Pilgrim’s Pride (NASDAQ:PPC) Releases Earnings Results, Misses Expectations By $0.06 EPS

Pilgrim’s Pride (NASDAQ:PPC) posted its earnings results on Wednesday. The company reported $0.64 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.06), Zacks reports. Pilgrim’s Pride had a return on equity of 28.57% and a net margin of 4.78%.

Pilgrim’s Pride Price Performance

PPC traded up $0.14 during trading on Wednesday, hitting $29.95. The company’s stock had a trading volume of 2,065,512 shares, compared to its average volume of 1,243,959. The company has a current ratio of 1.48, a quick ratio of 0.73 and a debt-to-equity ratio of 0.83. Pilgrim’s Pride has a twelve month low of $26.50 and a twelve month high of $50.56. The business’s fifty day simple moving average is $28.54 and its 200 day simple moving average is $34.50. The firm has a market capitalization of $7.13 billion, a price-to-earnings ratio of 8.03 and a beta of 0.29.

Wall Street Analyst Weigh In

PPC has been the topic of a number of analyst reports. Weiss Ratings cut shares of Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, June 26th. Bank of America decreased their target price on shares of Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating for the company in a research note on Thursday, July 2nd. Stephens set a $40.00 price target on shares of Pilgrim’s Pride in a report on Wednesday, April 15th. Barclays upgraded 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 report on Friday, May 1st. Finally, UBS Group started coverage on shares of Pilgrim’s Pride in a research report on Tuesday, May 19th. They issued a “neutral” rating and a $30.00 price objective for the company. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $36.83.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC lifted its stake in shares of Pilgrim’s Pride by 59.3% in the second quarter. AQR Capital Management LLC now owns 3,776,178 shares of the company’s stock worth $169,852,000 after buying an additional 1,405,251 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in Pilgrim’s Pride by 1,196.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 813,815 shares of the company’s stock valued at $31,731,000 after acquiring an additional 751,042 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Pilgrim’s Pride by 27.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,418,398 shares of the company’s stock worth $133,296,000 after purchasing an additional 742,204 shares in the last quarter. Voloridge Investment Management LLC acquired a new position in shares of Pilgrim’s Pride during the 3rd quarter worth approximately $26,501,000. Finally, Qube Research & Technologies Ltd boosted its holdings in shares of Pilgrim’s Pride by 138.7% during the 3rd quarter. Qube Research & Technologies Ltd now owns 958,312 shares of the company’s stock worth $39,022,000 after purchasing an additional 556,766 shares during the last quarter. Hedge funds and other institutional investors own 16.64% of the company’s stock.

Pilgrim’s Pride Company 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.