Janney Montgomery Scott LLC boosted its position in Pilgrim’s Pride Co. (NASDAQ:PPC) by 301.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,581 shares of the company’s stock after acquiring an additional 25,975 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Pilgrim’s Pride were worth $1,108,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the stock. Dupont Capital Management Corp acquired a new stake in Pilgrim’s Pride in the third quarter valued at approximately $154,000. New York State Teachers Retirement System raised its holdings in Pilgrim’s Pride by 174.5% during the third quarter. New York State Teachers Retirement System now owns 12,900 shares of the company’s stock worth $413,000 after purchasing an additional 8,200 shares in the last quarter. Louisiana State Employees Retirement System acquired a new stake in Pilgrim’s Pride during the third quarter worth approximately $404,000. Rhumbline Advisers raised its holdings in Pilgrim’s Pride by 177.6% during the third quarter. Rhumbline Advisers now owns 126,615 shares of the company’s stock worth $4,057,000 after purchasing an additional 81,003 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D acquired a new stake in Pilgrim’s Pride during the third quarter worth approximately $2,775,000. 19.70% of the stock is currently owned by hedge funds and other institutional investors.
PPC has been the topic of a number of research analyst reports. FinnCap reissued a “corporate” rating on shares of Pilgrim’s Pride in a report on Saturday, November 2nd. Mizuho raised their price objective on shares of Pilgrim’s Pride from $30.00 to $34.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Peel Hunt reissued an “add” rating on shares of Pilgrim’s Pride in a report on Monday, October 21st. Zacks Investment Research raised shares of Pilgrim’s Pride from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a report on Tuesday, October 29th. Finally, BidaskClub cut shares of Pilgrim’s Pride from a “buy” rating to a “hold” rating in a report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Pilgrim’s Pride has a consensus rating of “Buy” and a consensus price target of $31.33.
Pilgrim’s Pride (NASDAQ:PPC) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.02. The business had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.74 billion. Pilgrim’s Pride had a return on equity of 17.87% and a net margin of 3.24%. The business’s revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.21 EPS. On average, equities research analysts predict that Pilgrim’s Pride Co. will post 1.87 earnings per share for the current year.
About Pilgrim’s Pride
Pilgrim's Pride Corporation engages in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken products in the United States, the United Kingdom, Europe, and Mexico. The company offers fresh chicken products, including pre-marinated or non-marinated refrigerated (nonfrozen) whole or cut-up chicken; and prepackaged case-ready chicken, such as whole chickens and chicken parts.
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