| SELL | 7.540 | Michael Simpson, CFA | (Market Call Minute.) Have had difficulty with making acquisitions in the US outside of their sardine business. | 2008-05-14 | |
| DON'T BUY | 7.390 | Ben Cheng | There are quite a few things in play with this trust. Had a recall that forced them to shut down production and for a longer period than expected. There are some headwinds that food, tin manufacturers will be facing. Steel and tin prices are continuing to move higher. Also expecting protein prices to move higher. There are better places to go. | 2008-04-16 | |
| SELL | 7.000 | Bill Shaw | Will have to get their fiscal house in order before they can go back to the prior distribution level. There are facing increases in commodity prices. Will possibly take another year or so before they can realistically raise distributions. | 2008-02-19 | |
| DON'T BUY | 7.400 | Andrew Guy, CFA | Distribution story has been a long-term issue. Have had to cut them several times. It took too much debt onto its balance sheet. Income trusts have to have very conservative balance sheets. | 2008-02-06 | |
| Comment | 7.520 | Benj Gallander | His partner bought into this, but not attractive enough for him. If they get their house in order, there will be better distributions going forward. He couldn't see that the upside was attractive enough. | 2007-12-24 | |
| SELL | 10.000 | Andrew Guy, CFA | Too early to go into this one yet. Management did a great job. Very proactive in recalling the tainted product (only a small portion of their business). Had to shut down a plant and not sure when that will reopen. Also have cost pressures in their core business of tuna and sardines. | 2007-07-27 | |
| SELL | 10.100 | Leslie Lundquist | Has been subject to a recall because of botulism, but this will only affect a small part of their business. However, this could be a growing problem. | 2007-07-25 | |
| BUY | 11.300 | Michael Sprung | Had some difficulties, but has proven to be a well managed company. Attractively priced. Well financed, so distributions are not threatened. 11.9% yield. | 2007-07-13 | |
| BUY | 11.040 | Michael Sprung | The distribution is fairly safe at this time.
Has gone through some transitions over the last couple of years. Herring to Tuna. Management is consistent, and financials are consistent.
Feels the price of the product will increase to cover the cost of transporting goods. | 2007-06-15 | |
| DON'T BUY | 11.200 | Ben Cheng | Payout is in Cdn$ and most of its earnings are in US$’s. Also have been hurt by rising energy prices. Have improved profit margins by more efficient processes, but will be difficult going forward. | 2007-05-29 | |
| HOLD | 11.370 | Andrew Guy, CFA | Have brought a lot of their problems under control. Brought their debt down. Consolidated to take the costs out of the system. Will be slow money over the next little while. Distribution is safe. | 2007-05-25 | |
| Comment | 11.860 | Sandy McIntyre | Management really wants to grow the company. Very good stable cash flow business. | 2007-04-13 | |
| HOLD | 11.650 | Michael Sprung | Probably one of the better run income trusts. Wouldn't be concerned about their distribution. | 2007-04-11 | |
| WEAK BUY | 11.640 | Michael Simpson, CFA | Volumes were down, but made up for it with increases in price. Good earnings revenue. Making progress in reducing their payout ratio of about 93% as well as reducing debt. Debt levels are too high for him. | 2007-03-20 | |
| BUY | 11.380 | Michael Sprung | Extremely well run. Well diversified. Expect them to be a fairly steady performer over the long run. | 2007-02-20 | |
| Comment | 11.500 | Chris Rankin, MBA, CFA | Pretty solid where it is. May have little appreciation room, but not much. Has a fair amount of debt, but has the right currency exposure. | 2007-02-09 | |
| TOP PICK | 11.250 | Patrick Kim | Feels the tide has turned for them. Tuna costs are coming down rapidly. Fuel costs are far less. US$ is strengthening. | 2007-01-26 | |
| DON'T BUY | 10.020 | Robert Lauzon | Sold his holdings when debt started moving up and they had a few hiccups on acquisitions. Debt is still too high. | 2006-11-24 | |
| SELL | 10.780 | Robert Lauzon | He has sold out of it and put into power and pipe trusts. The company's debt levels are high. Recommends only keeping this trust if you like high risk investments, otherwise it is best to sell. | 2006-09-29 | |
| DON'T BUY | 10.720 | Chris Rankin, MBA, CFA | This trust has a lot of debt. Not a good time to get in. | 2006-09-25 | |
| DON'T BUY | 10.690 | Patrick Kim | Units are fully valued. Upside potential in the near term is somewhat limited. Have had a distribution cut. Still a lot of inflationary cost pressures that they are facing. | 2006-08-04 | |
