Illinois Municipal Retirement Fund Takes $1.47 Million Position in Freshpet, Inc. $FRPT

Illinois Municipal Retirement Fund bought a new position in Freshpet, Inc. (NASDAQ:FRPT) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 26,620 shares of the company’s stock, valued at approximately $1,467,000.

A number of other large investors have also recently added to or reduced their stakes in FRPT. Wasatch Advisors LP lifted its stake in shares of Freshpet by 41.0% in the second quarter. Wasatch Advisors LP now owns 3,839,332 shares of the company’s stock worth $260,921,000 after buying an additional 1,116,217 shares during the last quarter. Champlain Investment Partners LLC boosted its holdings in Freshpet by 41.5% during the second quarter. Champlain Investment Partners LLC now owns 2,568,954 shares of the company’s stock valued at $174,586,000 after acquiring an additional 753,070 shares during the period. AQR Capital Management LLC grew its position in shares of Freshpet by 278.5% in the second quarter. AQR Capital Management LLC now owns 859,981 shares of the company’s stock valued at $58,444,000 after purchasing an additional 632,756 shares during the last quarter. Engaged Capital LLC bought a new position in shares of Freshpet in the second quarter worth about $42,076,000. Finally, Norges Bank bought a new position in shares of Freshpet in the second quarter worth about $38,658,000.

Freshpet Stock Up 5.9%

FRPT opened at $71.69 on Wednesday. The company has a market capitalization of $3.50 billion, a P/E ratio of 31.31, a P/E/G ratio of 1.66 and a beta of 1.72. The company has a debt-to-equity ratio of 0.36, a current ratio of 5.52 and a quick ratio of 4.61. The firm’s fifty day moving average price is $65.91 and its two-hundred day moving average price is $59.37. Freshpet, Inc. has a fifty-two week low of $46.76 and a fifty-two week high of $132.86.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on FRPT shares. JPMorgan Chase & Co. decreased their target price on Freshpet from $70.00 to $62.00 and set a “neutral” rating for the company in a research note on Thursday, October 23rd. Robert W. Baird lowered their price objective on shares of Freshpet from $100.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday, October 31st. Truist Financial cut their target price on shares of Freshpet from $70.00 to $50.00 and set a “hold” rating for the company in a research note on Tuesday, November 4th. TD Cowen reissued a “hold” rating on shares of Freshpet in a report on Thursday, January 8th. Finally, Jefferies Financial Group restated a “hold” rating and set a $56.00 price objective on shares of Freshpet in a report on Tuesday, November 4th. Six equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $73.60.

Insider Buying and Selling at Freshpet

In other Freshpet news, President Scott James Morris sold 5,142 shares of the firm’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $62.33, for a total transaction of $320,500.86. Following the completion of the transaction, the president owned 30,858 shares in the company, valued at $1,923,379.14. This trade represents a 14.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.43% of the company’s stock.

Freshpet Profile

Freshpet Inc (NASDAQ: FRPT) is a leading pet food company specializing in fresh, refrigerated meals and treats for dogs and cats. The company’s products are formulated with carefully selected, natural ingredients and are designed to offer a higher level of nutrition and freshness than traditional dry or canned pet foods. Freshpet’s offerings include refrigerated rolls, pâtés and snacks, all of which are sold through the refrigerated section of grocery, mass-market and pet specialty stores.

Freshpet’s product portfolio is built around the concept of fresh, minimally processed recipes that do not require preservatives or artificial colors.