Carrhae Capital LLP Buys New Shares in Pilgrim's Pride Corporation $PPC

Key Points

• Carrhae Capital LLP acquired 1.86 million Pilgrim’s Pride shares worth approximately $52.2 million, representing about 0.78% of the company and 1.4% of the firm’s portfolio.
• Pilgrim’s Pride reported weaker-than-expected quarterly results, with EPS of $0.64 versus the $0.70 consensus and revenue of $4.63 billion, down 2.8% year over year.
• PPC shares recently traded at $29.99, while analysts maintain a consensus “Hold” rating and a $36.50 price target after several brokerages reduced their targets.

Carrhae Capital LLP purchased a new stake in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,856,460 shares of the company's stock, valued at approximately $52,185,000. Pilgrim's Pride makes up 1.4% of Carrhae Capital LLP's investment portfolio, making the stock its 17th largest position. Carrhae Capital LLP owned approximately 0.78% of Pilgrim's Pride at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. MCF Advisors LLC purchased a new position in shares of Pilgrim's Pride in the 4th quarter worth about $35,000. Kingdom Financial Group LLC. purchased a new position in shares of Pilgrim's Pride during the 4th quarter valued at about $37,000. Bessemer Group Inc. lifted its position in Pilgrim's Pride by 205.4% in the 1st quarter. Bessemer Group Inc. now owns 1,014 shares of the company's stock worth $39,000 after buying an additional 682 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Pilgrim's Pride in the 2nd quarter worth approximately $30,000. Finally, Quarry LP boosted 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. Institutional investors own 16.64% of the company's stock.

Pilgrim's Pride Trading Down 1.6%

PPC stock traded down $0.49 during trading on Tuesday, hitting $29.99. 1,233,302 shares of the company traded hands, compared to its average volume of 1,297,280. The firm has a market capitalization of $7.14 billion, a PE ratio of 13.04 and a beta of 0.27. Pilgrim's Pride Corporation has a 1 year low of $25.90 and a 1 year high of $44.87. The company has a 50-day moving average of $29.08 and a 200-day moving average of $31.89. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.62 and a current ratio of 1.36.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported $0.64 EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($0.06). Pilgrim's Pride had a return on equity of 21.70% and a net margin of 2.96%.The company had revenue of $4.63 billion during the quarter, compared to analysts' expectations of $4.70 billion. During the same period last year, the firm earned $1.70 earnings per share. Pilgrim's Pride's revenue for the quarter was down 2.8% on a year-over-year basis. Analysts predict that Pilgrim's Pride Corporation will post 2.35 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PPC. Weiss Ratings cut shares of Pilgrim's Pride from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, June 26th. Bank of America lowered their price objective on shares of Pilgrim's Pride from $37.00 to $30.00 and set a "neutral" rating for the company in a report on Thursday, July 2nd. Finally, UBS Group cut their price objective on shares of Pilgrim's Pride from $30.00 to $28.00 and set a "neutral" rating for the company in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $36.50.

Pilgrim's Pride 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.

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