Pilgrim’s Pride (NASDAQ:PPC) Sets New 1-Year Low – Here’s Why

Pilgrim’s Pride Corporation (NASDAQ:PPC) reached a new 52-week low during mid-day trading on Monday . The company traded as low as $27.13 and last traded at $28.1630, with a volume of 32902 shares changing hands. The stock had previously closed at $27.85.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Barclays raised shares of Pilgrim’s Pride from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $45.00 to $42.00 in a research report on Friday, May 1st. The Goldman Sachs Group cut their price target on shares of Pilgrim’s Pride from $44.00 to $39.00 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Stephens set a $40.00 price target on shares of Pilgrim’s Pride in a research report on Wednesday, April 15th. Wall Street Zen cut shares of Pilgrim’s Pride from a “buy” rating to a “hold” rating in a research report on Sunday, February 15th. Finally, BMO Capital Markets cut their price target on shares of Pilgrim’s Pride from $42.00 to $40.00 and set a “market perform” rating on the stock in a research report on Wednesday, March 25th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $40.25.

Pilgrim’s Pride Price Performance

The company has a quick ratio of 0.73, a current ratio of 1.48 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $6.70 billion, a P/E ratio of 7.55 and a beta of 0.33. The business’s 50 day moving average is $34.57 and its 200-day moving average is $38.15.

Pilgrim’s Pride (NASDAQ:PPC) last issued its earnings results on Wednesday, April 29th. The company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.18). Pilgrim’s Pride had a net margin of 4.78% and a return on equity of 28.57%. The company had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.43 billion. During the same quarter in the prior year, the business earned $1.31 EPS. The business’s quarterly revenue was up 1.6% on a year-over-year basis. As a group, sell-side analysts predict that Pilgrim’s Pride Corporation will post 3.52 EPS for the current fiscal year.

Insider Buying and Selling at Pilgrim’s Pride

In related news, CFO Matthew R. Galvanoni sold 6,963 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $43.52, for a total value of $303,029.76. Following the sale, the chief financial officer owned 91,397 shares in the company, valued at $3,977,597.44. This represents a 7.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 82.23% of the company’s stock.

Institutional Investors Weigh In On Pilgrim’s Pride

Several large investors have recently added to or reduced their stakes in the company. New York State Common Retirement Fund increased its position in shares of Pilgrim’s Pride by 1.3% during the second quarter. New York State Common Retirement Fund now owns 17,817 shares of the company’s stock valued at $801,000 after buying an additional 230 shares during the period. Commerce Bank lifted its stake in shares of Pilgrim’s Pride by 4.4% during the 4th quarter. Commerce Bank now owns 5,792 shares of the company’s stock valued at $226,000 after buying an additional 246 shares in the last quarter. Signaturefd LLC lifted its stake in shares of Pilgrim’s Pride by 23.5% during the 4th quarter. Signaturefd LLC now owns 1,350 shares of the company’s stock valued at $53,000 after buying an additional 257 shares in the last quarter. Kendall Capital Management lifted its stake in shares of Pilgrim’s Pride by 4.3% during the 3rd quarter. Kendall Capital Management now owns 6,385 shares of the company’s stock valued at $260,000 after buying an additional 265 shares in the last quarter. Finally, HB Wealth Management LLC lifted its stake in shares of Pilgrim’s Pride by 5.1% during the 4th quarter. HB Wealth Management LLC now owns 5,939 shares of the company’s stock valued at $232,000 after buying an additional 290 shares in 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.