Investing

Activist Fund Jana Partners Launches Proxy Fight at Freshpet

Fintel reports that activist Jana Partners Llc has filed a 13D/A form with the SEC disclosing ownership of 4,.1 million Freshpet Inc (FRPT) shares and said it would solicit proxies at the company’s 2023 annual meeting.

Jana wants Freshpet to consider operational changes and improve how it allocates capital in addition to exploring a sale but refrained from launching a fight.

In September, Jana disclosed a 9.6% stake in Freshpet, pushing the company to sell itself to profit shareholders.

Freshpet’s mission is to improve the lives of dogs and cats through the power of fresh, real food. Freshpet foods are blends of fresh meats, vegetables, and fruits farmed locally and made at its Kitchens in Bethlehem, PA.

The company prepares its foods using natural ingredients, cooking them in small batches at lower temperatures to preserve the natural goodness of the ingredients. Freshpet foods and treats are kept refrigerated from the moment they are made until they arrive at Freshpet Fridges in local markets.

What are other large shareholders doing?

Wasatch Advisors Inc holds 4,186,480 shares representing 8.72% ownership of the company. In its prior filing, the firm reported owning 4,075,649 shares, representing an increase of 2.65%. The firm increased its portfolio allocation in FRPT by 8.98% over the last quarter.

Champlain Investment Partners, LLC holds 3,723,089 shares representing 7.75% ownership of the company. In its prior filing, the firm reported owning 3,670,870 shares, representing an increase of 1.40%. The firm increased its portfolio allocation in FRPT by 3.41% over the last quarter.

Armistice Capital Llc holds 2,736,000 shares representing 5.70% ownership of the company. In its prior filing, the firm reported owning 800,000 shares, representing an increase of 70.76%. The firm increased its portfolio allocation in FRPT by 228.26% over the last quarter.

Wellington Management Group Llp holds 1,815,985 shares representing 3.78% ownership of the company. In its prior filing, the firm reported owning 1,778,442 shares, representing an increase of 2.07%. The firm increased its portfolio allocation in FRPT by 4.25% over the last quarter.

What is the overall Fund Sentiment?

There are 616 funds or institutions reporting positions in Freshpet Inc. This is an increase of 16 owner(s) or 2.67%.

Average portfolio weight of all funds dedicated to Freshpet Inc is 0.2807%, an increase of 15.4578%. Total shares owned by institutions increased in the last three months by 6.39% to 73,624,703 shares.

Fintel’s Fund Sentiment Score is a quantitative model that ranks companies from zero to 100 based on Fund Sentiment. Fund Sentiment is important because it tells you if funds are buying or selling – particularly, how the company ranks compared to other companies in the investing universe.  Click to see the Fintel Fund Sentiment Score for FRPT / Freshpet Inc.

This article originally appeared on Fintel

Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.