Barrington Research Reiterates $2.00 Price Target for Castle Brands (ROX)

Barrington Research set a $2.00 price objective on Castle Brands (NYSEAMERICAN:ROX) in a research note issued to investors on Tuesday morning. The firm currently has a buy rating on the stock.

“We reiterate our OUTPERFORM investment rating with a $2 price target. Company Description Castle Brands Inc. develops and markets beverage alcohol brands. The company offers premium brands in the following beverage alcohol categories: rum, whiskey, liqueurs, vodka, tequila, as well as non‐ alcoholic ginger beer. It markets various brands including Stormy ginger beer, Select bourbons, Jefferson’s Rye whiskey, Clontarf Irish whiskey, Knappogue Castle Whiskey, Pallini liqueurs, Boru vodka, Brady’s Honey liqueur. Castle Brand was founded in 1998, reincorporated in 2009 and is headquartered in New York, NY.”,” the firm’s analyst commented.

Shares of ROX opened at $0.97 on Tuesday. Castle Brands has a one year low of $0.90 and a one year high of $1.42.

Castle Brands (NYSEAMERICAN:ROX) last issued its quarterly earnings results on Thursday, August 9th. The company reported $0.00 EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.01). The company had revenue of $23.10 million during the quarter, compared to analysts’ expectations of $22.48 million.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Hartline Investment Corp boosted its holdings in Castle Brands by 2.6% in the second quarter. Hartline Investment Corp now owns 3,090,860 shares of the company’s stock valued at $3,678,000 after purchasing an additional 78,233 shares during the last quarter. BlackRock Inc. boosted its holdings in Castle Brands by 19.8% in the second quarter. BlackRock Inc. now owns 4,717,957 shares of the company’s stock valued at $5,614,000 after purchasing an additional 778,334 shares during the last quarter. Creative Planning purchased a new position in Castle Brands in the second quarter valued at about $136,000. Finally, Millennium Management LLC boosted its holdings in Castle Brands by 4.6% in the first quarter. Millennium Management LLC now owns 1,230,000 shares of the company’s stock valued at $1,525,000 after purchasing an additional 54,400 shares during the last quarter.

Castle Brands Company Profile

Castle Brands Inc, together with its subsidiaries, develops, markets, imports, and sells beverage alcohol and non-alcoholic beverage products in the United States, Canada, Europe, and Asia. The company offers premium and super premium rums, whiskey, liqueurs, vodka, tequila, wine, amaretto, and other spirits, as well as ginger beer and ready-to-drink cocktails.

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