Pilgrim’s Pride Corporation (NASDAQ:PPC – Get Free Report)’s share price hit a new 52-week low on Wednesday . The company traded as low as $26.41 and last traded at $26.3750, with a volume of 316781 shares trading hands. The stock had previously closed at $26.96.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on PPC shares. The Goldman Sachs Group lowered their price objective on Pilgrim’s Pride from $44.00 to $39.00 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Bank of America reduced their target price on Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating for the company in a report on Thursday, July 2nd. UBS Group started coverage on Pilgrim’s Pride in a research report on Tuesday, May 19th. They issued a “neutral” rating and a $30.00 target price on the stock. Barclays raised Pilgrim’s Pride from an “equal weight” rating to an “overweight” rating and lowered their price target for the stock from $45.00 to $42.00 in a research note on Friday, May 1st. Finally, Weiss Ratings cut Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, June 26th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Pilgrim’s Pride presently has an average rating of “Hold” and a consensus target price of $36.83.
Check Out Our Latest Research Report on PPC
Pilgrim’s Pride Trading Down 2.0%
Pilgrim’s Pride (NASDAQ:PPC – Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.06). Pilgrim’s Pride had a net margin of 2.96% and a return on equity of 21.70%. The business had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.70 billion. During the same period in the prior year, the company posted $1.70 EPS. The firm’s revenue was down 2.8% on a year-over-year basis. As a group, analysts expect that Pilgrim’s Pride Corporation will post 2.95 earnings per share for the current year.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new position in Pilgrim’s Pride during the fourth quarter worth $1,202,000. Vanguard Group Inc. increased its stake in shares of Pilgrim’s Pride by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 5,804,210 shares of the company’s stock worth $226,306,000 after acquiring an additional 131,482 shares during the last quarter. Tudor Investment Corp ET AL raised its holdings in shares of Pilgrim’s Pride by 2,486.1% during the 3rd quarter. Tudor Investment Corp ET AL now owns 113,788 shares of the company’s stock worth $4,633,000 after acquiring an additional 109,388 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Pilgrim’s Pride by 107.2% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 194,031 shares of the company’s stock worth $7,736,000 after acquiring an additional 100,366 shares during the period. Finally, Assetmark Inc. boosted its position in shares of Pilgrim’s Pride by 6.3% during the 4th quarter. Assetmark Inc. now owns 1,199,324 shares of the company’s stock valued at $46,762,000 after acquiring an additional 70,559 shares during 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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