| DON'T BUY | 11.120 | Sandy McIntyre | A pretty good business, but he disagreed with management on the capital structure. When you exceed a certain amount of leverage, it accentuates the volatility of margins. | 2006-07-28 | |
| DON'T BUY | 11.460 | Greg Guichon | When they emerged in with Bumble Bee they strayed away from their core competencies. It has taken 1 or 2 years for the integrated company to put through all the cost savings. The cost savings may be starting to kick in. Very competitive business. | 2006-07-14 | |
| DON'T BUY | 10.870 | Michael Simpson, CFA | Currently tuna prices are very high. For the first half of the year, their payout ratio will be 100% or a bit more. Concerned that if they raise prices on tuna, revenues will decrease. | 2006-06-01 | |
| DON'T BUY | 10.050 | Greg Guichon | Sold his holdings when they acquired Bumblebee. Wasn't comfortable with the business on a going forward basis. Felt margins were too narrow on the business they were moving in to. Very competitive market. | 2006-04-28 | |
| SELL | 10.190 | Michele Robitaille | Disappointed a couple of times last year. Had a loss of confidence in the operating conditions they were facing and these conditions will remain challenging for the first half of this year. High fuel costs are affecting them also. | 2006-04-26 | |
| SELL | 9.650 | Robert Lauzon | Has been a big disappointment. They are dealing with high fish costs, high freight costs and high fuel costs. Have not been able to pass the costs on. Did a lot of acquisitions that didn't work out. | 2006-04-07 | |
| WAIT | 11.440 | Leslie Lundquist | Connors Bros. Income Fund has had a difficult 2005 and has not announced its 4th quarter earnings results. There was a distribution cut at the end of the year. They still own it, but are waiting for its 4th quarter results and a turnaround in the integration of some of the businesses they purchased in the past . Also, they would like to see them have pricing power before this expert would buy more. | 2006-03-04 | |
| SELL | 11.480 | Michele Robitaille | Disappointment last year three times. Cut distribution. Issue is how price sensitive its categories are going to be.. | 2006-02-08 | |
| DON'T BUY | 11.000 | Michele Robitaille | Had a number of disappointments through 2005. There are a number of risk that are going to continue to face the company such as high fuel, transportation prices. May not be able to pass price increases on and would be faced with lower margins. | 2006-01-06 | |
| WEAK BUY | 10.740 | Michael Simpson, CFA | They have a number of issues facing them in the short term. Integration of their US acquisitions, rising input costs and a cut in distributions. Okay to buy if you have a longer-term view. There could be some weakness in the next one or two quarters. | 2005-12-30 | |
| HOLD | 9.940 | Leslie Lundquist | A difficult question. A good, viable, well run business. It is going to be fine in the long term but in the near term they have run into a number of difficulties. Contemplating cutting distributions by 8 to 10%. | 2005-12-07 | |
| WAIT | 10.450 | Garth Jestley | Has had its problems. Although he owns, he is waiting and seeing. The largest tinned seafood distributor in North America. Went into other areas and have had integration problems. Might be considering reducing distributions. | 2005-12-02 | |
| DON'T BUY | 9.250 | Michele Robitaille | Have had a number of disappointments this year. She has lightened up on her holdings. Weak 3rd quarter and has revised their earnings downwards and are considering cutting their distributions. A number of operating challenges going forward. Any price increases they have put through has been met with high resistance from the consumer. If you see an uptick, lighten your position. | 2005-11-18 | |
| BUY | 11.560 | Patrick Kim | Would look at adding at these levels. The units have been rocked very heavily for the last couple of quarters. These are more industry concerns rather than company. Rising costs. The company are managing their problems very well and feel they will be able to keep their payout ratio below 100%. | 2005-11-04 | |
| PAST TOP PICK | 12.000 | Kevin Hall BComm, CFA | (A Top Pick Aug 26/05. Down 24% not including distributions.) Had operating problems that he felt could be turned around. Is a lot more cautious on this one. Wouldn't sell it completely, but you could trim back if you saw some strength. | 2005-10-28 | |
| DON'T BUY | 11.800 | Greg Guichon | An industry that is too competitive for him. Margins are not stable enough. | 2005-10-21 | |
| BUY | 13.200 | Michael Simpson, CFA | Have taken on more debt but have a more dramatic growth profile. There could be some small issues in Q3 with the high cost of tuna and some integration issues on recent acquisitions. Strong management. Likes the company going forward. | 2005-10-07 | |
