Clear Harbor Asset Management LLC Takes Position in Conagra Brands $CAG

Clear Harbor Asset Management LLC purchased a new stake in shares of Conagra Brands (NYSE:CAG) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 48,910 shares of the company’s stock, valued at approximately $847,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in shares of Conagra Brands by 24.8% during the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 661,029 shares of the company’s stock valued at $11,442,000 after purchasing an additional 131,287 shares during the last quarter. Leonteq Securities AG purchased a new stake in shares of Conagra Brands during the 4th quarter valued at about $2,415,000. Sound Income Strategies LLC increased its position in shares of Conagra Brands by 153.4% during the 4th quarter. Sound Income Strategies LLC now owns 406,666 shares of the company’s stock valued at $6,897,000 after purchasing an additional 246,178 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Conagra Brands by 15.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,021,478 shares of the company’s stock valued at $55,323,000 after purchasing an additional 408,597 shares during the last quarter. Finally, AIA Group Ltd increased its position in shares of Conagra Brands by 238.9% during the 3rd quarter. AIA Group Ltd now owns 205,954 shares of the company’s stock valued at $3,771,000 after purchasing an additional 145,191 shares during the last quarter. Hedge funds and other institutional investors own 83.75% of the company’s stock.

Conagra Brands Trading Down 1.2%

CAG stock opened at $13.12 on Tuesday. Conagra Brands has a 1-year low of $13.10 and a 1-year high of $22.81. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.90 and a quick ratio of 0.30. The company has a market capitalization of $6.27 billion, a price-to-earnings ratio of -131.14 and a beta of -0.02. The business has a 50 day simple moving average of $14.48 and a two-hundred day simple moving average of $16.61.

Conagra Brands (NYSE:CAG) last posted its quarterly earnings results on Wednesday, April 1st. The company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.01). Conagra Brands had a positive return on equity of 10.15% and a negative net margin of 0.39%.The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the previous year, the company earned $0.51 earnings per share. The company’s revenue for the quarter was down 1.9% compared to the same quarter last year. Research analysts anticipate that Conagra Brands will post 1.7 EPS for the current fiscal year.

Conagra Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Thursday, April 30th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 10.7%. The ex-dividend date is Thursday, April 30th. Conagra Brands’s dividend payout ratio is currently -1,400.00%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Royal Bank Of Canada reduced their target price on shares of Conagra Brands from $20.00 to $17.00 and set a “sector perform” rating for the company in a report on Thursday, April 2nd. The Goldman Sachs Group reduced their target price on shares of Conagra Brands from $17.00 to $15.00 and set a “sell” rating for the company in a report on Thursday, April 2nd. BNP Paribas Exane reduced their target price on shares of Conagra Brands from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, May 21st. BTIG Research assumed coverage on shares of Conagra Brands in a report on Monday, April 13th. They issued a “neutral” rating for the company. Finally, JPMorgan Chase & Co. reduced their target price on shares of Conagra Brands from $19.00 to $17.00 and set a “neutral” rating for the company in a report on Friday, March 20th. One investment analyst has rated the stock with a Buy rating, twelve have given a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $15.47.

Insider Buying and Selling

In other news, Director Richard H. Lenny bought 25,000 shares of the stock in a transaction dated Tuesday, April 14th. The stock was purchased at an average cost of $14.34 per share, for a total transaction of $358,500.00. Following the transaction, the director owned 229,340 shares of the company’s stock, valued at $3,288,735.60. The trade was a 12.23% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John J. Mulligan bought 17,500 shares of the stock in a transaction dated Tuesday, April 14th. The shares were purchased at an average price of $14.31 per share, with a total value of $250,425.00. Following the completion of the transaction, the director directly owned 20,728 shares in the company, valued at approximately $296,617.68. The trade was a 542.13% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.57% of the stock is currently owned by corporate insiders.

Conagra Brands Company Profile

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.