Pilgrim’s Pride (NASDAQ:PPC) Hits New 1-Year High After Better-Than-Expected Earnings

Shares of Pilgrim’s Pride Co. (NASDAQ:PPC) reached a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $49.38 and last traded at $46.68, with a volume of 60959 shares. The stock had previously closed at $47.69.

The company reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.36. The company had revenue of $4.58 billion during the quarter, compared to the consensus estimate of $4.69 billion. Pilgrim’s Pride had a return on equity of 25.06% and a net margin of 4.25%. The company’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.58 earnings per share.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PPC. Stephens began coverage on Pilgrim’s Pride in a research note on Thursday, October 3rd. They set an “equal weight” rating and a $43.00 target price for the company. Bank of America lowered Pilgrim’s Pride from a “buy” rating to a “neutral” rating and set a $47.00 price objective for the company. in a research note on Thursday, August 15th. BMO Capital Markets reissued a “market perform” rating and set a $46.00 price target on shares of Pilgrim’s Pride in a research report on Monday, August 12th. Argus lifted their price target on shares of Pilgrim’s Pride from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Finally, Barclays lifted their price target on shares of Pilgrim’s Pride from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Monday, September 9th. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $45.33.

Insiders Place Their Bets

In other Pilgrim’s Pride news, CFO Matthew R. Galvanoni sold 6,500 shares of Pilgrim’s Pride stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $43.31, for a total value of $281,515.00. Following the completion of the transaction, the chief financial officer now owns 51,750 shares of the company’s stock, valued at $2,241,292.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Fabio Sandri sold 65,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $44.50, for a total transaction of $2,892,500.00. Following the completion of the transaction, the chief executive officer now owns 279,565 shares of the company’s stock, valued at approximately $12,440,642.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Matthew R. Galvanoni sold 6,500 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $43.31, for a total transaction of $281,515.00. Following the transaction, the chief financial officer now directly owns 51,750 shares of the company’s stock, valued at approximately $2,241,292.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 82.63% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pilgrim’s Pride

Several hedge funds and other institutional investors have recently modified their holdings of PPC. Robeco Institutional Asset Management B.V. lifted its holdings in Pilgrim’s Pride by 28.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 87,070 shares of the company’s stock worth $4,010,000 after purchasing an additional 19,518 shares during the period. Harbor Capital Advisors Inc. acquired a new stake in Pilgrim’s Pride in the third quarter worth about $27,000. Janney Montgomery Scott LLC lifted its holdings in Pilgrim’s Pride by 61.6% in the third quarter. Janney Montgomery Scott LLC now owns 29,285 shares of the company’s stock worth $1,349,000 after purchasing an additional 11,167 shares during the period. Affinity Investment Advisors LLC acquired a new stake in Pilgrim’s Pride in the third quarter worth about $463,000. Finally, US Bancorp DE lifted its holdings in Pilgrim’s Pride by 193.0% in the third quarter. US Bancorp DE now owns 2,795 shares of the company’s stock worth $129,000 after purchasing an additional 1,841 shares during the period. Institutional investors and hedge funds own 16.64% of the company’s stock.

Pilgrim’s Pride Stock Down 0.8 %

The firm has a market cap of $11.21 billion, a price-to-earnings ratio of 23.15, a P/E/G ratio of 0.23 and a beta of 0.82. The firm’s fifty day moving average is $44.78 and its two-hundred day moving average is $40.50. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.82 and a quick ratio of 1.09.

About Pilgrim’s Pride

Pilgrim's Pride Corporation produces, processes, markets, and distributes fresh, frozen, and value-added chicken and pork products to retailers, distributors, and foodservice operators. The company offers fresh products, including refrigerated whole or cut-up chicken, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork, and pork ribs; and prepared products, which include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meat balls.