Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 13,950,180 shares, a growth of 34.7% from the August 15th total of 10,358,195 shares. Based on an average daily volume of 1,700,658 shares, the days-to-cover ratio is currently 8.2 days. Approximately 7.7% of the company’s shares are short sold.

In related news, CFO Michael Nathenson sold 50,000 shares of the stock in a transaction on Monday, August 21st. The stock was sold at an average price of $25.00, for a total value of $1,250,000.00. Following the transaction, the chief financial officer now directly owns 50,000 shares of the company’s stock, valued at approximately $1,250,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 187,072 shares of company stock worth $4,736,802 in the last 90 days. Insiders own 7.70% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in BUFF. FMR LLC raised its position in shares of Blue Buffalo Pet Products by 360.6% during the second quarter. FMR LLC now owns 3,320,428 shares of the company’s stock valued at $75,739,000 after buying an additional 2,599,478 shares during the last quarter. Harris Associates L P acquired a new position in shares of Blue Buffalo Pet Products during the second quarter valued at about $53,476,000. Bank of New York Mellon Corp raised its position in shares of Blue Buffalo Pet Products by 50.3% during the second quarter. Bank of New York Mellon Corp now owns 5,235,035 shares of the company’s stock valued at $119,411,000 after buying an additional 1,752,086 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of Blue Buffalo Pet Products by 69.8% during the first quarter. Clearbridge Investments LLC now owns 3,523,195 shares of the company’s stock valued at $81,033,000 after buying an additional 1,447,859 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Blue Buffalo Pet Products by 139.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,066,507 shares of the company’s stock valued at $47,530,000 after buying an additional 1,202,040 shares during the last quarter. 88.77% of the stock is owned by institutional investors and hedge funds.

Blue Buffalo Pet Products (NASDAQ:BUFF) opened at 25.96 on Thursday. The firm has a 50-day moving average price of $25.83 and a 200 day moving average price of $25.00. Blue Buffalo Pet Products has a 52-week low of $21.60 and a 52-week high of $26.39. The stock has a market capitalization of $5.12 billion, a price-to-earnings ratio of 36.56 and a beta of 1.91.

Blue Buffalo Pet Products (NASDAQ:BUFF) last released its earnings results on Tuesday, August 8th. The company reported $0.21 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.21. The firm had revenue of $294.80 million during the quarter, compared to analyst estimates of $301.88 million. Blue Buffalo Pet Products had a net margin of 12.13% and a return on equity of 98.02%. The business’s revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.19 EPS. On average, equities research analysts predict that Blue Buffalo Pet Products will post $0.93 EPS for the current year.

Blue Buffalo Pet Products declared that its Board of Directors has approved a share buyback plan on Tuesday, August 8th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to reacquire up to 1.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Several research analysts recently weighed in on BUFF shares. BidaskClub lowered Blue Buffalo Pet Products from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 11th. Susquehanna Bancshares Inc set a $32.00 target price on Blue Buffalo Pet Products and gave the stock a “buy” rating in a research report on Thursday, May 25th. Imperial Capital started coverage on Blue Buffalo Pet Products in a research report on Wednesday, June 28th. They issued an “outperform” rating and a $30.00 target price on the stock. Zacks Investment Research raised Blue Buffalo Pet Products from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Finally, Robert W. Baird started coverage on Blue Buffalo Pet Products in a research report on Monday, July 24th. They issued a “neutral” rating and a $23.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Blue Buffalo Pet Products has a consensus rating of “Buy” and an average price target of $27.90.

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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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