Pilgrim's Pride Corporation $PPC Shares Sold by Rhumbline Advisers

Key Points

• Rhumbline Advisers reduced its holdings in Pilgrim's Pride Corporation by 9.4% during the 1st quarter, now owning 106,333 shares valued at approximately $5.8 million.
• Pilgrim's Pride reported earnings of $1.70 per share for the last quarter, exceeding analysts' expectations of $1.54, along with a revenue of $4.76 billion.
• The company announced a special $2.10 dividend paid on September 3rd, with the ex-dividend date on August 20th.

Rhumbline Advisers lowered its holdings in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 9.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,333 shares of the company's stock after selling 11,082 shares during the period. Rhumbline Advisers' holdings in Pilgrim's Pride were worth $5,796,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its stake in Pilgrim's Pride by 0.3% during the 1st quarter. Principal Financial Group Inc. now owns 93,044 shares of the company's stock valued at $5,072,000 after acquiring an additional 290 shares in the last quarter. Comerica Bank raised its stake in shares of Pilgrim's Pride by 2.9% in the 1st quarter. Comerica Bank now owns 12,359 shares of the company's stock worth $674,000 after buying an additional 345 shares in the last quarter. Fifth Third Bancorp raised its stake 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 in the last quarter. Jackson Creek Investment Advisors LLC raised its stake 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 in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Pilgrim's Pride by 46.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,386 shares of the company's stock worth $76,000 after buying an additional 441 shares in the last quarter. Institutional investors own 16.64% of the company's stock.

Pilgrim's Pride Stock Performance

Shares of PPC stock opened at $43.63 on Friday. Pilgrim's Pride Corporation has a 1-year low of $40.09 and a 1-year high of $57.16. The company has a current ratio of 1.63, a quick ratio of 0.88 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $10.36 billion, a price-to-earnings ratio of 8.41 and a beta of 0.50. The stock's fifty day simple moving average is $46.30 and its 200-day simple moving average is $48.60.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.70 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $4.76 billion for the quarter, compared to the consensus estimate of $4.62 billion. During the same quarter in the previous year, the company posted $1.67 earnings per share. Pilgrim's Pride's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, sell-side 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 company also recently announced a special dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th were paid a $2.10 dividend. The ex-dividend date was Wednesday, August 20th.

Wall Street Analyst Weigh In

PPC has been the topic of a number of research reports. The Goldman Sachs Group initiated coverage on Pilgrim's Pride in a research note on Monday, June 23rd. They issued a "neutral" rating and a $50.00 price objective on the stock. Wall Street Zen lowered Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Five equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $47.50.

Pilgrim's Pride Company 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.

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