Pilgrim's Pride (NASDAQ:PPC) Announces Quarterly Earnings Results

Key Points

• Pilgrim’s Pride reported quarterly EPS of $0.64, falling short of the $0.70 consensus estimate by $0.06. The company posted a 28.57% return on equity and a 4.78% net margin.
• PPC shares rose $0.14 to $29.95, but remain well below their 52-week high of $50.56. The stock has a market capitalization of $7.13 billion and a price-to-earnings ratio of 8.03.
• Analyst sentiment remains cautious, with a consensus rating of “Hold” and an average price target of $36.83. Institutional investors own 16.64% of the company, with several firms recently increasing or initiating positions.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) released its quarterly earnings results on Wednesday. The company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.06), Zacks reports. Pilgrim's Pride had a return on equity of 28.57% and a net margin of 4.78%.

Pilgrim's Pride Stock Performance

PPC traded up $0.14 on Wednesday, reaching $29.95. 2,065,512 shares of the stock were exchanged, compared to its average volume of 1,243,959. The company's 50-day moving average price is $28.54 and its 200 day moving average price is $34.50. Pilgrim's Pride has a fifty-two week low of $26.50 and a fifty-two week high of $50.56. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.48 and a quick ratio of 0.73. The firm has a market capitalization of $7.13 billion, a PE ratio of 8.03 and a beta of 0.29.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Pilgrim's Pride by 90.3% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,369 shares of the company's stock valued at $300,000 after acquiring an additional 3,497 shares during the last quarter. Virtus Advisers LLC purchased a new position in shares of Pilgrim's Pride during the third quarter worth $290,000. Focus Partners Advisor Solutions LLC raised its holdings in shares of Pilgrim's Pride by 19.9% during the fourth quarter. Focus Partners Advisor Solutions LLC now owns 7,312 shares of the company's stock worth $285,000 after purchasing an additional 1,215 shares during the last quarter. Evolve Private Wealth LLC acquired a new position in Pilgrim's Pride during the fourth quarter valued at $279,000. Finally, PharVision Advisers LLC acquired a new position in Pilgrim's Pride during the third quarter valued at $259,000. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PPC. Bank of America decreased their price objective on Pilgrim's Pride from $37.00 to $30.00 and set a "neutral" rating for the company in a report on Thursday, July 2nd. Weiss Ratings lowered Pilgrim's Pride from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, June 26th. UBS Group initiated coverage on Pilgrim's Pride in a research note on Tuesday, May 19th. They issued a "neutral" rating and a $30.00 price target for the company. Barclays upgraded Pilgrim's Pride from an "equal weight" rating to an "overweight" rating and dropped their price target for the stock from $45.00 to $42.00 in a research note on Friday, May 1st. Finally, The Goldman Sachs Group decreased their price objective on shares of Pilgrim's Pride from $44.00 to $39.00 and set a "neutral" rating for the company in a research report on Thursday, April 9th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $36.83.

About Pilgrim's Pride

Pilgrim's Pride Corporation is a leading poultry producer in the United States and Mexico and a wholly owned subsidiary of JBS SA Headquartered in Greeley, Colorado, and Pittsburg, Texas, the company specializes in the production, processing and distribution of fresh, frozen and value-added chicken products. Pilgrim's Pride serves a diverse customer base that includes retail grocery chains, foodservice distributors and restaurant operators across North America and in select international markets.

The company's vertically integrated operations encompass breeding, hatching, feed milling, processing plants and cold storage facilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.