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

Pilgrim’s Pride (NASDAQ:PPC) posted its quarterly 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. The company had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Pilgrim’s Pride had a net margin of 2.96% and a return on equity of 21.85%. The company’s revenue was down 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.70 earnings per share.

Pilgrim’s Pride Trading Down 6.4%

Shares of NASDAQ:PPC traded down $1.89 during trading on Friday, hitting $27.45. 288,175 shares of the company’s stock were exchanged, compared to its average volume of 1,245,313. The company has a current ratio of 1.48, a quick ratio of 0.73 and a debt-to-equity ratio of 0.83. The firm has a market cap of $6.53 billion, a P/E ratio of 11.95 and a beta of 0.29. The firm has a 50-day moving average price of $28.57 and a two-hundred day moving average price of $34.38. Pilgrim’s Pride has a 1-year low of $26.50 and a 1-year high of $50.56.

Institutional Investors Weigh In On Pilgrim’s Pride

Institutional investors have recently made changes to their positions in the stock. Empowered Funds LLC increased its stake in shares of Pilgrim’s Pride by 21.5% in the 4th quarter. Empowered Funds LLC now owns 65,373 shares of the company’s stock valued at $2,549,000 after acquiring an additional 11,576 shares during the last quarter. Voloridge Investment Management LLC grew its holdings in shares of Pilgrim’s Pride by 16.0% in the 4th quarter. Voloridge Investment Management LLC now owns 755,123 shares of the company’s stock valued at $29,442,000 after buying an additional 104,308 shares during the period. Wellington Management Group LLP bought a new stake in shares of Pilgrim’s Pride in the 4th quarter valued at $4,732,000. Gotham Asset Management LLC raised its stake in Pilgrim’s Pride by 89.9% during the 4th quarter. Gotham Asset Management LLC now owns 731,158 shares of the company’s stock worth $28,508,000 after buying an additional 346,061 shares during the period. Finally, Evolve Private Wealth LLC bought a new position in Pilgrim’s Pride during the fourth quarter worth about $279,000. 16.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Bank of America decreased their target price on 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. Barclays upgraded shares of Pilgrim’s Pride from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $45.00 to $42.00 in a research report on Friday, May 1st. Stephens set a $40.00 price target on shares of Pilgrim’s Pride in a research report on Wednesday, April 15th. Weiss Ratings lowered Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, June 26th. Finally, UBS Group assumed coverage on Pilgrim’s Pride in a research note on Tuesday, May 19th. They set a “neutral” rating and a $30.00 price objective for the company. Two 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 stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $36.83.

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.