Man Group plc Takes Position in Pilgrim’s Pride Corporation $PPC

Man Group plc acquired a new position in shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 88,622 shares of the company’s stock, valued at approximately $2,491,000.

Other hedge funds have also bought and sold shares of the company. New York State Common Retirement Fund grew its holdings in 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 worth $801,000 after purchasing an additional 230 shares during the period. Commerce Bank raised its stake in Pilgrim’s Pride by 4.4% in the fourth quarter. Commerce Bank now owns 5,792 shares of the company’s stock valued at $226,000 after buying an additional 246 shares during the period. Quarry LP lifted its position in shares of Pilgrim’s Pride by 30.5% in the fourth quarter. Quarry LP now owns 1,248 shares of the company’s stock valued at $49,000 after buying an additional 292 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of Pilgrim’s Pride by 0.9% during the 2nd quarter. California State Teachers Retirement System now owns 43,476 shares of the company’s stock worth $1,956,000 after acquiring an additional 380 shares during the period. Finally, Lazard Asset Management LLC boosted its stake in shares of Pilgrim’s Pride by 5.5% during the 2nd quarter. Lazard Asset Management LLC now owns 7,481 shares of the company’s stock worth $336,000 after acquiring an additional 393 shares during the period. 16.64% of the stock is currently owned by institutional investors and hedge funds.

Pilgrim’s Pride Stock Performance

Shares of NASDAQ PPC opened at $31.38 on Tuesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.36 and a quick ratio of 0.62. The stock’s fifty day moving average price is $28.80 and its two-hundred day moving average price is $32.32. Pilgrim’s Pride Corporation has a one year low of $25.90 and a one year high of $45.44. The firm has a market cap of $7.47 billion, a price-to-earnings ratio of 13.64 and a beta of 0.29.

Pilgrim’s Pride (NASDAQ:PPC) last posted its earnings results on Thursday, July 30th. 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 analyst estimates of $4.70 billion. Pilgrim’s Pride had a return on equity of 21.70% and a net margin of 2.96%.The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.70 EPS. On average, equities analysts forecast that Pilgrim’s Pride Corporation will post 2.35 EPS for the current year.

Analysts Set New Price Targets

PPC has been the topic of a number of research analyst reports. 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 note on Thursday, July 2nd. UBS Group decreased their price objective on shares of Pilgrim’s Pride from $30.00 to $28.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. Finally, Weiss Ratings lowered shares of Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, June 26th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Pilgrim’s Pride currently has an average rating of “Hold” and a consensus target price of $36.50.

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.