Sierra Summit Advisors LLC Takes Position in Pilgrim's Pride Corporation (NASDAQ:PPC)

Key Points

• Sierra Summit Advisors LLC has made a new investment of $756,000 in Pilgrim's Pride Corporation, acquiring 13,862 shares during the first quarter.
• Recent analyst ratings show that Pilgrim's Pride has been downgraded from a "strong-buy" to a "buy," with a current consensus price target of $48.67.
• The company reported a revenue of $4.76 billion for the last quarter, exceeding expectations, along with earnings per share of $1.70, beating the consensus estimate by $0.16.

Sierra Summit Advisors LLC purchased a new stake in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 13,862 shares of the company's stock, valued at approximately $756,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Accredited Wealth Management LLC bought a new position in Pilgrim's Pride during the fourth quarter worth about $41,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Pilgrim's Pride in the fourth quarter valued at approximately $55,000. Raleigh Capital Management Inc. acquired a new stake in shares of Pilgrim's Pride in the first quarter valued at approximately $74,000. PNC Financial Services Group Inc. raised its position in Pilgrim's Pride by 46.7% during the first quarter. PNC Financial Services Group Inc. now owns 1,386 shares of the company's stock valued at $76,000 after purchasing an additional 441 shares in the last quarter. Finally, Central Pacific Bank Trust Division acquired a new position in Pilgrim's Pride during the first quarter valued at approximately $133,000. Institutional investors and hedge funds own 16.64% of the company's stock.

Pilgrim's Pride Price Performance

Shares of Pilgrim's Pride stock traded up $0.45 on Monday, hitting $50.41. 606,849 shares of the company traded hands, compared to its average volume of 1,254,339. The company has a market cap of $11.97 billion, a P/E ratio of 9.71 and a beta of 0.50. The firm's 50-day simple moving average is $46.47 and its 200 day simple moving average is $49.38. Pilgrim's Pride Corporation has a 12-month low of $40.09 and a 12-month 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.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $1.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.16. The business had revenue of $4.76 billion for the quarter, compared to analyst estimates of $4.62 billion. Pilgrim's Pride had a net margin of 6.81% and a return on equity of 37.15%. The company's revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.67 EPS. Analysts expect that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.