Twin Tree Management LP Sells 13,616 Shares of Pilgrim's Pride Corporation $PPC

Key Points

• Twin Tree Management LP significantly reduced its holdings in Pilgrim's Pride Corporation by 89%, selling 13,616 shares and retaining only 1,684 shares valued at $92,000.
• Pilgrim's Pride reported a 1.9% increase in stock price, with earnings per share of $1.70 exceeding estimates, and a year-over-year revenue growth of 4.3%.
• The company recently declared a special $2.10 dividend to be paid on September 3rd, with a record date of August 20th.

Twin Tree Management LP cut its position in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 89.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,684 shares of the company's stock after selling 13,616 shares during the quarter. Twin Tree Management LP's holdings in Pilgrim's Pride were worth $92,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its position in shares of Pilgrim's Pride by 18.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 56,066 shares of the company's stock valued at $3,154,000 after purchasing an additional 8,638 shares in the last quarter. GAMMA Investing LLC raised its stake in Pilgrim's Pride by 18.6% during the first quarter. GAMMA Investing LLC now owns 3,189 shares of the company's stock valued at $174,000 after buying an additional 501 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in Pilgrim's Pride during the first quarter valued at $355,000. LPL Financial LLC raised its stake in Pilgrim's Pride by 135.2% during the first quarter. LPL Financial LLC now owns 98,394 shares of the company's stock valued at $5,363,000 after buying an additional 56,568 shares during the last quarter. Finally, KBC Group NV purchased a new position in Pilgrim's Pride during the first quarter valued at $144,000. 16.64% of the stock is currently owned by institutional investors.

Pilgrim's Pride Stock Up 1.9%

PPC stock opened at $44.45 on Tuesday. Pilgrim's Pride Corporation has a 1-year low of $40.09 and a 1-year high of $57.16. The business has a fifty day moving average price of $46.55 and a 200-day moving average price of $49.11. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.63 and a quick ratio of 0.88. The stock has a market capitalization of $10.56 billion, a P/E ratio of 8.56 and a beta of 0.50.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.70 earnings per share 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 firm had revenue of $4.76 billion during the quarter, compared to analysts' expectations of $4.62 billion. During the same quarter in the previous year, the business earned $1.67 earnings per share. The company's revenue was up 4.3% on a year-over-year basis. Equities analysts forecast 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 declared a special dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th will be paid a $2.10 dividend. The ex-dividend date is Wednesday, August 20th.

Wall Street Analysts Forecast Growth

PPC has been the subject of a number of recent research reports. Wall Street Zen cut 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 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. Five research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price 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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