Brant Point Investment Management LLC grew its holdings in shares of Pinnacle Foods Inc (NYSE:PF) by 107.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 38,661 shares of the company’s stock after buying an additional 20,000 shares during the quarter. Brant Point Investment Management LLC’s holdings in Pinnacle Foods were worth $2,506,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in PF. Alpine Associates Management Inc. grew its stake in shares of Pinnacle Foods by 1,924.2% during the second quarter. Alpine Associates Management Inc. now owns 1,732,341 shares of the company’s stock valued at $113,815,000 after buying an additional 1,646,761 shares during the last quarter. Water Island Capital LLC grew its stake in Pinnacle Foods by 198.1% in the third 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 in the last quarter. Morgan Stanley grew its stake in Pinnacle Foods by 165.0% in the second 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 in the last quarter. SG Americas Securities LLC bought a new position in Pinnacle Foods in the second quarter worth approximately $45,090,000. Finally, Bank of America Corp DE grew its stake in Pinnacle Foods by 115.3% in the second 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 in the last quarter. 94.33% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:PF opened at $66.66 on Monday. Pinnacle Foods Inc has a 52-week low of $52.25 and a 52-week high of $70.51.
PF has been the topic of several research analyst reports. Zacks Investment Research cut Pinnacle Foods from a “buy” rating to a “hold” rating in a research note on Tuesday, September 25th. Jefferies Financial Group cut Pinnacle Foods from a “buy” rating to a “hold” rating and set a $68.00 price objective 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. Finally, Piper Jaffray Companies cut Pinnacle Foods from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $69.00 to $68.00 in a research note on Monday, September 24th. Thirteen investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $67.20.
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Pinnacle Foods Profile
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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