8.13% of the company's stock.

Ambev Company Profile

Ambev SA, through its subsidiaries, engages in the production, distribution, and sale of beer, draft beer, carbonated soft drinks, malt and food, other alcoholic beverages, and non-alcoholic and non-carbonated products in Brazil, Central America and Caribbean, Latin America South, and Canada. It offers beer primarily under the Skol, Brahma, Antarctica, Brahva, Budweiser, Bud Light, Beck, Leffe, Hoegaarden, Balboa ICE, Balboa, Atlas Golden Light, Atlas, Bucanero, Cristal, Mayabe, Presidente, Presidente Light, Brahma Light, Bohemia, The One, Corona, Modelo Especial, Stella Artois, Quilmes Clásica, Paceña, Taquiña, Huari, Becker, Cusqueña, Michelob Ultra, Busch, Pilsen, Ouro Fino, Bud 66, Banks, Deputy, Patricia, Labatt Blue, Alexander Keith's, and Kokanee brands.

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