Glenn Welling is bullish on Boulder Brands Inc (NASDAQ:BDBD), having significantly increased his investment in the company. According to a recent filing with the Securities and Exchange Commission, Welling’s fund, Engaged Capital, has boosted its stake in the company to 5.86 million shares or 9.6% of the company’s common stock. In its latest 13F filing, Engaged Capital had reported ownership of just 410,686 shares, having initiated that position during the first quarter of 2015. So, why exactly is Glenn Welling buying so much of this stock? Let’s try to find out.
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A producer of natural and wellness food products, Boulder Brands Inc (NASDAQ:BDBD) has a market cap of $433 million and does not pay a dividend. So far this year the stock has been battered, falling by 36%. For the three months ending March 31, 2015, Boulder Brands posted revenues of $129 million and earnings per share of $0.04. Analysts expect the company to report revenues of $124 million and earnings of $0.01 per share for the second quarter, the results from which are scheduled to be released on August 6, before the market opens.
On June 10, Boulder Brands Inc (NASDAQ:BDBD) announced the departure of Chief Executive Officer and co-founder Steve Hughes, citing need for “new leadership”.
“This change, along with the evolving dynamics of our industry, gives us confidence that we are well-positioned to leverage customer and consumer desires for authentic and scalable natural brands to deliver sustainable results and generate meaningful value creation,” the company commented in its press release.