Allspring Global Investments Holdings LLC Boosts Stock Holdings in Pilgrim's Pride Co. (NASDAQ:PPC)

Allspring Global Investments Holdings LLC increased its holdings in shares of Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 88.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 433,891 shares of the company's stock after acquiring an additional 203,408 shares during the period. Allspring Global Investments Holdings LLC owned about 0.18% of Pilgrim's Pride worth $19,981,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. ORG Wealth Partners LLC acquired a new stake in shares of Pilgrim's Pride in the third quarter valued at approximately $29,000. ORG Partners LLC bought a new position in Pilgrim's Pride in the second quarter valued at about $32,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Pilgrim's Pride in the second quarter valued at about $32,000. Headlands Technologies LLC acquired a new stake in Pilgrim's Pride in the first quarter worth about $38,000. Finally, GAMMA Investing LLC raised its holdings in Pilgrim's Pride by 102.9% during the 2nd quarter. GAMMA Investing LLC now owns 1,410 shares of the company's stock worth $54,000 after purchasing an additional 715 shares during the last quarter. Institutional investors own 16.64% of the company's stock.

Pilgrim's Pride Trading Down 0.7 %

Shares of PPC traded down $0.34 during mid-day trading on Friday, reaching $46.21. 550,647 shares of the company were exchanged, compared to its average volume of 888,999. The business has a 50 day simple moving average of $44.48 and a two-hundred day simple moving average of $40.13. Pilgrim's Pride Co. has a 52 week low of $23.97 and a 52 week high of $49.07. The stock has a market capitalization of $10.95 billion, a PE ratio of 22.60, a PEG ratio of 0.23 and a beta of 0.82. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.09 and a current ratio of 1.82.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $1.67 earnings per share for the quarter, topping analysts' consensus estimates of $1.32 by $0.35. Pilgrim's Pride had a return on equity of 25.06% and a net margin of 4.25%. The firm had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $4.62 billion. During the same period last year, the business posted $0.44 EPS. The business's revenue was up 5.8% compared to the same quarter last year. On average, analysts predict that Pilgrim's Pride Co. will post 4.79 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other Pilgrim's Pride news, CFO Matthew R. Galvanoni sold 6,500 shares of the company's stock in a transaction on Tuesday, August 6th. The shares were 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Fabio Sandri sold 65,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $44.50, for a total value of $2,892,500.00. Following the completion of the sale, the chief executive officer now owns 279,565 shares in the company, valued at $12,440,642.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Matthew R. Galvanoni sold 6,500 shares of the business's stock in a transaction dated 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. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 82.63% of the stock is currently owned by company insiders.

Pilgrim's Pride Company Profile

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.