In a recent 13 D filing, Tom Sandell‘s Sandell Asset Management disclosed holding about 2.13 million shares of Bob Evans Farms Inc (NASDAQ:BOBE), which includes options to purchase some 380,000 shares. The form was filed after the firm acquired some 500,300 shares through its affiliated funds since its last reported position in the company on March 31. The current stake amasses about 9.6% of the company’s outstanding shares and has been acquired for $84.26 million according to the firm’s filing, which includes transaction fees. The current value of its holding stands at $108.63 million. So far this year, Bob Evans Farms Inc (NASDAQ:BOBE)’s stock is trading nearly sideways, after collapsing by about 22% in early March following the company’s fiscal 2015 third quarter results, which failed to meet expectations, as well as an announcement by its management that it will not be separating its food business.
Smart money is staying put in the company. Among the funds that we track, the number of firms with investments in Bob Evans Farms Inc (NASDAQ:BOBE) remained unchanged at 19 at the end of March, as compared to the start of the quarter, but the aggregate amount invested slid to $274.92 million from $310.22 million at the end of December. Most of the decline can be attributed to the 8.8% depreciation in the company’s stock price during the first quarter.
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Insider trading, especially insider purchases can provide valuable insights into a company’s future prospects from the management’s point of view. Mark Hood, Bob Evans Farms Inc (NASDAQ:BOBE)’s CFO, and Larry McWilliams, the company’s Director bought 2,500 and 2,145 shares respectively this year. On the other hand, Alan Thomas Ashworth, Bob Evans’ Senior Vice President, and Scott Taggart, who is Vice President have disposed of 1,800 and 1,000 shares of Bob Evans respectively during the year.