PAX Financial Group LLC grew its stake in shares of Pilgrim’s Pride Co. (NASDAQ:PPC – Get Rating) by 14.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,491 shares of the company’s stock after acquiring an additional 2,104 shares during the period. PAX Financial Group LLC’s holdings in Pilgrim’s Pride were worth $414,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in PPC. Weiss Multi Strategy Advisers LLC increased its holdings in shares of Pilgrim’s Pride by 169.5% in the fourth quarter. Weiss Multi Strategy Advisers LLC now owns 673,870 shares of the company’s stock worth $19,003,000 after purchasing an additional 423,862 shares during the period. National Bank of Canada FI bought a new position in shares of Pilgrim’s Pride in the first quarter worth $5,547,000. Bank of Nova Scotia increased its holdings in shares of Pilgrim’s Pride by 59.5% in the first quarter. Bank of Nova Scotia now owns 571,000 shares of the company’s stock worth $14,332,000 after purchasing an additional 213,000 shares during the period. Boussard & Gavaudan Investment Management LLP increased its holdings in shares of Pilgrim’s Pride by 114.6% in the fourth quarter. Boussard & Gavaudan Investment Management LLP now owns 298,421 shares of the company’s stock worth $8,317,000 after purchasing an additional 159,370 shares during the period. Finally, Qube Research & Technologies Ltd increased its holdings in shares of Pilgrim’s Pride by 280.9% in the fourth quarter. Qube Research & Technologies Ltd now owns 203,034 shares of the company’s stock worth $5,726,000 after purchasing an additional 149,734 shares during the period. Hedge funds and other institutional investors own 17.97% of the company’s stock.
Analyst Ratings Changes
A number of research analysts recently commented on the company. TheStreet raised Pilgrim’s Pride from a “c” rating to a “b-” rating in a research note on Wednesday, April 27th. BMO Capital Markets increased their target price on Pilgrim’s Pride from $30.00 to $36.00 in a research note on Friday, July 29th. StockNews.com raised Pilgrim’s Pride from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 3rd. Finally, Stephens cut Pilgrim’s Pride to an “equal weight” rating in a research note on Tuesday, August 9th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Pilgrim’s Pride has an average rating of “Moderate Buy” and an average price target of $33.00.
Pilgrim’s Pride Stock Performance
Pilgrim’s Pride (NASDAQ:PPC – Get Rating) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $1.54 EPS for the quarter, topping the consensus estimate of $1.12 by $0.42. Pilgrim’s Pride had a net margin of 4.42% and a return on equity of 35.26%. The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.39 billion. During the same period last year, the business posted $0.63 earnings per share. Pilgrim’s Pride’s quarterly revenue was up 27.3% compared to the same quarter last year. Sell-side analysts expect that Pilgrim’s Pride Co. will post 4.14 EPS for the current year.
Insiders Place Their Bets
In other Pilgrim’s Pride news, CEO Fabio Sandri sold 77,741 shares of the firm’s stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $34.42, for a total transaction of $2,675,845.22. Following the completion of the transaction, the chief executive officer now owns 293,816 shares of the company’s stock, valued at $10,113,146.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 80.36% of the stock is currently owned by company insiders.
About Pilgrim’s Pride
Pilgrim's Pride Corporation engages in the production, processing, marketing and distribution of fresh, frozen and value-added chicken, and pork products to retailers, distributors, and foodservice operators in the United States, the United Kingdom, Mexico, the Middle East, Asia, Continental Europe, and internationally.
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