Dark Forest Capital Management LP Purchases 35,512 Shares of Pilgrim's Pride Corporation $PPC

Key Points

• Dark Forest Capital Management LP increased its stake in Pilgrim's Pride Corporation by 129.6% during the first quarter, now holding 62,920 shares valued at $3.43 million.
• Pilgrim's Pride reported $1.70 earnings per share, surpassing estimates of $1.54, with a quarterly revenue of $4.76 billion, a 4.3% increase year-over-year.
• The company announced a special dividend of $2.10 per share, payable on September 3rd for shareholders on record as of August 20th.

Dark Forest Capital Management LP lifted its stake in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 129.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 62,920 shares of the company's stock after purchasing an additional 35,512 shares during the quarter. Dark Forest Capital Management LP's holdings in Pilgrim's Pride were worth $3,430,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Brooklyn Investment Group grew its holdings in shares of 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 in the last quarter. Quarry LP acquired a new stake in Pilgrim's Pride in the first quarter valued at about $43,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Pilgrim's Pride in the fourth quarter valued at about $55,000. Raleigh Capital Management Inc. acquired a new stake in Pilgrim's Pride in the first quarter valued at about $74,000. Finally, PNC Financial Services Group Inc. boosted its stake in Pilgrim's Pride by 46.7% in the first quarter. PNC Financial Services Group Inc. now owns 1,386 shares of the company's stock valued at $76,000 after buying an additional 441 shares in the last quarter. 16.64% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PPC. The Goldman Sachs Group began coverage on Pilgrim's Pride in a report on Monday, June 23rd. They set a "neutral" rating and a $50.00 price target on the stock. Wall Street Zen upgraded Pilgrim's Pride from a "buy" rating to a "strong-buy" rating in a report on Friday. Five research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Pilgrim's Pride currently has a consensus rating of "Hold" and a consensus target price of $47.50.

Pilgrim's Pride Trading Down 0.1%

Shares of PPC traded down $0.03 during mid-day trading on Friday, reaching $44.29. 1,446,485 shares of the company were exchanged, compared to its average volume of 1,283,452. The stock has a market capitalization of $10.52 billion, a PE ratio of 8.53 and a beta of 0.50. The business has a 50 day simple moving average of $46.47 and a two-hundred day simple moving average of $48.90. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.88 and a current ratio of 1.63. Pilgrim's Pride Corporation has a 52 week low of $40.09 and a 52 week high of $57.16.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $1.70 earnings per share for the quarter, topping analysts' consensus estimates of $1.54 by $0.16. The business had revenue of $4.76 billion during 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 firm's revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.67 earnings per share. On average, analysts predict that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current fiscal year.

Pilgrim's Pride Announces Dividend

The company also recently disclosed a special dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th were issued a dividend of $2.10 per share. The ex-dividend date was 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.