Pilgrim's Pride (NASDAQ:PPC) Hits New 1-Year Low - Here's What Happened

Key Points

• Pilgrim's Pride shares reached a new 52-week low at $41.53 amid trading, marking a notable decrease from a previous closing price of $42.32.
• Analysts maintain a "Hold" rating on the stock, with a consensus price target of $47.50, despite a downgrade from "strong-buy" to "buy" by Wall Street Zen.
• The company recently declared a special dividend of $2.10 per share, indicating its ongoing commitment to returning value to shareholders.

Pilgrim's Pride Corporation (NASDAQ:PPC - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $41.53 and last traded at $41.77, with a volume of 39949 shares changing hands. The stock had previously closed at $42.32.

Analyst Ratings Changes

A number of equities analysts have commented on PPC shares. Wall Street Zen downgraded shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 13th. The Goldman Sachs Group started coverage on Pilgrim's Pride in a research report on Monday, June 23rd. They set a "neutral" rating and a $50.00 target price for the company. Five analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $47.50.

Pilgrim's Pride Price Performance

The firm has a market capitalization of $9.78 billion, a PE ratio of 7.94 and a beta of 0.50. 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 stock has a fifty day moving average price of $45.97 and a 200-day moving average price of $48.11.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.70 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $4.76 billion for the quarter, compared to the consensus estimate of $4.62 billion. During the same quarter last year, the company earned $1.67 earnings per share. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. Sell-side analysts forecast that Pilgrim's Pride Corporation will post 5.13 EPS for the current fiscal year.

Pilgrim's Pride Announces Dividend

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

Institutional Trading of Pilgrim's Pride

Institutional investors have recently made changes to their positions in the business. Brooklyn Investment Group increased its position in Pilgrim's Pride by 309.4% during the 1st quarter. Brooklyn Investment Group now owns 651 shares of the company's stock valued at $35,000 after buying an additional 492 shares in the last quarter. Quarry LP acquired a new position in Pilgrim's Pride during the 1st quarter valued at approximately $43,000. Ameritas Advisory Services LLC purchased a new position in shares of Pilgrim's Pride in the second quarter worth $45,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Pilgrim's Pride during the fourth quarter worth $55,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of Pilgrim's Pride by 117.5% during the second quarter. Caitong International Asset Management Co. Ltd now owns 1,231 shares of the company's stock worth $55,000 after buying an additional 665 shares during the period. Institutional investors and hedge funds own 16.64% of the company's stock.

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.