Magnetar Financial LLC Makes New $2.96 Million Investment in Pilgrim's Pride Corporation $PPC

Key Points

• Magnetar Financial LLC initiated a new position in Pilgrim's Pride (NASDAQ: PPC) in Q3, acquiring 72,700 shares valued at approximately $2.96 million.
• Pilgrim's Pride reported Q results of $0.64 EPS (missing the $0.78 estimate) while beating revenue estimates with $4.52 billion, and Wall Street's consensus rating is an average "Hold" with a $44.33 target.
• The stock has a market cap of $8.88 billion and a PE of 8.23 with a 12‑month range of $35.73–$56.73, and the CFO sold 6,963 shares on Feb. 18 at about $43.52 per share.

Magnetar Financial LLC acquired a new position in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) during the third quarter, according to its most recent filing with the SEC. The firm acquired 72,700 shares of the company's stock, valued at approximately $2,960,000.

Other hedge funds have also recently made changes to their positions in the company. True Wealth Design LLC raised its holdings in shares of Pilgrim's Pride by 1,248.5% during the third quarter. True Wealth Design LLC now owns 917 shares of the company's stock valued at $37,000 after acquiring an additional 849 shares in the last quarter. Clearstead Advisors LLC boosted its holdings in Pilgrim's Pride by 1,522.6% in the third quarter. Clearstead Advisors LLC now owns 1,006 shares of the company's stock valued at $41,000 after acquiring an additional 944 shares in the last quarter. Abich Financial Wealth Management LLC purchased a new position in Pilgrim's Pride during the 3rd quarter valued at $41,000. Quent Capital LLC purchased a new position in Pilgrim's Pride during the 3rd quarter valued at $55,000. Finally, Rothschild Investment LLC raised its holdings in Pilgrim's Pride by 186,700.0% in the 3rd quarter. Rothschild Investment LLC now owns 1,868 shares of the company's stock worth $76,000 after purchasing an additional 1,867 shares in the last quarter. 16.64% of the stock is owned by hedge funds and other institutional investors.

Pilgrim's Pride Stock Performance

Shares of PPC stock opened at $37.38 on Thursday. The company's fifty day moving average price is $41.55 and its 200-day moving average price is $40.38. The stock has a market cap of $8.88 billion, a PE ratio of 8.23 and a beta of 0.41. The company has a current ratio of 1.47, a quick ratio of 0.76 and a debt-to-equity ratio of 0.84. Pilgrim's Pride Corporation has a 12 month low of $35.73 and a 12 month high of $56.73.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last issued its quarterly earnings results on Wednesday, February 11th. The company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.14). Pilgrim's Pride had a return on equity of 35.15% and a net margin of 5.85%.The business had revenue of $4.52 billion during the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter in the previous year, the business earned $1.35 earnings per share. The firm's revenue was up 3.3% compared to the same quarter last year. On average, equities analysts expect that Pilgrim's Pride Corporation will post 5.13 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PPC has been the subject of several research analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Pilgrim's Pride in a research report on Monday, December 29th. Santander raised shares of Pilgrim's Pride from a "neutral" rating to an "outperform" rating in a research note on Thursday, December 11th. Barclays lowered their price objective on shares of Pilgrim's Pride from $49.00 to $45.00 and set an "equal weight" rating for the company in a report on Tuesday, December 9th. Zacks Research cut Pilgrim's Pride from a "hold" rating to a "strong sell" rating in a research report on Wednesday, February 11th. Finally, BMO Capital Markets increased their target price on Pilgrim's Pride from $40.00 to $42.00 and gave the stock a "market perform" rating in a research report on Friday, February 13th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Pilgrim's Pride presently has an average rating of "Hold" and an average target price of $44.33.

Insider Buying and Selling at Pilgrim's Pride

In other Pilgrim's Pride news, CFO Matthew R. Galvanoni sold 6,963 shares of the firm's stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $43.52, for a total transaction of $303,029.76. Following the completion of the transaction, the chief financial officer owned 91,397 shares of the company's stock, valued at approximately $3,977,597.44. This trade represents a 7.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 82.56% of the company's stock.

About Pilgrim's Pride

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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