Short Interest in Pinnacle Foods Declines By 85.0% (PF)
Pinnacle Foods (NYSE:PF) was the target of a significant drop in short interest in the month of May. As of May 30th, there was short interest totalling 370,392 shares, a drop of 85.0% from the May 15th total of 2,474,660 shares, American Banking News.com reports. Based on an average daily trading volume, of 3,531,472 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.7% of the company’s stock are sold short.
In other Pinnacle Foods news, CFO Craig D. Steeneck sold 10,000 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $31.62, for a total value of $316,200.00. The transaction was disclosed in a filing with the SEC, which is available at this link.
A number of research firms have recently commented on PF. Analysts at Deutsche Bank reiterated a “hold” rating on shares of Pinnacle Foods in a research note on Monday, June 2nd. They now have a $35.00 price target on the stock, down previously from $36.00. Separately, analysts at RBC Capital raised their price target on shares of Pinnacle Foods from $31.00 to $36.00 in a research note on Wednesday, May 14th. They now have a “sector perform” rating on the stock. Finally, analysts at Credit Suisse downgraded shares of Pinnacle Foods from an “outperform” rating to a “neutral” rating in a research note on Tuesday, May 13th. They now have a $36.00 price target on the stock, up previously from $33.00. Eight research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $31.70.
Shares of Pinnacle Foods (NYSE:PF) traded down 1.63% on Tuesday, hitting $31.48. 1,573,072 shares of the company’s stock traded hands. Pinnacle Foods has a 1-year low of $23.56 and a 1-year high of $35.67. The stock has a 50-day moving average of $31.7 and a 200-day moving average of $29.00. The company has a market cap of $3.692 billion and a P/E ratio of 35.48.
Pinnacle Foods (NYSE:PF) last announced its earnings results on Wednesday, May 14th. The company reported $0.36 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.35 by $0.01. The company had revenue of $644.00 million for the quarter, compared to the consensus estimate of $649.30 million. During the same quarter last year, the company posted $0.34 earnings per share. Pinnacle Foods’s revenue was up 5.1% compared to the same quarter last year. Analysts expect that Pinnacle Foods will post $1.74 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, July 8th. Investors of record on Monday, June 2nd will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Thursday, May 29th.
Pinnacle Foods Inc is a manufacturer, marketer and distributor of branded food products in North America.
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