Spark Investment Management LLC increased its stake in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) by 426.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 510,800 shares of the company’s stock after purchasing an additional 413,742 shares during the period. Spark Investment Management LLC’s holdings in Pilgrim’s Pride were worth $11,385,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the stock. Public Employees Retirement System of Ohio lifted its holdings in Pilgrim’s Pride by 4.7% during the 4th quarter. Public Employees Retirement System of Ohio now owns 15,407 shares of the company’s stock worth $239,000 after buying an additional 693 shares in the last quarter. Rhumbline Advisers lifted its holdings in Pilgrim’s Pride by 2.4% during the 4th quarter. Rhumbline Advisers now owns 47,815 shares of the company’s stock worth $742,000 after buying an additional 1,108 shares in the last quarter. Bank of Montreal Can lifted its holdings in Pilgrim’s Pride by 3.0% during the 1st quarter. Bank of Montreal Can now owns 42,025 shares of the company’s stock worth $937,000 after buying an additional 1,211 shares in the last quarter. Legal & General Group Plc lifted its holdings in Pilgrim’s Pride by 7.2% during the 4th quarter. Legal & General Group Plc now owns 30,356 shares of the company’s stock worth $471,000 after buying an additional 2,047 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in Pilgrim’s Pride by 1.8% during the 4th quarter. Van ECK Associates Corp now owns 163,128 shares of the company’s stock worth $2,530,000 after buying an additional 2,926 shares in the last quarter. 18.68% of the stock is owned by hedge funds and other institutional investors.
In related news, CEO William W. Lovette sold 86,425 shares of Pilgrim’s Pride stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $20.30, for a total transaction of $1,754,427.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 78.73% of the stock is owned by company insiders.
Pilgrim’s Pride (NASDAQ:PPC) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.35 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.35. Pilgrim’s Pride had a net margin of 1.95% and a return on equity of 14.13%. The firm had revenue of $2.72 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same period last year, the business earned $0.53 EPS. Pilgrim’s Pride’s revenue for the quarter was down .8% compared to the same quarter last year. On average, analysts predict that Pilgrim’s Pride Co. will post 1.64 earnings per share for the current fiscal year.
A number of equities research analysts have recently weighed in on the stock. BMO Capital Markets raised their price objective on shares of Pilgrim’s Pride to $31.00 and gave the company an “in-line” rating in a report on Friday, May 3rd. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Pilgrim’s Pride from a “sell” rating to a “hold” rating in a report on Tuesday, April 16th. Jefferies Financial Group restated a “hold” rating and issued a $19.00 price objective on shares of Pilgrim’s Pride in a report on Sunday, February 17th. BidaskClub upgraded shares of Pilgrim’s Pride from a “hold” rating to a “buy” rating in a report on Saturday, March 9th. Finally, ValuEngine upgraded shares of Pilgrim’s Pride from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Pilgrim’s Pride presently has a consensus rating of “Buy” and an average price target of $24.46.
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About Pilgrim’s Pride
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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