Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 36.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 87,231 shares of the company's stock after selling 49,130 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Pilgrim's Pride were worth $4,017,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of PPC. Harbor Capital Advisors Inc. purchased a new position in shares of Pilgrim's Pride in the 3rd quarter worth $27,000. ORG Wealth Partners LLC acquired a new position in shares of Pilgrim's Pride in the 3rd quarter valued at about $29,000. Raleigh Capital Management Inc. acquired a new position in shares of Pilgrim's Pride in the 3rd quarter valued at about $34,000. ORG Partners LLC purchased a new stake in shares of Pilgrim's Pride during the 2nd quarter worth about $32,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Pilgrim's Pride during the 2nd quarter worth approximately $32,000. 16.64% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on PPC shares. BMO Capital Markets increased their price target on Pilgrim's Pride from $42.00 to $43.00 and gave the company a "market perform" rating in a report on Friday, November 1st. Bank of America downgraded Pilgrim's Pride from a "buy" rating to a "neutral" rating and set a $47.00 target price on the stock. in a report on Thursday, August 15th. Argus upped their price target on Pilgrim's Pride from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, August 28th. Barclays increased their price objective on shares of Pilgrim's Pride from $45.00 to $49.00 and gave the company an "equal weight" rating in a research report on Friday, November 1st. Finally, Stephens initiated coverage on shares of Pilgrim's Pride in a research report on Thursday, October 3rd. They set an "equal weight" rating and a $43.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $45.50.
Check Out Our Latest Stock Report on PPC
Pilgrim's Pride Stock Down 1.0 %
Shares of Pilgrim's Pride stock traded down $0.54 on Friday, hitting $51.71. 620,458 shares of the company's stock traded hands, compared to its average volume of 1,016,391. Pilgrim's Pride Co. has a 52-week low of $25.23 and a 52-week high of $55.50. The company has a quick ratio of 1.27, a current ratio of 1.95 and a debt-to-equity ratio of 0.75. The stock has a market cap of $12.26 billion, a P/E ratio of 12.49, a PEG ratio of 0.22 and a beta of 0.81. The firm's 50-day moving average is $47.28 and its 200 day moving average is $42.45.
Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $1.63 EPS for the quarter, beating analysts' consensus estimates of $1.27 by $0.36. The firm had revenue of $4.58 billion for the quarter, compared to the consensus estimate of $4.69 billion. Pilgrim's Pride had a net margin of 5.46% and a return on equity of 29.92%. The firm's revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.58 EPS. Equities analysts anticipate that Pilgrim's Pride Co. will post 4.91 earnings per share for the current year.
Pilgrim's Pride Company Profile
(
Free Report)
Pilgrim's Pride Corporation produces, processes, markets, and distributes fresh, frozen, and value-added chicken and pork products to retailers, distributors, and foodservice operators. The company offers fresh products, including refrigerated whole or cut-up chicken, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork, and pork ribs; and prepared products, which include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meat balls.
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