Pilgrim’s Pride Corporation (NASDAQ:PPC – Get Free Report) was the recipient of some unusual options trading on Thursday. Stock traders acquired 6,603 call options on the company. This is an increase of approximately 2,874% compared to the average daily volume of 222 call options.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on PPC. The Goldman Sachs Group dropped their price objective on Pilgrim’s Pride from $44.00 to $39.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Barclays upgraded Pilgrim’s Pride from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $45.00 to $42.00 in a report on Friday, May 1st. Stephens set a $40.00 target price on Pilgrim’s Pride in a report on Wednesday, April 15th. Zacks Research downgraded Pilgrim’s Pride from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 11th. Finally, Wall Street Zen downgraded Pilgrim’s Pride from a “buy” rating to a “hold” rating in a report on Sunday, February 15th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $38.20.
Check Out Our Latest Research Report on PPC
Pilgrim’s Pride Trading Up 4.2%
Pilgrim’s Pride (NASDAQ:PPC – Get Free Report) last announced its earnings results on Wednesday, April 29th. The company reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.18). The business had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.43 billion. Pilgrim’s Pride had a net margin of 4.78% and a return on equity of 28.57%. Pilgrim’s Pride’s revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.31 EPS. As a group, equities analysts expect that Pilgrim’s Pride will post 3.52 EPS for the current fiscal year.
Hedge Funds Weigh In On Pilgrim’s Pride
Several 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 buying an additional 1,405,251 shares during the period. Balyasny Asset Management L.P. increased its holdings in shares of Pilgrim’s Pride by 1,196.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 813,815 shares of the company’s stock valued at $31,731,000 after acquiring an additional 751,042 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Pilgrim’s Pride by 27.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,418,398 shares of the company’s stock valued at $133,296,000 after acquiring an additional 742,204 shares in the last quarter. Voloridge Investment Management LLC bought a new position in shares of Pilgrim’s Pride during the third quarter valued at $26,501,000. Finally, Qube Research & Technologies Ltd increased its holdings in shares of Pilgrim’s Pride by 138.7% during the third quarter. Qube Research & Technologies Ltd now owns 958,312 shares of the company’s stock valued at $39,022,000 after acquiring an additional 556,766 shares in the last quarter. Hedge funds and other institutional investors own 16.64% of the company’s stock.
Pilgrim’s Pride Company Profile
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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