| SELL | 13.570 | Robert Lauzon | Has disappointed this year. A 90% payout ratio. Having some margin squeezes. The name is going to go sideways for a while. Might be smart to pull out for a while. | 2005-09-23 | |
| PAST TOP PICK | 14.970 | Michele Robitaille | (A Top Pick July 15/05. Down 7%.) 1st quarter had disappointing results with a $0.10 shortage on earnings. This was due to softness in canned food category because of price increases. This resulted in a decline in the stock price in May. Integration of some acquisitions is slower than expected. She has some concerns on this trust. | 2005-09-16 | |
| HOLD | 14.970 | Leslie Lundquist | This has been a difficult name. Had disappointing 2nd quarter results. As a result of hurricane Katrina among other problems, they've advised that they are going to have an even weaker year than it first thought. Wait for things to stabilize before buying. | 2005-09-16 | |
| TOP PICK | 15.950 | Kevin Hall BComm, CFA | Undervalued story, good management team. | 2005-08-26 | |
| BUY | 16.040 | Patrick Kim | A lot of nervousness going into Q2 because their Q1 numbers were siginificantly below expectations driven by higher input costs, particularily tuna, but also steel cans. Actually beat some of the numbers in Q2 and were in line with management's guidance. Payout ratio will be well south of 100% this year. Distribution shouild be safe. | 2005-08-19 | |
| BUY | 16.240 | Sandy McIntyre | Not a bad entry point. Dropped sharply in April as a result of a margin squeeze. With El Nino, tuna were swimming deeper and the costs of frozen tune went up. In the 2nd quarter they were able to pass on some of the increases to their major customers. Payout ratio is in excess of 100%. | 2005-08-12 | |
| DON'T BUY | 15.110 | Dan Bastasic | A classic case of elastic demand. In the last quarter or so, their costs have increased, and were unable to pass the costs on through higher prices. Had a dramatic hit to their sales numbers. | 2005-08-05 | |
| DON'T BUY | 16.830 | Leslie Lundquist | Have had a bit of a difficult time. Had a very weak 1st quarter which hadn't been communicated very well in advance. Now waiting for the 2nd quarter results and the indication is that they will be kind of weak also. Some of its problems have been its US exposure and there is a currency risk. | 2005-07-22 | |
| TOP PICK | 15.800 | Michele Robitaille | (A Top Pick Apr 15/05. Down 13%.) Had a disappointing 1st quarter which was due to a short term phenomina of high costs in tuna. Very stable demand for the product. | 2005-07-15 | |
| HOLD | 15.500 | Matt Baillie | Have been disappointed. Came in with a weak quarter. Input costs went up and tuna catches were weak. Doesn't look like the next quarter's going to be any better. Thinks they are having some integration issues. Still believes management is going to pull off the integration of acquisitions. | 2005-06-01 | |
| DON'T BUY | 15.900 | Neil Wickham | Had a very poor quarter and had to reduce distributions. One problem he has always had with this trust is a lack of stability. He can't see them increasing revenues over the long term. | 2005-05-30 | |
| DON'T BUY | 16.070 | Dan Bastasic | With acquisitions, now have a diversified product base. Last quarters numbers have not been very good because of a one time inventory charge which will not recur. Do not have the ability to pass on increased costs. Getting squeezed on prices of steel, fish, fuel. | 2005-05-27 | |
| HOLD | 15.960 | Leslie Lundquist | Just reported weak quarterly results and cutting costs and creating synergies with the shutting of a plant in Alabama and selling a can making operation. Overall probably a good thing and an important thing in its evolution. 2nd quarter will also be difficult for them, but hopefully not as difficult. | 2005-05-20 | |
| BUY | 18.900 | Sandy McIntyre | Has a positive long term view on this one. Own the 2 best brands, Clover Leaf and Brunswick. Very creative management. | 2005-05-13 | |
| TOP PICK | 18.210 | Michele Robitaille | (Was a Top Pick Mar 18/05. Down 6.5%.) Still likes. Should continue to perform well. | 2005-04-15 | |
| BUY | 18.240 | Robert Lauzon | Growing by acquisition pretty rapidly. Keeping an eye on it as sometimes management can stumble with integrations, but should develop. | 2005-04-08 | |
| TOP PICK | 19.450 | Michele Robitaille | Has become North America's largest branded seafood company. Have made recent acquisitions into the canned protein business. 73% payout ratio. Should be some significant upside. | 2005-03-18 | |
| TOP PICK | 19.000 | Matt Baillie | Aggressive management has made a number of acquisitions recently, making the company #1 in a number of products. Low payout ratio. | 2005-03-16 | |
| BUY | 19.290 | Sandy McIntyre | Sometimes expensive. Good management focused on growth. | 2005-03-04 | |
