Pilgrim’s Pride Co. (NASDAQ:PPC) was the recipient of a significant decline in short interest during the month of June. As of June 30th, there was short interest totalling 3,141,100 shares, a decline of 28.7% from the May 30th total of 4,404,500 shares. Currently, 6.0% of the shares of the stock are short sold. Based on an average daily volume of 1,130,000 shares, the days-to-cover ratio is currently 2.8 days.
PPC has been the subject of several research reports. Barclays reaffirmed a “buy” rating on shares of NXP Semiconductors in a report on Sunday, May 5th. BidaskClub raised YY from a “strong sell” rating to a “sell” rating in a report on Thursday, May 30th. Zacks Investment Research cut Great Portland Estates from a “hold” rating to a “sell” rating in a report on Tuesday, April 16th. Cleveland Research raised Pilgrim’s Pride from a “neutral” rating to a “buy” rating in a report on Wednesday, May 22nd. Finally, TheStreet raised BlackRock TCP Capital from a “c+” rating to a “b” rating in a report on Tuesday, May 28th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Pilgrim’s Pride has a consensus rating of “Buy” and a consensus target price of $24.75.
Shares of NASDAQ PPC traded up $0.18 during trading on Friday, reaching $26.56. The company had a trading volume of 681,600 shares, compared to its average volume of 1,064,250. Pilgrim’s Pride has a twelve month low of $14.83 and a twelve month high of $29.32. The stock has a market capitalization of $6.71 billion, a PE ratio of 20.48 and a beta of 0.80. The business’s 50-day simple moving average is $26.30. The company has a quick ratio of 0.83, a current ratio of 1.68 and a debt-to-equity ratio of 1.19.
Pilgrim’s Pride (NASDAQ:PPC) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.35 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.35. Pilgrim’s Pride had a return on equity of 14.13% and a net margin of 1.95%. The company had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same period in the previous year, the firm posted $0.53 earnings per share. The business’s revenue for the quarter was down .8% compared to the same quarter last year. Equities research analysts expect that Pilgrim’s Pride will post 1.83 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PPC. Rhumbline Advisers boosted its holdings in shares of Pilgrim’s Pride by 2.4% during the 4th quarter. Rhumbline Advisers now owns 47,815 shares of the company’s stock valued at $742,000 after acquiring an additional 1,108 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Pilgrim’s Pride by 91.2% in the 4th quarter. Bank of New York Mellon Corp now owns 420,095 shares of the company’s stock worth $6,516,000 after purchasing an additional 200,340 shares during the period. Advisor Group Inc. lifted its stake in shares of Pilgrim’s Pride by 176.7% in the 4th quarter. Advisor Group Inc. now owns 18,619 shares of the company’s stock worth $289,000 after purchasing an additional 11,889 shares during the period. Martingale Asset Management L P lifted its stake in shares of Pilgrim’s Pride by 90.7% in the 4th quarter. Martingale Asset Management L P now owns 59,600 shares of the company’s stock worth $925,000 after purchasing an additional 28,346 shares during the period. Finally, Great West Life Assurance Co. Can bought a new position in shares of Pilgrim’s Pride in the 4th quarter worth approximately $107,000. 18.87% of the stock is owned by institutional investors.
Pilgrim’s Pride Company Profile
Pilgrim's Pride Corporation engages in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken products in the United States, the United Kingdom, Europe, and Mexico. The company offers fresh chicken products, including pre-marinated or non-marinated refrigerated (nonfrozen) whole or cut-up chicken; and prepackaged case-ready chicken, such as whole chickens and chicken parts.
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