Highland Capital Management LLC Increases Stock Position in Pilgrim's Pride Co. (NASDAQ:PPC)

Highland Capital Management LLC lifted its position in Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 459.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 33,244 shares of the company's stock after buying an additional 27,305 shares during the period. Highland Capital Management LLC's holdings in Pilgrim's Pride were worth $1,531,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norden Group LLC purchased a new stake in Pilgrim's Pride during the 1st quarter worth approximately $2,462,000. Principal Financial Group Inc. boosted its holdings in shares of Pilgrim's Pride by 2.4% in the 1st quarter. Principal Financial Group Inc. now owns 151,658 shares of the company's stock valued at $5,205,000 after acquiring an additional 3,584 shares during the last quarter. Capstone Investment Advisors LLC boosted its holdings in shares of Pilgrim's Pride by 14.1% in the 1st quarter. Capstone Investment Advisors LLC now owns 30,882 shares of the company's stock valued at $1,060,000 after acquiring an additional 3,811 shares during the last quarter. GSA Capital Partners LLP boosted its holdings in shares of Pilgrim's Pride by 44.2% in the 1st quarter. GSA Capital Partners LLP now owns 14,117 shares of the company's stock valued at $484,000 after acquiring an additional 4,329 shares during the last quarter. Finally, Texas Permanent School Fund Corp boosted its holdings in shares of Pilgrim's Pride by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 35,230 shares of the company's stock valued at $1,209,000 after acquiring an additional 456 shares during the last quarter. Hedge funds and other institutional investors own 16.64% of the company's stock.

Pilgrim's Pride Price Performance

NASDAQ:PPC traded down $0.34 during trading hours on Friday, reaching $46.21. 550,828 shares of the company were exchanged, compared to its average volume of 888,999. The company has a current ratio of 1.82, a quick ratio of 1.09 and a debt-to-equity ratio of 0.85. The stock's 50-day moving average is $44.54 and its 200-day moving average is $40.28. The firm has a market cap of $10.95 billion, a PE ratio of 22.43, a price-to-earnings-growth ratio of 0.23 and a beta of 0.82. Pilgrim's Pride Co. has a twelve month low of $23.97 and a twelve month high of $49.07.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last posted its quarterly earnings data 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 net margin of 4.25% and a return on equity of 25.06%. The company had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $4.62 billion. During the same period in the prior year, the business posted $0.44 earnings per share. The firm's revenue for the quarter was up 5.8% on a year-over-year basis. On average, sell-side analysts anticipate that Pilgrim's Pride Co. will post 4.79 earnings per share for the current fiscal year.

Insider Transactions at Pilgrim's Pride

In other news, CEO Fabio Sandri sold 65,000 shares of the company'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 completion of the sale, the chief executive officer now owns 279,565 shares of the company's stock, valued at $12,440,642.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Matthew R. Galvanoni sold 6,500 shares of the company's stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $43.31, for a total value of $281,515.00. Following the completion of 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Fabio Sandri sold 65,000 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 279,565 shares of the company's stock, valued at $12,440,642.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 82.63% of the company's stock.

Wall Street Analyst Weigh In

PPC has been the topic of several recent research reports. BMO Capital Markets reaffirmed a "market perform" rating and issued a $46.00 price objective on shares of Pilgrim's Pride in a report on Monday, August 12th. Argus boosted their target price 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 cut shares of Pilgrim's Pride from a "buy" rating to a "neutral" rating and set a $47.00 target price for the company. in a research note on Thursday, August 15th. Barclays boosted 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, Stephens began coverage on shares of Pilgrim's Pride in a research note on Thursday, October 3rd. They issued an "equal weight" rating and a $43.00 target price for the company. Five analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $45.33.

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.