AlphaQuest LLC Increases Stock Position in Pilgrim's Pride Corporation $PPC

Key Points

• AlphaQuest LLC significantly increased its stake in Pilgrim's Pride Corporation by 1,304.5%, acquiring an additional 13,423 shares in the first quarter, bringing its total holdings to 14,452 shares worth approximately $788,000.
• Institutional investors now own 16.64% of Pilgrim's Pride's stock, with various firms, including Brooklyn Investment Group and PNC Financial Services Group, expanding their positions significantly.
• Pilgrim's Pride reported earnings of $1.70 per share for the last quarter, surpassing estimates, alongside a revenue of $4.76 billion, a 4.3% increase year-over-year.

AlphaQuest LLC grew its stake in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 1,304.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,452 shares of the company's stock after buying an additional 13,423 shares during the period. AlphaQuest LLC's holdings in Pilgrim's Pride were worth $788,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Martingale Asset Management L P boosted its holdings in shares of Pilgrim's Pride by 1.1% in the 1st quarter. Martingale Asset Management L P now owns 231,962 shares of the company's stock valued at $12,644,000 after buying an additional 2,548 shares in the last quarter. Hsbc Holdings PLC raised its position in Pilgrim's Pride by 171.5% in the 1st quarter. Hsbc Holdings PLC now owns 56,599 shares of the company's stock valued at $2,963,000 after purchasing an additional 35,752 shares during the last quarter. Wellington Management Group LLP boosted its stake in Pilgrim's Pride by 35.9% during the 1st quarter. Wellington Management Group LLP now owns 89,131 shares of the company's stock worth $4,859,000 after purchasing an additional 23,543 shares during the period. Northern Trust Corp boosted its stake in Pilgrim's Pride by 36.9% during the 1st quarter. Northern Trust Corp now owns 525,497 shares of the company's stock worth $28,645,000 after purchasing an additional 141,745 shares during the period. Finally, Brooklyn Investment Group grew its position in Pilgrim's Pride by 309.4% during the 1st quarter. Brooklyn Investment Group now owns 651 shares of the company's stock worth $35,000 after purchasing an additional 492 shares during the last quarter. Institutional investors and hedge funds own 16.64% of the company's stock.

Wall Street Analysts Forecast Growth

PPC has been the subject of a number of research reports. The Goldman Sachs Group began coverage on shares of Pilgrim's Pride in a report on Monday, June 23rd. They issued a "neutral" rating and a $50.00 target price for the company. Wall Street Zen cut shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Pilgrim's Pride currently has an average rating of "Hold" and an average target price of $47.50.

Pilgrim's Pride Stock Down 2.9%

Shares of PPC traded down $1.30 during midday trading on Thursday, reaching $43.63. 682,433 shares of the company were exchanged, compared to its average volume of 1,308,255. Pilgrim's Pride Corporation has a 1-year low of $40.09 and a 1-year high of $57.16. The stock has a 50-day moving average price of $46.65 and a 200-day moving average price of $49.32. The company has a current ratio of 1.63, a quick ratio of 0.88 and a debt-to-equity ratio of 0.83. The company has a market cap of $10.36 billion, a price-to-earnings ratio of 8.41 and a beta of 0.50.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $1.70 EPS for the quarter, beating the consensus estimate of $1.54 by $0.16. The business had revenue of $4.76 billion for the quarter, compared to the consensus estimate of $4.62 billion. Pilgrim's Pride had a return on equity of 37.15% and a net margin of 6.81%.The company's revenue was up 4.3% on a year-over-year basis. During the same period last year, the business posted $1.67 EPS. Research analysts expect that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current year.

Pilgrim's Pride Dividend Announcement

The company also recently announced a special dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th will be paid a $2.10 dividend. The ex-dividend date is Wednesday, August 20th.

Pilgrim's Pride Profile

Pilgrim's Pride Corp. engages in the production, processing, marketing, and distribution of fresh, frozen and value-added chicken and pork products to retailers, distributors, and foodservice operators. It operates through the following segments: U.S., U.K. and Europe, and Mexico. The company was founded by Lonnie A.