Sierra Summit Advisors LLC Acquires New 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 bought 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 & Exchange Commission. The institutional investor bought 13,862 shares of the company's stock, valued at approximately $756,000.

Several other large investors have also recently bought and sold shares of PPC. Accredited Wealth Management LLC purchased a new position in Pilgrim's Pride in the fourth quarter valued at $41,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Pilgrim's Pride in the fourth quarter valued at $55,000. Raleigh Capital Management Inc. acquired a new position in Pilgrim's Pride in the first quarter valued at $74,000. PNC Financial Services Group Inc. boosted its stake in Pilgrim's Pride by 46.7% in the first quarter. PNC Financial Services Group Inc. now owns 1,386 shares of the company's stock valued at $76,000 after acquiring an additional 441 shares in the last quarter. Finally, Central Pacific Bank Trust Division acquired a new position in Pilgrim's Pride in the first quarter valued at $133,000. Hedge funds and other institutional investors own 16.64% of the company's stock.

Pilgrim's Pride Stock Performance

PPC traded down $0.11 during trading on Wednesday, hitting $49.74. The stock had a trading volume of 557,018 shares, compared to its average volume of 1,297,722. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.88 and a current ratio of 1.63. The firm has a market capitalization of $11.81 billion, a P/E ratio of 9.59 and a beta of 0.50. The company's 50-day moving average price is $46.49 and its 200 day moving average price is $49.38. Pilgrim's Pride Corporation has a twelve month low of $40.09 and a twelve month high of $57.16.

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Wall Street Zen downgraded shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. The Goldman Sachs Group initiated coverage on shares of Pilgrim's Pride in a research note on Monday, June 23rd. They issued a "neutral" rating and a $50.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average 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.