Smith Group Asset Management LLC Boosts Stock Position in Pilgrim’s Pride Corporation $PPC

Smith Group Asset Management LLC increased its stake in shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) by 36.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 21,600 shares of the company’s stock after buying an additional 5,760 shares during the quarter. Smith Group Asset Management LLC’s holdings in Pilgrim’s Pride were worth $972,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Brooklyn Investment Group raised its holdings in shares of Pilgrim’s Pride by 309.4% during the 1st quarter. Brooklyn Investment Group now owns 651 shares of the company’s stock worth $35,000 after acquiring an additional 492 shares during the period. Quarry LP acquired a new position in Pilgrim’s Pride in the 1st quarter valued at about $43,000. Ameritas Advisory Services LLC purchased a new stake in shares of Pilgrim’s Pride in the 2nd quarter valued at approximately $45,000. Rosenberg Matthew Hamilton acquired a new stake in shares of Pilgrim’s Pride during the 2nd quarter worth approximately $62,000. Finally, Cullen Frost Bankers Inc. raised its position in shares of Pilgrim’s Pride by 18.2% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,566 shares of the company’s stock valued at $70,000 after buying an additional 241 shares during the period. Institutional investors and hedge funds own 16.64% of the company’s stock.

Pilgrim’s Pride Trading Down 1.4%

NASDAQ PPC opened at $37.61 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.88 and a current ratio of 1.63. Pilgrim’s Pride Corporation has a one year low of $36.90 and a one year high of $57.16. The firm has a market cap of $8.93 billion, a price-to-earnings ratio of 7.25 and a beta of 0.45. The firm has a 50 day simple moving average of $41.94 and a 200-day simple moving average of $46.04.

Pilgrim’s Pride (NASDAQ:PPC) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $1.70 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.16. Pilgrim’s Pride had a return on equity of 37.15% and a net margin of 6.81%.The business had revenue of $4.76 billion for the quarter, compared to analyst estimates of $4.62 billion. During the same quarter in the prior year, the company earned $1.67 earnings per share. The company’s revenue was up 4.3% on a year-over-year basis. Equities research analysts anticipate that Pilgrim’s Pride Corporation will post 5.13 EPS for the current fiscal year.

Pilgrim’s Pride Dividend Announcement

The business also recently disclosed a special dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th were given a dividend of $2.10 per share. The ex-dividend date of this dividend was Wednesday, August 20th.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Pilgrim’s Pride in a research note on Wednesday, October 8th. Wall Street Zen downgraded Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 13th. Zacks Research lowered shares of Pilgrim’s Pride from a “hold” rating to a “strong sell” rating in a report on Thursday, October 9th. Finally, The Goldman Sachs Group lowered their target price on shares of Pilgrim’s Pride from $54.00 to $46.00 and set a “neutral” rating for the company in a research note on Monday, October 13th. Five investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Pilgrim’s Pride presently has a consensus rating of “Reduce” and an average target price of $47.67.

About Pilgrim’s Pride

Pilgrim’s Pride Corp. engages in the production, processing, marketing, and distribution of fresh, frozen and value-added chicken and pork products to retailers, distributors, and foodservice operators. It operates through the following segments: U.S., U.K. and Europe, and Mexico. The company was founded by Lonnie A.