Pinnacle Foods Inc (NYSE: PF) rose sharply in Friday trading after a 13-D filing from Jana Partners showed an increased stake in the company, from 1.42 million shares at the end of last quarter to 10.83 million shares, or a 9.3% stake.
The company also has plans to release its financial results for the first quarter ended April 1 on May 3.
Pinnacle, headquartered out of Parsippany, New Jersey, is a leading manufacturer, marketer and distributor of high-quality branded food products with a mission of unleashing brand potential.
With annual sales in excess of $3 billion, its portfolio includes well-known brands competing in frozen, refrigerated and shelf-stable formats, such as Birds Eye, Birds Eye Voila!, Duncan Hines, Earth Balance, EVOL, Gardein, Glutino, Hungry-Man, Log Cabin, Udi’s, Vlasic, and Wish-Bone, along with many others. The company has nearly 5,500 employees across the U.S. and Canada.
Its Duncan Hines brand recently debuted new Perfect Size For 1 cakes and toppings at Dessert Goals, an emerging dessert event featuring a highly curated range of New York City's top dessert vendors. Duncan Hines created a baking revolution by giving consumers the ability to bake individually-sized treats in one minute in their microwave.
Pinnacle shares jumped $4.64, or 8.4%, Friday to $59.84.
