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Levin Capital Strategies Surges Stake in Pinnacle Foods Inc (PF)

According to a new filing with the Securities and Exchange Commission, John A. Levin‘s Levin Capital Strategies has significantly added to its stake in Pinnacle Foods Inc (NYSE:PF). The fund currently holds around 6.42 million shares of the company, up from 3.7 million shares held at the end of September. The stake is passive by nature and amasses 5.5% of the company’s common stock.

With $5.86 billion in its equity portfolio at the end of the third quarter, Levin Capital Strategies invests in large cap stocks. The fund identifies stocks using fundamental analysis to develop a bottom-up perspective on a company’s value.

Pinnacle Foods Inc (NYSE:PF) manufactures, markets and distributes branded food products in North America. The company’s products are so well accepted that they can be found in 85% of the U.S. households. The 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.

Pinnacle Foods Inc (NYSE:PF) completed the acquisition of the Wish-Bone salad dressings business from Unilever N.V. (ADR)(NYSE:UN) in October 2013. Pinnacle Foods plans to locate the manufacturing of these products at its existing plant in St. Elmo, Illinois. The project entails an investment worth $40-$50 million over the next 12-18 months to purchase new equipment, expand the plant footprint and improve existing infrastructure, according to a press release.

Amid the new acquisition, Pinnacle Foods Inc (NYSE:PF) reaffirmed its outlook for the full 2013, estimating an EPS worth $1.53-$1.57.

Besides John A. Levin’s Levin Capital Strategies, other notable hedge funds with long position in the company are Cardinal Capital managed by Amy Minella with 472,629 shares worth $12.5 million and D E Shaw managed by D.E. Shaw with 459,838 shares worth $12 million at the end of the third quarter.

Disclosure: none

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