Pilgrim's Pride Corporation $PPC Shares Sold by Easterly Investment Partners LLC

Key Points

• Easterly Investment Partners LLC significantly reduced its holdings in Pilgrim's Pride Corporation by 89.2% during the second quarter, selling 136,760 shares and retaining only 16,497 shares valued at $742,000.
• The company reported $1.70 earnings per share (EPS) for the last quarter, exceeding expectations, with revenue also surpassing estimates at $4.76 billion, a year-over-year increase of 4.3%.
• Pilgrim's Pride announced a special $2.10 per share dividend paid on September 3rd, reflecting its ongoing commitment to shareholder returns.

Easterly Investment Partners LLC reduced its position in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 89.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,497 shares of the company's stock after selling 136,760 shares during the period. Easterly Investment Partners LLC's holdings in Pilgrim's Pride were worth $742,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brooklyn Investment Group lifted its stake in shares of Pilgrim's Pride by 309.4% in the 1st quarter. Brooklyn Investment Group now owns 651 shares of the company's stock valued at $35,000 after purchasing an additional 492 shares in the last quarter. Quarry LP acquired a new position in shares of Pilgrim's Pride in the 1st quarter valued at about $43,000. Ameritas Advisory Services LLC acquired a new position in shares of Pilgrim's Pride in the 2nd quarter valued at about $45,000. Rosenberg Matthew Hamilton acquired a new position in shares of Pilgrim's Pride in the 2nd quarter valued at about $62,000. Finally, Raleigh Capital Management Inc. acquired a new position in shares of Pilgrim's Pride in the 1st quarter valued at about $74,000. 16.64% of the stock is owned by institutional investors and hedge funds.

Pilgrim's Pride Price Performance

PPC stock opened at $37.36 on Friday. The company has a quick ratio of 0.88, a current ratio of 1.63 and a debt-to-equity ratio of 0.83. Pilgrim's Pride Corporation has a 52-week low of $37.03 and a 52-week high of $57.16. The stock's 50 day moving average is $42.87 and its two-hundred day moving average is $46.42. The company has a market capitalization of $8.87 billion, a PE ratio of 7.20 and a beta of 0.45.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.16. Pilgrim's Pride had a return on equity of 37.15% and a net margin of 6.81%.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 previous year, the business earned $1.67 EPS. Pilgrim's Pride's revenue for the quarter was up 4.3% compared to the same quarter last year. Analysts predict that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current fiscal year.

Pilgrim's Pride Announces Dividend

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

Analyst Ratings Changes

Several research firms have recently weighed in on PPC. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Pilgrim's Pride in a research note on Wednesday, October 8th. Zacks Research downgraded Pilgrim's Pride from a "hold" rating to a "strong sell" rating in a report on Thursday, October 9th. Wall Street Zen downgraded Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 13th. Finally, The Goldman Sachs Group dropped their target price on Pilgrim's Pride from $54.00 to $46.00 and set a "neutral" rating on the stock in a report on Monday, October 13th. Five analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and a consensus price target of $47.67.

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.

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