Pilgrim's Pride (NASDAQ:PPC) Reaches New 52-Week Low - Here's What Happened

Key Points

• Pilgrim's Pride Corporation (NASDAQ:PPC) stock hit a new 52-week low of $39.56 during recent trading, a decline from its previous close of $40.72.
• Analyst ratings for Pilgrim's Pride range from "buy" to "hold," with a consensus price target of $49.00 and a neutral rating initiated by Goldman Sachs.
• The company recently announced a $2.10 special dividend paid on September 3rd to shareholders of record as of August 20th.

Pilgrim's Pride Corporation (NASDAQ:PPC - Get Free Report)'s stock price hit a new 52-week low during trading on Monday . The company traded as low as $39.86 and last traded at $39.56, with a volume of 72146 shares changing hands. The stock had previously closed at $40.72.

Analyst Ratings Changes

PPC has been the subject of a number of analyst reports. The Goldman Sachs Group initiated coverage on shares of Pilgrim's Pride in a research note on Monday, June 23rd. They set a "neutral" rating and a $50.00 target price for the company. Wall Street Zen lowered shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 13th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Pilgrim's Pride in a research report on Saturday, September 27th. Five research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $49.00.

Pilgrim's Pride Trading Down 5.4%

The business's 50 day simple moving average is $44.96 and its 200 day simple moving average is $47.36. 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 company has a market capitalization of $9.15 billion, a price-to-earnings ratio of 7.44 and a beta of 0.45.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last announced its 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. The business had revenue of $4.76 billion during the quarter, compared to the consensus estimate of $4.62 billion. Pilgrim's Pride had a net margin of 6.81% and a return on equity of 37.15%. The business's quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.67 earnings per share. Research analysts anticipate that Pilgrim's Pride Corporation will post 5.13 EPS for the current year.

Pilgrim's Pride Dividend Announcement

The company also recently disclosed a special dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th were given a dividend of $2.10 per share. The ex-dividend date was Wednesday, August 20th.

Hedge Funds Weigh In On Pilgrim's Pride

A number of large investors have recently modified their holdings of PPC. Brooklyn Investment Group increased its holdings in shares of Pilgrim's Pride by 309.4% in the 1st quarter. Brooklyn Investment Group now owns 651 shares of the company's stock valued at $35,000 after purchasing an additional 492 shares in the last quarter. Quarry LP purchased a new position in Pilgrim's Pride in the first quarter valued at about $43,000. Ameritas Advisory Services LLC acquired a new stake in shares of Pilgrim's Pride during the 2nd quarter valued at approximately $45,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Pilgrim's Pride by 117.5% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,231 shares of the company's stock worth $55,000 after acquiring an additional 665 shares in the last quarter. Finally, Raleigh Capital Management Inc. acquired a new stake in shares of Pilgrim's Pride in the 1st quarter worth approximately $74,000. 16.64% of the stock is owned by hedge funds and other institutional investors.

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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