Bridgford Foods Co. (NASDAQ:BRID) Sees Significant Decrease in Short Interest

Bridgford Foods Co. (NASDAQ:BRID) was the target of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 41,900 shares, a decrease of 10.1% from the September 30th total of 46,600 shares. Currently, 2.6% of the shares of the stock are short sold. Based on an average daily volume of 7,200 shares, the days-to-cover ratio is presently 5.8 days.

Shares of NASDAQ:BRID traded down $1.00 during midday trading on Friday, reaching $24.20. 6,500 shares of the company were exchanged, compared to its average volume of 3,942. The stock has a fifty day simple moving average of $26.65 and a two-hundred day simple moving average of $30.78. The firm has a market cap of $224.20 million, a PE ratio of 30.88 and a beta of 1.04. The company has a quick ratio of 1.45, a current ratio of 2.60 and a debt-to-equity ratio of 0.18. Bridgford Foods has a fifty-two week low of $17.26 and a fifty-two week high of $38.00.

Several brokerages recently weighed in on BRID. TheStreet lowered shares of Bridgford Foods from a “b” rating to a “c” rating in a report on Wednesday, September 11th. ValuEngine lowered shares of Bridgford Foods from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd.

In related news, Director Bruce Bridgford sold 3,448 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $34.20, for a total value of $117,921.60. Following the transaction, the director now directly owns 3,090 shares in the company, valued at $105,678. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Treasurer Debra Aileen Dealcuaz sold 2,131 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $35.00, for a total transaction of $74,585.00. Following the completion of the transaction, the treasurer now owns 13,767 shares in the company, valued at $481,845. The disclosure for this sale can be found here. 81.60% of the stock is owned by corporate insiders.

Several hedge funds have recently bought and sold shares of BRID. Northern Trust Corp raised its stake in shares of Bridgford Foods by 11.0% during the second quarter. Northern Trust Corp now owns 15,800 shares of the company’s stock worth $470,000 after acquiring an additional 1,571 shares in the last quarter. BlackRock Inc. raised its stake in shares of Bridgford Foods by 7,151.6% during the second quarter. BlackRock Inc. now owns 72,516 shares of the company’s stock worth $2,157,000 after acquiring an additional 71,516 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Bridgford Foods by 42.6% during the second quarter. Vanguard Group Inc. now owns 23,670 shares of the company’s stock worth $705,000 after acquiring an additional 7,069 shares in the last quarter. Finally, California Public Employees Retirement System grew its holdings in shares of Bridgford Foods by 7.8% in the third quarter. California Public Employees Retirement System now owns 20,127 shares of the company’s stock worth $607,000 after purchasing an additional 1,455 shares during the last quarter. 6.85% of the stock is currently owned by hedge funds and other institutional investors.

About Bridgford Foods

Bridgford Foods Corporation, together with its subsidiaries, manufactures, markets, and distributes frozen, refrigerated, and snack food products in the United States. The company operates in two segments, Frozen Food Products and Snack Food Products. It primarily offers biscuits, bread dough items, roll dough items, and dry sausage and beef jerky products.

Further Reading: Outstanding Shares and The Effect on Share Price

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