Panagora Asset Management Inc. lowered its stake in Pinnacle Foods Inc (NYSE:PF) by 78.5% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 371,428 shares of the company’s stock after selling 1,358,718 shares during the quarter. Panagora Asset Management Inc.’s holdings in Pinnacle Foods were worth $24,072,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the stock. Alpine Associates Management Inc. lifted its stake in shares of Pinnacle Foods by 1,924.2% during the 2nd quarter. Alpine Associates Management Inc. now owns 1,732,341 shares of the company’s stock worth $113,815,000 after purchasing an additional 1,646,761 shares during the period. Water Island Capital LLC lifted its stake in shares of Pinnacle Foods by 198.1% during the 3rd quarter. Water Island Capital LLC now owns 2,129,034 shares of the company’s stock worth $137,983,000 after purchasing an additional 1,414,845 shares during the period. Morgan Stanley lifted its stake in shares of Pinnacle Foods by 165.0% during the 2nd quarter. Morgan Stanley now owns 1,189,139 shares of the company’s stock worth $77,364,000 after purchasing an additional 740,424 shares during the period. SG Americas Securities LLC purchased a new position in shares of Pinnacle Foods during the 2nd quarter worth $45,090,000. Finally, Bank of America Corp DE lifted its stake in shares of Pinnacle Foods by 115.3% during the 2nd quarter. Bank of America Corp DE now owns 956,381 shares of the company’s stock worth $62,222,000 after purchasing an additional 512,108 shares during the period. 94.33% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on PF. Jefferies Financial Group lowered Pinnacle Foods from a “buy” rating to a “hold” rating and set a $68.00 price target on the stock. in a research note on Monday, October 15th. ValuEngine raised Pinnacle Foods from a “hold” rating to a “buy” rating in a research note on Monday, October 8th. Zacks Investment Research lowered Pinnacle Foods from a “buy” rating to a “hold” rating in a research note on Tuesday, September 25th. Piper Jaffray Companies lowered Pinnacle Foods from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $69.00 to $68.00 in a research note on Monday, September 24th. Finally, JPMorgan Chase & Co. lowered Pinnacle Foods from an “overweight” rating to a “neutral” rating and set a $64.00 price target on the stock. in a research note on Friday, August 3rd. Thirteen analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Pinnacle Foods currently has a consensus rating of “Hold” and an average price target of $67.20.
PF stock opened at $66.66 on Friday. Pinnacle Foods Inc has a 52 week low of $52.25 and a 52 week high of $70.51.
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About Pinnacle Foods
Pinnacle Foods Inc manufactures, markets, and distributes branded convenience food products in North America. It operates through four segments: Frozen, Grocery, Boulder, and Specialty. The Frozen segment offers frozen vegetables, frozen complete bagged meals, frozen prepared seafood, frozen and refrigerated bagels, frozen pizza, and full-calorie single-serve frozen dinners and entrées under the Birds Eye, Birds Eye Voila!, Van de Kamp's, Mrs.
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