Early on trading day Molson Coors Brewing company (NYSE: TAP) slipped over 10% and seemed to bounce around today. It may be continued effects of the weak EBITDA guidance of June 7th in addition to the edited transcription of their earnings presentation last week on June 15, 2017.
The re-release of Q1 earnings was lead by Mark R Hunter, Molson Coors Brewing Company’s president and CEO, which stated that the underlying EBITDA was not in deficit, but unchanged YOY. Today 6/20/2017, Molson Coors’s range was noted between $86.40-$87.17 per share, and the volume was relatively weak at 943,775 compared to their current Average volume at 1,925,789. Some of the largest holders of shares include FMR LLC with 17,667,627 shares held and Vanguard Group, LLC with 17,305,767. Trailing behind them is JPMorgan Chase & Co at 12,056,854 shares and BlackRock, Inc at 10,676,010 shares.
Molson Coors have consistently reported earnings at an average of 22.6% for the past three quarters. Giving that the official start to summer is just a day away, perhaps this stock will get some luck as historically, they have done well for themselves during the summer and thus reflected in Q2 numbers. We will have to wait for their next earnings, Q2 for 2017is scheduked to be released on 8/2/2017.