Pilgrim's Pride (NASDAQ:PPC) Stock Price Down 3.3% - Here's What Happened

Key Points

• Pilgrim's Pride's stock price dropped by 3.3% to $37.30, with trading volume declining by 56% compared to the average daily volume.
• Wall Street analysts have recently downgraded their ratings; Wall Street Zen changed its rating from "strong-buy" to "buy," while Goldman Sachs has a "neutral" rating with a target price of $50.00.
• The company reported a 4.3% increase in quarterly revenue year-over-year, totaling $4.76 billion, along with an earnings per share (EPS) of $1.70 which exceeded analysts' expectations.

Shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Get Free Report) were down 3.3% on Wednesday . The stock traded as low as $37.03 and last traded at $37.30. Approximately 602,451 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 1,359,275 shares. The stock had previously closed at $38.56.

Wall Street Analyst Weigh In

PPC has been the topic of several recent research reports. 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. The Goldman Sachs Group assumed coverage on Pilgrim's Pride in a report on Monday, June 23rd. They set a "neutral" rating and a $50.00 target price on the stock. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Pilgrim's Pride in a research note on Wednesday. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, Pilgrim's Pride presently has an average rating of "Hold" and an average price target of $49.00.

Pilgrim's Pride Trading Down 2.5%

The company has a market cap of $8.93 billion, a P/E ratio of 7.27 and a beta of 0.45. The firm has a 50-day moving average of $44.61 and a 200 day moving average of $47.22. The company has a current ratio of 1.63, a quick ratio of 0.88 and a debt-to-equity ratio of 0.83.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $1.70 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $4.62 billion. During the same period last year, the business earned $1.67 EPS. Pilgrim's Pride's quarterly revenue was up 4.3% compared to the same quarter last year. On average, analysts predict that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current fiscal year.

Pilgrim's Pride Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Brooklyn Investment Group grew its stake in 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 during the period. Quarry LP bought a new position in shares of Pilgrim's Pride during the 1st quarter worth $43,000. Ameritas Advisory Services LLC bought a new position in shares of Pilgrim's Pride during the 2nd quarter worth $45,000. Caitong International Asset Management Co. Ltd grew 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 during the period. Finally, Raleigh Capital Management Inc. bought a new position in shares of Pilgrim's Pride during the 1st quarter worth $74,000. Institutional investors own 16.64% of the company's stock.

About Pilgrim's Pride

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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