Convergence Investment Partners LLC cut its stake in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 42.4% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 24,214 shares of the company's stock after selling 17,815 shares during the period. Convergence Investment Partners LLC's holdings in Pilgrim's Pride were worth $1,320,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Pilgrim's Pride by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 5,113,888 shares of the company's stock valued at $232,119,000 after purchasing an additional 33,965 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Pilgrim's Pride by 44.1% in the 4th quarter. AQR Capital Management LLC now owns 1,883,708 shares of the company's stock valued at $85,502,000 after purchasing an additional 576,438 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Pilgrim's Pride by 26.8% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,845,480 shares of the company's stock valued at $83,766,000 after acquiring an additional 389,967 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Pilgrim's Pride by 15.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,377,236 shares of the company's stock valued at $62,513,000 after acquiring an additional 180,164 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Pilgrim's Pride by 11.9% during the fourth quarter. Invesco Ltd. now owns 1,125,329 shares of the company's stock worth $51,079,000 after purchasing an additional 119,555 shares during the last quarter. 16.64% of the stock is owned by institutional investors and hedge funds.
Pilgrim's Pride Stock Up 1.2%
Pilgrim's Pride stock traded up $0.56 during mid-day trading on Friday, hitting $47.85. The company's stock had a trading volume of 729,374 shares, compared to its average volume of 1,193,348. The firm's 50 day moving average is $46.65 and its 200 day moving average is $49.09. The company has a market cap of $11.35 billion, a PE ratio of 9.44 and a beta of 0.45. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.35 and a quick ratio of 0.88. Pilgrim's Pride Corporation has a 52-week low of $40.00 and a 52-week high of $57.16.
Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.05. Pilgrim's Pride had a return on equity of 36.95% and a net margin of 6.72%. The firm had revenue of $4.46 billion during the quarter, compared to the consensus estimate of $4.53 billion. During the same period in the prior year, the business earned $0.77 EPS. The business's revenue for the quarter was up 2.3% on a year-over-year basis. On average, analysts anticipate that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current year.
Wall Street Analyst Weigh In
PPC has been the subject of a number of recent research reports. The Goldman Sachs Group initiated coverage on Pilgrim's Pride in a research note on Monday, June 23rd. They set a "neutral" rating and a $50.00 price objective for the company. Wall Street Zen cut Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $48.67.
View Our Latest Stock Analysis on Pilgrim's Pride
About Pilgrim's Pride
(
Free Report)
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.
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