Pinnacle Foods (PF) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 3,685,643 to 2,700,625 shares, with 2 days to go before the expiry. The short open interest has decreased by -26.7%, amounting to a reduction of -985,018 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 2.4% of the float of the company. The average daily volume of the stock is 1,113,685 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Pinnacle Foods (NYSE:PF): The stock opened at $51.00 on Wednesday but the bulls could not build on the opening and the stock topped out at $51.01 for the day. The stock traded down to $50.60 during the day, due to lack of any buying support eventually closed down at $50.67 with a loss of -0.55% for the day. The stock had closed at $50.95 on the previous day. The total traded volume was 870,876 shares.
In a related news, The Securities and Exchange Commission has divulged that Schiller Mark L., officer (EVP, Div. Pres – NA Retail) of Pinnacle Foods Inc., had unloaded 29,700 shares at an average price of $50.08 in a transaction dated on August 17, 2016. The total value of the transaction was worth $1,487,376.
Pinnacle Foods Inc. is a manufacturer, marketer and distributor of food products in North America. The Companys products are sold through supermarkets, grocery wholesalers and distributors, mass merchandisers, super centers, convenience stores, dollar stores, drug stores and warehouse clubs in the United States and Canada, as well as in military channels and foodservice locations. The Company operates through three segments: the Birds Eye Frozen segment, the Duncan Hines Grocery segment and the Specialty Foods segment. The Birds Eye Frozen segment and the Duncan Hines Grocery segment, which collectively represent its North America Retail operations, include Birds Eye, Birds Eye Voila!, Van de Kamps, Mrs. Pauls, Lenders, Celeste, Hungry-Man and Aunt Jemima brands. The Duncan Hines Grocery Segment includes Duncan Hines, Vlasic, Log Cabin, Armour, Brooks and, Nalley brand among others. Specialty Foods Segment consists of Snack Products and Foodservice and Private Label.