Redwood Investment Management LLC Acquires Shares of 27,827 Pilgrim’s Pride Corporation $PPC

Redwood Investment Management LLC acquired a new position in Pilgrim’s Pride Corporation (NASDAQ:PPC) in the 1st quarter, Holdings Channel reports. The firm acquired 27,827 shares of the company’s stock, valued at approximately $1,051,000.

Several other institutional investors and hedge funds have also recently modified their holdings of PPC. Torren Management LLC bought a new stake in shares of Pilgrim’s Pride during the 4th quarter valued at about $31,000. MCF Advisors LLC purchased a new position in shares of Pilgrim’s Pride during the fourth quarter valued at about $35,000. Kingdom Financial Group LLC. bought a new position in Pilgrim’s Pride in the fourth quarter worth about $37,000. Bessemer Group Inc. raised its stake in Pilgrim’s Pride by 205.4% in the first quarter. Bessemer Group Inc. now owns 1,014 shares of the company’s stock worth $39,000 after buying an additional 682 shares in the last quarter. Finally, Quarry LP raised its stake in Pilgrim’s Pride by 30.5% in the fourth quarter. Quarry LP now owns 1,248 shares of the company’s stock worth $49,000 after buying an additional 292 shares in the last quarter. 16.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on PPC. UBS Group began coverage on Pilgrim’s Pride in a research report on Tuesday, May 19th. They set a “neutral” rating and a $30.00 price objective on the stock. Barclays raised Pilgrim’s Pride from an “equal weight” rating to an “overweight” rating and decreased their target price for the stock from $45.00 to $42.00 in a research report on Friday, May 1st. Weiss Ratings cut Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, June 26th. Bank of America dropped their price target on Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating on the stock in a research report on Thursday, July 2nd. Finally, Stephens set a $40.00 price objective on Pilgrim’s Pride in a report on Wednesday, April 15th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $36.83.

Pilgrim’s Pride Stock Performance

Shares of Pilgrim’s Pride stock opened at $27.36 on Monday. Pilgrim’s Pride Corporation has a 1 year low of $26.50 and a 1 year high of $50.56. The firm’s 50-day moving average is $28.55 and its 200 day moving average is $34.29. The stock has a market cap of $6.51 billion, a price-to-earnings ratio of 11.90 and a beta of 0.29. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.36 and a quick ratio of 0.62.

Pilgrim’s Pride (NASDAQ:PPC) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.06). The firm had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.70 billion. Pilgrim’s Pride had a net margin of 2.96% and a return on equity of 21.70%. The firm’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 earnings per share. Sell-side analysts anticipate that Pilgrim’s Pride Corporation will post 3.01 EPS for the current fiscal year.

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.