| BUY | 19.170 | Dean Orrico | Made a significanrt acquisition of Bumble Bee Tuna, diversified its product base, brought in new and more sophisticated management. Recently bought a chicken processing business. Pays 7.89%. | 2005-02-25 | |
| BUY | 19.060 | Norman Levine | Has been a very good trust to be in. Throws off lots of cash. | 2005-02-23 | |
| TOP PICK | 19.220 | Matt Baillie | Acquiring like crazy. Just made 2 accretive acquisitions in the last month. Have increased distributions in the last year and think they'll go up again. A low payout ratio at 75%. | 2005-01-27 | |
| BUY | 18.650 | John Priestman | A good trust in the seafood industry is Connor Bros. Low payout ratio at 70%. Good balance sheets. | 2004-12-31 | |
| BUY | 18.500 | Robert Lauzon | Just made a couple of little US acquisitions. Increased their distributions by about 7%. | 2004-12-24 | |
| BUY | 16.970 | Dean Orrico | In good shape. A pretty healthy payout ratio below 100%. | 2004-11-19 | |
| PAST TOP PICK | 16.750 | Leslie Lundquist | (A Top Pick March 22/04. Down 4.5%.) Actually no change when distributions are included. Have increased their distributions twice. More risk now due to currency exposure. | 2004-11-17 | |
| BUY | 16.280 | Garth Jestley | Prefers over Clearwater Seafoods because of better growth prospects. | 2004-10-29 | |
| BUY | 16.310 | Charles Dillingham | Had an interesting merger with a group in the US. Likes. | 2004-10-08 | |
| PAST TOP PICK | 16.340 | Leslie Lundquist | (A Top Pick March 22/04. Down 6.5%, but have had nice distributions, so actually was flat.) Still likes. This was picked just before the limitation on pension holdings which dropped all trusts. | 2004-10-07 | |
| BUY | 16.890 | Kevin Hall BComm, CFA | A more conservative fund and one of the top business funds. | 2004-09-24 | |
| TOP PICK | 16.510 | Leslie Lundquist | The #1 branded seafood company in North America. 2nd quarter results had a lot of adjustments, but were related to the merger transactions. EBITDA margins have held up. Integration of the two companies is going very well. New products are coming out. | 2004-08-13 | |
| BUY | 15.300 | John Priestman | With their acquisition of Bumblebee, they are a much larger and more liquid trust. Revenue base is more diversified. | 2004-05-26 | |
| TOP PICK | 15.650 | Leslie Lundquist | Sardine business offers a very stable base and now that the combination with Bumble Bee Foods is approved, the Company is in a position to be much more dynamic. | 2004-05-18 | |
| BUY | 15.930 | Dean Orrico | Just made a large US acquisition which gives them a more diversified revenue base. Good-quality trust. | 2004-05-05 | |
| TOP PICK | 16.840 | Leslie Lundquist | Was the past top pick in March and still like it. The price is even better. Have announced a merger with Bumblebee Foods which should create some good synergies. | 2004-04-15 | |
| TOP PICK | 17.550 | Leslie Lundquist | Has now merged with Bumblebee. This should create an immediate increase in distributions from $0.12 a month to $0.13 1/2 per month. Expects also to see cost-cutting. | 2004-03-22 | |
| DON'T BUY | 14.620 | Ben Cheng | One of the main suppliers of sardines along the East cost. Seen sales decline sof about 2-3% annually. | 2004-02-05 | |
| WEAK BUY | 14.800 | Garth Jestley | Has performed pretty well. An OK trust. | 2004-01-21 | |
| HOLD | 13.750 | John Priestman | A very stable business. Fully valued with a 9% yield. Balance sheet is in good shape. Consider taking some profit if you own. | 2003-11-07 | |
| BUY | 13.590 | Ben Cheng | Solid management team. Low level of growth. Concerned about their future prospects as sardine consumption is slowly declining. Could possibly move to Europe where consumption is greater. | 2003-09-17 | |
| BUY | 13.680 | Sandy McIntyre | A high quality asset base.Fundamentally, their payout ratio is as clean as in any other trust.They're fully funding their internal capital requirements before making distributions.No debt. | 2003-08-25 | |
| DON'T BUY | 14.150 | Garth Jestley | Has done well. Likes Clearwater better because of the number of products. Not sure there's much upside left. | 2003-07-30 | |
| BUY | 14.100 | Sandy McIntyre | Conservative payout ratio. Limited debt. | 2003-03-25 | |
| BUY | 13.870 | Sandy McIntyre | High quality production. Consumtion tends to remain stable. Decent margins. | 2003-01-09 | |
| DON'T BUY | 12.640 | Jim Doak | Has a narrow based asset. Not a favourite trust. | 2002-08-28 | |
| BUY | 11.200 | Sandy McIntyre | 10% yield. Secure cash flow. | 2002-05-03 | |
| PAST TOP PICK | 11.400 | Ben Cheng | (Was a top pick on Dec 3 down 1.7%) Took some profits. | 2002-04-16 | |
| BUY | 11.600 | Bill Shaw | A good trust | 2001-12-11 | |
| TOP PICK | 11.490 | Ben Cheng | Very stable. 12% yield. | 2001-12-03 | |
Experts that have talked about Connors Bros. Income Fund
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