Jupiter Asset Management Ltd. Increases Stock Position in Pilgrim's Pride Corporation (NASDAQ:PPC)

Key Points

• Jupiter Asset Management Ltd. increased its stake in Pilgrim's Pride Corporation by 13.5%, owning a total of 394,542 shares worth approximately $21.5 million.
• The company reported $1.70 earnings per share for the latest quarter, surpassing analyst expectations of $1.54, along with a revenue increase of 4.3% year-over-year.
• Pilgrim's Pride is currently rated as a "Hold" by analysts, with an average price target of $48.67.

Jupiter Asset Management Ltd. grew its stake in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 13.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 394,542 shares of the company's stock after purchasing an additional 47,045 shares during the quarter. Jupiter Asset Management Ltd. owned about 0.17% of Pilgrim's Pride worth $21,506,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PPC. Principal Financial Group Inc. grew its position in shares of Pilgrim's Pride by 0.3% in the 1st quarter. Principal Financial Group Inc. now owns 93,044 shares of the company's stock worth $5,072,000 after buying an additional 290 shares during the period. Fifth Third Bancorp grew its position in shares of Pilgrim's Pride by 10.6% in the 1st quarter. Fifth Third Bancorp now owns 3,747 shares of the company's stock worth $204,000 after buying an additional 358 shares during the period. Jackson Creek Investment Advisors LLC grew its position in shares of Pilgrim's Pride by 1.9% in the 1st quarter. Jackson Creek Investment Advisors LLC now owns 20,417 shares of the company's stock worth $1,113,000 after buying an additional 381 shares during the period. GAMMA Investing LLC grew its position in shares of Pilgrim's Pride by 18.6% in the 1st quarter. GAMMA Investing LLC now owns 3,189 shares of the company's stock worth $174,000 after buying an additional 501 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Pilgrim's Pride by 28.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,311 shares of the company's stock worth $177,000 after buying an additional 742 shares during the period. 16.64% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group assumed coverage on shares of Pilgrim's Pride in a research report on Monday, June 23rd. They issued a "neutral" rating and a $50.00 target price on the stock. Wall Street Zen downgraded shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $48.67.

Pilgrim's Pride Stock Up 0.8%

PPC stock traded up $0.39 during trading on Wednesday, hitting $49.35. 111,500 shares of the stock traded hands, compared to its average volume of 1,308,883. Pilgrim's Pride Corporation has a 1 year low of $40.09 and a 1 year high of $57.16. The firm's 50 day moving average is $46.41 and its two-hundred day moving average is $49.23. The stock has a market cap of $11.72 billion, a price-to-earnings ratio of 9.49 and a beta of 0.50. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.63 and a quick ratio of 0.88.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $1.70 EPS for the quarter, beating the consensus estimate of $1.54 by $0.16. Pilgrim's Pride had a net margin of 6.81% and a return on equity of 37.15%. The company had revenue of $4.76 billion for the quarter, compared to the consensus estimate of $4.62 billion. During the same period in the prior year, the firm posted $1.67 EPS. Pilgrim's Pride's revenue for the quarter was up 4.3% on a year-over-year basis. On average, sell-side analysts anticipate that Pilgrim's Pride Corporation will post 5.13 EPS for the current year.

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.