Pallas Capital Advisors LLC Takes Position in Pilgrim's Pride Corporation $PPC

Key Points

• Pallas Capital Advisors has acquired a new stake in Pilgrim's Pride Corporation, purchasing 8,229 shares valued at approximately $370,000 during the 2nd quarter.
• Pilgrim's Pride recently declared a special dividend of $2.10 per share which was paid to stockholders on September 3rd.
• The company reported $4.76 billion in revenue for its most recent quarter, exceeding analyst expectations and earning $1.70 EPS, above the anticipated $1.54 EPS.

Pallas Capital Advisors LLC bought a new position in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 8,229 shares of the company's stock, valued at approximately $370,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC boosted its holdings in Pilgrim's Pride by 25.9% in the first quarter. AQR Capital Management LLC now owns 2,370,927 shares of the company's stock worth $128,599,000 after acquiring an additional 487,219 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of Pilgrim's Pride by 77.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 785,098 shares of the company's stock valued at $42,796,000 after buying an additional 341,517 shares during the last quarter. Assetmark Inc. lifted its position in shares of Pilgrim's Pride by 26.1% during the 1st quarter. Assetmark Inc. now owns 1,070,893 shares of the company's stock valued at $58,374,000 after buying an additional 221,617 shares during the last quarter. Millennium Management LLC lifted its position in shares of Pilgrim's Pride by 180.7% during the 1st quarter. Millennium Management LLC now owns 342,774 shares of the company's stock valued at $18,685,000 after buying an additional 220,673 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Pilgrim's Pride in the first quarter valued at $11,430,000. Institutional investors and hedge funds own 16.64% of the company's stock.

Wall Street Analysts Forecast Growth

PPC has been the topic of several analyst reports. Wall Street Zen downgraded Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 13th. The Goldman Sachs Group started coverage on Pilgrim's Pride in a report on Monday, June 23rd. They issued a "neutral" rating and a $50.00 target price on the stock. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $47.50.

Pilgrim's Pride Price Performance

NASDAQ PPC traded up $0.50 during trading on Monday, hitting $41.19. 2,435,575 shares of the stock traded hands, compared to its average volume of 1,443,935. The firm has a 50-day simple moving average of $45.90 and a 200-day simple moving average of $48.02. Pilgrim's Pride Corporation has a 12-month low of $40.51 and a 12-month 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 has a market capitalization of $9.78 billion, a P/E ratio of 7.94 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.16. The business had revenue of $4.76 billion during the quarter, compared to analyst estimates 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 for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.67 earnings per share. As a group, analysts predict that Pilgrim's Pride Corporation will post 5.13 EPS for the current year.

Pilgrim's Pride Announces Dividend

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

About Pilgrim's Pride

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.