Sit Investment Associates Inc. lowered its stake in Pinnacle Foods, Inc. (NYSE:PF) by 1.0% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 25,050 shares of the company’s stock after selling 250 shares during the period. Sit Investment Associates Inc.’s holdings in Pinnacle Foods were worth $1,488,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC boosted 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 valued at $121,000 after buying an additional 1,797 shares during the last quarter. First Quadrant L P CA bought a new position in Pinnacle Foods during the second quarter valued at approximately $122,000. Acrospire Investment Management LLC boosted 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 last quarter. Harbour Capital Advisors LLC bought a new position in Pinnacle Foods during the first quarter valued at approximately $204,000. Finally, M&T Bank Corp bought a new position in Pinnacle Foods during the first quarter valued at approximately $217,000. 96.70% of the stock is owned by hedge funds and other institutional investors.
Shares of Pinnacle Foods, Inc. (NYSE PF) opened at 61.15 on Friday. The stock has a 50 day moving average price of $60.55 and a 200 day moving average price of $57.81. The stock has a market capitalization of $7.26 billion, a P/E ratio of 34.63 and a beta of 0.35. Pinnacle Foods, Inc. has a 12-month low of $46.36 and a 12-month high of $66.67.
Pinnacle Foods (NYSE:PF) last announced its earnings results on Thursday, April 27th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.04. The company had revenue of $766.10 million during the quarter, compared to the consensus estimate of $766.52 million. Pinnacle Foods had a return on equity of 13.97% and a net margin of 6.66%. The company’s revenue was up 1.6% on a year-over-year basis. During the same period last year, the firm earned $0.40 earnings per share. On average, equities analysts anticipate that Pinnacle Foods, Inc. will post $2.59 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 7th. Stockholders of record on Tuesday, June 6th were paid a dividend of $0.285 per share. The ex-dividend date of this dividend was Friday, June 2nd. This represents a $1.14 annualized dividend and a dividend yield of 1.86%. Pinnacle Foods’s dividend payout ratio is presently 64.77%.
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Several research analysts recently commented on the company. BidaskClub cut Pinnacle Foods from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 14th. Berenberg Bank assumed coverage on Pinnacle Foods in a research note on Tuesday, May 16th. They set a “buy” rating and a $68.00 target price for the company. J P Morgan Chase & Co reissued an “overweight” rating and set a $68.00 target price (up from $65.00) on shares of Pinnacle Foods in a research note on Wednesday, June 28th. Zacks Investment Research cut Pinnacle Foods from a “buy” rating to a “hold” rating in a research note on Monday, May 1st. Finally, Credit Suisse Group set a $62.00 price target on Pinnacle Foods and gave the stock a “buy” rating in a report on Thursday, April 20th. One research analyst has rated the stock with a sell rating, one has given a hold rating and fifteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $61.71.
In related news, EVP Michael J. Barkley sold 10,000 shares of Pinnacle Foods stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $60.44, for a total value of $604,400.00. Following the completion of the transaction, the executive vice president now directly owns 17,355 shares in the company, valued at $1,048,936.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.34% of the stock is currently 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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