L2 Asset Management LLC purchased a new position in shares of Pilgrim’s Pride Corporation (NASDAQ:PPC – Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 35,296 shares of the company’s stock, valued at approximately $992,000.
Several other institutional investors and hedge funds have also made changes to their positions in the stock. Torren Management LLC purchased a new stake in Pilgrim’s Pride in the 4th quarter valued at $31,000. MCF Advisors LLC acquired a new position in shares of Pilgrim’s Pride during the 4th quarter valued at about $35,000. Kingdom Financial Group LLC. purchased a new stake in shares of Pilgrim’s Pride in the fourth quarter valued at about $37,000. Bessemer Group Inc. grew its holdings in shares of Pilgrim’s Pride by 205.4% in the first quarter. Bessemer Group Inc. now owns 1,014 shares of the company’s stock valued at $39,000 after purchasing an additional 682 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Pilgrim’s Pride during the second quarter worth about $30,000. 16.64% of the stock is currently owned by institutional investors and hedge funds.
Pilgrim’s Pride Stock Down 1.4%
Pilgrim’s Pride stock opened at $31.79 on Tuesday. The stock’s fifty day simple moving average is $28.41 and its 200-day simple moving average is $32.74. The company has a current ratio of 1.36, a quick ratio of 0.62 and a debt-to-equity ratio of 0.76. Pilgrim’s Pride Corporation has a twelve month low of $25.90 and a twelve month high of $46.20. The firm has a market capitalization of $7.57 billion, a P/E ratio of 13.82 and a beta of 0.29.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on the stock. Barclays raised shares of Pilgrim’s Pride from an “equal weight” rating to an “overweight” rating and dropped their price target for the company from $45.00 to $42.00 in a research note on Friday, May 1st. Weiss Ratings cut Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, June 26th. UBS Group decreased their price target on Pilgrim’s Pride from $30.00 to $28.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. Finally, Bank of America lowered their price target 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. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $36.50.
Read Our Latest Analysis on PPC
Pilgrim’s Pride 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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