Pilgrim’s Pride Corporation (NASDAQ:PPC – Get Free Report) shares reached a new 52-week low on Monday . The company traded as low as $27.13 and last traded at $28.1630, with a volume of 32902 shares trading hands. The stock had previously closed at $27.85.
Analysts Set New Price Targets
A number of research analysts recently weighed in on the stock. Barclays upgraded shares of Pilgrim’s Pride from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $45.00 to $42.00 in a research note on Friday, May 1st. Stephens set a $40.00 price target on shares of Pilgrim’s Pride in a report on Wednesday, April 15th. BMO Capital Markets dropped their price objective on shares of Pilgrim’s Pride from $42.00 to $40.00 and set a “market perform” rating for the company in a report on Wednesday, March 25th. The Goldman Sachs Group dropped their price objective on shares of Pilgrim’s Pride from $44.00 to $39.00 and set a “neutral” rating for the company in a report on Thursday, April 9th. Finally, Wall Street Zen downgraded shares of Pilgrim’s Pride from a “buy” rating to a “hold” rating in a report on Sunday, February 15th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $40.25.
Check Out Our Latest Research Report on PPC
Pilgrim’s Pride Trading Up 2.2%
Pilgrim’s Pride (NASDAQ:PPC – Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.18). The company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.43 billion. Pilgrim’s Pride had a net margin of 4.78% and a return on equity of 28.57%. The company’s revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.31 earnings per share. As a group, equities research analysts expect that Pilgrim’s Pride Corporation will post 3.52 earnings per share for the current year.
Insiders Place Their Bets
In other Pilgrim’s Pride news, CFO Matthew R. Galvanoni sold 6,963 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $43.52, for a total transaction of $303,029.76. Following the sale, the chief financial officer owned 91,397 shares in the company, valued at approximately $3,977,597.44. The trade was a 7.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 82.23% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in PPC. AQR Capital Management LLC lifted its position in Pilgrim’s Pride by 59.3% during the second quarter. AQR Capital Management LLC now owns 3,776,178 shares of the company’s stock valued at $169,852,000 after purchasing an additional 1,405,251 shares during the period. Balyasny Asset Management L.P. increased its stake in Pilgrim’s Pride by 1,196.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 813,815 shares of the company’s stock worth $31,731,000 after buying an additional 751,042 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Pilgrim’s Pride by 27.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,418,398 shares of the company’s stock worth $133,296,000 after buying an additional 742,204 shares in the last quarter. Voloridge Investment Management LLC purchased a new stake in Pilgrim’s Pride during the 3rd quarter worth approximately $26,501,000. Finally, Qube Research & Technologies Ltd increased its stake in Pilgrim’s Pride by 138.7% during the 3rd quarter. Qube Research & Technologies Ltd now owns 958,312 shares of the company’s stock worth $39,022,000 after buying an additional 556,766 shares in the last quarter. 16.64% of the stock is currently owned by institutional investors and hedge funds.
About Pilgrim’s Pride
Pilgrim’s Pride Corporation is a leading poultry producer in the United States and Mexico and a wholly owned subsidiary of JBS SA Headquartered in Greeley, Colorado, and Pittsburg, Texas, the company specializes in the production, processing and distribution of fresh, frozen and value-added chicken products. Pilgrim’s Pride serves a diverse customer base that includes retail grocery chains, foodservice distributors and restaurant operators across North America and in select international markets.
The company’s vertically integrated operations encompass breeding, hatching, feed milling, processing plants and cold storage facilities.
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