Gotham Asset Management LLC Buys 142,460 Shares of Pilgrim's Pride Corporation $PPC

Key Points

• Gotham Asset Management LLC boosted its stake in Pilgrim's Pride Corporation by 50.3% during the first quarter, owning approximately 0.18% of the company valued at $23.2 million.
• Analysts maintain a consensus "Hold" rating for Pilgrim's Pride, with a target price set at $47.50 following a recent downgrade.
• Pilgrim's Pride reported a 4.3% increase in revenue year-over-year, with quarterly earnings beating expectations at $1.70 per share.

Gotham Asset Management LLC grew its stake in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 50.3% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 425,552 shares of the company's stock after buying an additional 142,460 shares during the period. Gotham Asset Management LLC owned approximately 0.18% of Pilgrim's Pride worth $23,197,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in PPC. Allspring Global Investments Holdings LLC raised its position in Pilgrim's Pride by 18.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 56,066 shares of the company's stock worth $3,154,000 after purchasing an additional 8,638 shares in the last quarter. GAMMA Investing LLC raised its position in Pilgrim's Pride by 18.6% in the first quarter. GAMMA Investing LLC now owns 3,189 shares of the company's stock worth $174,000 after purchasing an additional 501 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in Pilgrim's Pride in the first quarter worth about $355,000. LPL Financial LLC raised its position in Pilgrim's Pride by 135.2% in the first quarter. LPL Financial LLC now owns 98,394 shares of the company's stock worth $5,363,000 after purchasing an additional 56,568 shares in the last quarter. Finally, KBC Group NV acquired a new position in Pilgrim's Pride in the first quarter worth about $144,000. Institutional investors and hedge funds own 16.64% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on PPC. Wall Street Zen raised shares of Pilgrim's Pride from a "buy" rating to a "strong-buy" rating in a research report on Friday. The Goldman Sachs Group started coverage on shares of Pilgrim's Pride in a report on Monday, June 23rd. They set a "neutral" rating and a $50.00 price objective for the company. Five equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Pilgrim's Pride currently has an average rating of "Hold" and a consensus target price of $47.50.

Pilgrim's Pride Trading Down 2.0%

Pilgrim's Pride stock traded down $0.89 during mid-day trading on Tuesday, hitting $43.66. 1,276,040 shares of the company's stock were exchanged, compared to its average volume of 1,314,955. The firm has a market capitalization of $10.37 billion, a P/E ratio of 8.41 and a beta of 0.50. Pilgrim's Pride Corporation has a fifty-two week low of $40.09 and a fifty-two week high of $57.16. The company has a quick ratio of 0.88, a current ratio of 1.63 and a debt-to-equity ratio of 0.83. The company's 50 day simple moving average is $46.47 and its 200-day simple moving average is $48.82.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.70 EPS for the quarter, topping 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 firm's revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.67 EPS. On average, equities analysts anticipate that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current year.

Pilgrim's Pride Announces Dividend

The business also recently disclosed a special dividend, which was paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th were given a $2.10 dividend. The ex-dividend date of this dividend was Wednesday, August 20th.

Pilgrim's Pride Company 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.