Pilgrim's Pride (NASDAQ:PPC) Sets New 12-Month High Following Better-Than-Expected Earnings

Pilgrim's Pride Co. (NASDAQ:PPC - Get Free Report)'s share price reached a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $49.38 and last traded at $46.68, with a volume of 60959 shares changing hands. The stock had previously closed at $47.69.

The company reported $1.63 EPS for the quarter, topping analysts' consensus estimates of $1.27 by $0.36. The firm had revenue of $4.58 billion during the quarter, compared to the consensus estimate of $4.69 billion. Pilgrim's Pride had a return on equity of 25.06% and a net margin of 4.25%. The firm's revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.58 EPS.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. BMO Capital Markets reiterated a "market perform" rating and set a $46.00 price target on shares of Pilgrim's Pride in a research report on Monday, August 12th. Barclays upped their price target on shares of Pilgrim's Pride from $43.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Monday, September 9th. Argus raised their price objective on shares of Pilgrim's Pride from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Wednesday, August 28th. Bank of America downgraded Pilgrim's Pride from a "buy" rating to a "neutral" rating and set a $47.00 target price for the company. in a research report on Thursday, August 15th. Finally, Stephens initiated coverage on Pilgrim's Pride in a research report on Thursday, October 3rd. They set an "equal weight" rating and a $43.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $45.33.

Insider Buying and Selling

In other news, CFO Matthew R. Galvanoni sold 6,500 shares of Pilgrim's Pride stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $43.31, for a total transaction of $281,515.00. Following the transaction, the chief financial officer now owns 51,750 shares in the company, valued at approximately $2,241,292.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Fabio Sandri sold 65,000 shares of the business's stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $44.50, for a total transaction of $2,892,500.00. Following the transaction, the chief executive officer now directly owns 279,565 shares in the company, valued at $12,440,642.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Matthew R. Galvanoni sold 6,500 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $43.31, for a total value of $281,515.00. Following the sale, the chief financial officer now owns 51,750 shares of the company's stock, valued at approximately $2,241,292.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 82.63% of the company's stock.

Institutional Investors Weigh In On Pilgrim's Pride

Several large investors have recently made changes to their positions in PPC. Harbor Capital Advisors Inc. acquired a new position in Pilgrim's Pride during the third quarter worth $27,000. ORG Wealth Partners LLC acquired a new position in shares of Pilgrim's Pride during the 3rd quarter valued at about $29,000. Raleigh Capital Management Inc. bought a new position in shares of Pilgrim's Pride in the third quarter valued at approximately $34,000. ORG Partners LLC acquired a new position in Pilgrim's Pride during the 2nd quarter worth $32,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Pilgrim's Pride during the 2nd quarter worth about $32,000. Institutional investors own 16.64% of the company's stock.

Pilgrim's Pride Stock Performance

The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.09 and a current ratio of 1.82. The firm has a 50 day moving average of $44.78 and a two-hundred day moving average of $40.50. The stock has a market cap of $11.48 billion, a P/E ratio of 22.97, a P/E/G ratio of 0.23 and a beta of 0.82.

About Pilgrim's Pride

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.