L2 Asset Management LLC Makes New $992,000 Investment in Pilgrim’s Pride Corporation $PPC

L2 Asset Management LLC bought a new position in shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) during the second quarter, HoldingsChannel reports. The fund bought 35,296 shares of the company’s stock, valued at approximately $992,000.

A number of other institutional investors have also modified their holdings of the business. Sanctuary Advisors LLC acquired a new stake in shares of Pilgrim’s Pride during the second quarter worth about $358,000. Bank of Nova Scotia purchased a new position in Pilgrim’s Pride in the 2nd quarter valued at $371,000. BlackRock Inc. acquired a new position in Pilgrim’s Pride in the 2nd quarter valued at $138,936,000. Deutsche Bank AG purchased a new position in Pilgrim’s Pride during the 2nd quarter worth $1,368,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Pilgrim’s Pride during the 2nd quarter worth $30,000. 16.64% of the stock is owned by institutional investors and hedge funds.

Pilgrim’s Pride Price Performance

Shares of NASDAQ:PPC opened at $31.79 on Tuesday. Pilgrim’s Pride Corporation has a one year low of $25.90 and a one year high of $46.20. The stock has a market cap of $7.57 billion, a PE ratio of 13.82 and a beta of 0.29. The business’s fifty day moving average price is $28.41 and its two-hundred day moving average price is $32.74. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.62 and a current ratio of 1.36.

Pilgrim’s Pride (NASDAQ:PPC) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.06). The company had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Pilgrim’s Pride had a return on equity of 21.70% and a net margin of 2.96%.The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.70 EPS. On average, analysts forecast that Pilgrim’s Pride Corporation will post 2.35 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PPC has been the topic of a number of recent analyst reports. Bank of America dropped their price target on shares of Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating on the stock in a research note on Thursday, July 2nd. Weiss Ratings downgraded Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, June 26th. UBS Group reduced their target price on Pilgrim’s Pride from $30.00 to $28.00 and set a “neutral” rating for the company in a report on Friday, August 7th. Finally, Barclays upgraded shares of Pilgrim’s Pride from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $45.00 to $42.00 in a report on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $36.50.

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.