Granite Investment Partners LLC Decreases Stake in Freshpet, Inc. (NASDAQ:FRPT)
Granite Investment Partners LLC reduced its stake in Freshpet, Inc. (NASDAQ:FRPT) by 14.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 80,122 shares of the company’s stock after selling 13,798 shares during the period. Granite Investment Partners LLC’s holdings in Freshpet were worth $1,330,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp boosted its position in shares of Freshpet by 7.8% in the fourth quarter. State Street Corp now owns 323,264 shares of the company’s stock valued at $3,281,000 after buying an additional 23,391 shares during the period. Teachers Advisors LLC boosted its position in shares of Freshpet by 1.2% in the fourth quarter. Teachers Advisors LLC now owns 34,476 shares of the company’s stock valued at $350,000 after buying an additional 396 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Freshpet by 4.2% in the first quarter. Russell Investments Group Ltd. now owns 160,359 shares of the company’s stock valued at $1,763,000 after buying an additional 6,443 shares during the period. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Freshpet during the first quarter valued at approximately $2,891,000. Finally, Emerald Advisers Inc. PA boosted its position in shares of Freshpet by 30.4% in the first quarter. Emerald Advisers Inc. PA now owns 575,586 shares of the company’s stock valued at $6,331,000 after buying an additional 134,308 shares during the period. 65.49% of the stock is owned by hedge funds and other institutional investors.
Freshpet, Inc. (NASDAQ:FRPT) opened at 15.30 on Friday. Freshpet, Inc. has a 1-year low of $7.60 and a 1-year high of $18.25. The firm’s market capitalization is $486.54 million. The firm’s 50-day moving average price is $16.50 and its 200 day moving average price is $13.40.
Freshpet (NASDAQ:FRPT) last released its earnings results on Monday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $39.97 million for the quarter, compared to the consensus estimate of $38.09 million. Freshpet had a negative net margin of 2.57% and a negative return on equity of 3.44%. The business’s revenue was up 21.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.10) earnings per share. On average, analysts predict that Freshpet, Inc. will post ($0.08) EPS for the current year.
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FRPT has been the subject of several research reports. Credit Suisse Group raised their target price on Freshpet from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday, May 5th. Zacks Investment Research cut Freshpet from a “hold” rating to a “sell” rating in a research report on Monday, May 8th. ValuEngine raised Freshpet from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Imperial Capital initiated coverage on Freshpet in a research report on Thursday, July 20th. They issued an “in-line” rating and a $16.50 target price for the company. They noted that the move was a valuation call. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $20.00 target price (up from $14.00) on shares of Freshpet in a research report on Thursday, July 20th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. Freshpet has a consensus rating of “Hold” and a consensus price target of $15.69.
In other news, insider Scott James Morris sold 5,000 shares of the business’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $16.73, for a total transaction of $83,650.00. Following the completion of the transaction, the insider now owns 207,307 shares of the company’s stock, valued at approximately $3,468,246.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Richard A. Kassar sold 15,125 shares of the business’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $15.26, for a total value of $230,807.50. Following the transaction, the chief financial officer now directly owns 215,119 shares of the company’s stock, valued at approximately $3,282,715.94. The disclosure for this sale can be found here. Corporate insiders own 8.20% of the company’s stock.
Freshpet, Inc is a manufacturer of fresh, refrigerated pet food distributed across North America. The Company operates in the segment of manufacturing, marketing and distribution of pet food and pet treats for dogs and cats. The Company’s products consist of dog food, cat food, and dog and cat treats.
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