Gabelli Funds LLC raised its stake in shares of Pinnacle Foods Inc (NYSE:PF) by 140.2% in the third quarter, Holdings Channel reports. The fund owned 621,802 shares of the company’s stock after purchasing an additional 362,902 shares during the period. Gabelli Funds LLC’s holdings in Pinnacle Foods were worth $40,299,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Fort L.P. acquired a new stake in shares of Pinnacle Foods during the second quarter valued at about $123,000. NumerixS Investment Technologies Inc acquired a new position in shares of Pinnacle Foods in the second quarter valued at approximately $130,000. Steward Partners Investment Advisory LLC grew its holdings in shares of Pinnacle Foods by 100.5% in the second quarter. Steward Partners Investment Advisory LLC now owns 2,194 shares of the company’s stock valued at $143,000 after purchasing an additional 1,100 shares in the last quarter. Signition LP acquired a new position in shares of Pinnacle Foods in the second quarter valued at approximately $201,000. Finally, Engineers Gate Manager LP acquired a new position in shares of Pinnacle Foods in the second quarter valued at approximately $202,000. Institutional investors and hedge funds own 94.33% of the company’s stock.
Shares of PF stock opened at $66.66 on Wednesday. Pinnacle Foods Inc has a fifty-two week low of $52.25 and a fifty-two week high of $70.51.
A number of research analysts recently weighed in on the stock. Piper Jaffray Companies cut shares of Pinnacle Foods from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $69.00 to $68.00 in a report on Monday, September 24th. JPMorgan Chase & Co. cut shares of Pinnacle Foods from an “overweight” rating to a “neutral” rating and set a $64.00 price objective for the company. in a report on Friday, August 3rd. Zacks Investment Research cut shares of Pinnacle Foods from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. Jefferies Financial Group cut shares of Pinnacle Foods from a “buy” rating to a “hold” rating and set a $68.00 price objective for the company. in a report on Monday, October 15th. Finally, CL King cut shares of Pinnacle Foods from a “buy” rating to a “neutral” rating in a report on Thursday, August 2nd. Thirteen investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Pinnacle Foods presently has a consensus rating of “Hold” and a consensus target price of $67.20.
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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.
See Also: Outstanding Shares
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