First Manhattan Co. Continues to Hold Stake in Pinnacle Foods, Inc. (PF)
First Manhattan Co. held its position in Pinnacle Foods, Inc. (NYSE:PF) during the second quarter, Holdings Channel reports. The fund owned 4,115 shares of the company’s stock at the end of the second quarter. First Manhattan Co.’s holdings in Pinnacle Foods were worth $244,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC increased its position in Pinnacle Foods by 599.0% in the first quarter. Tower Research Capital LLC TRC now owns 2,097 shares of the company’s stock worth $121,000 after buying an additional 1,797 shares in the last quarter. First Quadrant L P CA acquired a new position in Pinnacle Foods during the second quarter valued at approximately $122,000. Acrospire Investment Management LLC increased its position in Pinnacle Foods by 107.1% in the first quarter. Acrospire Investment Management LLC now owns 2,900 shares of the company’s stock valued at $168,000 after buying an additional 1,500 shares during the period. Harbour Capital Advisors LLC acquired a new position in Pinnacle Foods during the first quarter valued at approximately $204,000. Finally, M&T Bank Corp acquired a new position in Pinnacle Foods during the first quarter valued at approximately $217,000. 97.00% of the stock is owned by hedge funds and other institutional investors.
Shares of Pinnacle Foods, Inc. (NYSE PF) opened at 58.90 on Friday. The stock has a market cap of $7.00 billion, a PE ratio of 38.37 and a beta of 0.34. The stock’s 50 day moving average is $59.89 and its 200 day moving average is $58.45. Pinnacle Foods, Inc. has a 52-week low of $46.36 and a 52-week high of $66.67.
Pinnacle Foods (NYSE:PF) last issued its earnings results on Thursday, July 27th. The company reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.01. Pinnacle Foods had a net margin of 5.82% and a return on equity of 14.47%. The firm had revenue of $744.61 million during the quarter, compared to analyst estimates of $764.41 million. During the same quarter in the prior year, the business earned $0.42 earnings per share. Pinnacle Foods’s revenue for the quarter was down 1.6% on a year-over-year basis. Equities research analysts forecast that Pinnacle Foods, Inc. will post $2.56 earnings per share for the current year.
Several research firms recently commented on PF. Berenberg Bank began coverage on shares of Pinnacle Foods in a report on Tuesday, May 16th. They issued a “buy” rating and a $68.00 price objective for the company. BMO Capital Markets reaffirmed a “buy” rating and issued a $63.00 price objective on shares of Pinnacle Foods in a report on Tuesday, June 27th. BidaskClub downgraded shares of Pinnacle Foods from a “strong-buy” rating to a “buy” rating in a report on Monday, July 3rd. J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $68.00 price objective (up from $65.00) on shares of Pinnacle Foods in a report on Wednesday, June 28th. Finally, Credit Suisse Group set a $62.00 price objective on shares of Pinnacle Foods and gave the stock a “buy” rating in a report on Thursday, April 20th. One analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have assigned a buy rating to the company’s stock. Pinnacle Foods currently has a consensus rating of “Buy” and an average target price of $64.36.
In related news, EVP Christopher J. Boever sold 26,682 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $59.02, for a total transaction of $1,574,771.64. Following the completion of the transaction, the executive vice president now owns 66,296 shares in the company, valued at $3,912,789.92. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark L. Schiller sold 50,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $59.37, for a total transaction of $2,968,500.00. Following the transaction, the executive vice president now owns 96,377 shares of the company’s stock, valued at approximately $5,721,902.49. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 134,739 shares of company stock valued at $7,996,311. 1.34% of the stock is owned by company insiders.
Pinnacle Foods Company Profile
Pinnacle Foods Inc is a manufacturer, marketer and distributor of branded food products in North America. The Company operates through four segments: Frozen segment, the Grocery segment, the Boulder segment and the Specialty segment. Its products are sold through supermarkets, grocery wholesalers and distributors, mass merchandisers, super centers, convenience stores, dollar stores, drug stores and warehouse clubs in the United States and Canada, as well as in military channels and foodservice locations.
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