Smith Group Asset Management LLC Makes New Investment in Pilgrim's Pride Co. (NASDAQ:PPC)

Smith Group Asset Management LLC purchased a new stake in shares of Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 11,280 shares of the company's stock, valued at approximately $519,000.

Other institutional investors also recently modified their holdings of the company. Arizona State Retirement System lifted its holdings in Pilgrim's Pride by 1.9% in the second quarter. Arizona State Retirement System now owns 13,259 shares of the company's stock valued at $510,000 after acquiring an additional 244 shares during the period. Bayesian Capital Management LP grew its position in Pilgrim's Pride by 2.6% during the first quarter. Bayesian Capital Management LP now owns 11,382 shares of the company's stock valued at $391,000 after buying an additional 290 shares during the period. Bleakley Financial Group LLC increased its holdings in Pilgrim's Pride by 2.2% during the first quarter. Bleakley Financial Group LLC now owns 13,714 shares of the company's stock valued at $471,000 after buying an additional 301 shares during the last quarter. Norden Group LLC raised its position in Pilgrim's Pride by 3.6% in the second quarter. Norden Group LLC now owns 9,290 shares of the company's stock worth $358,000 after acquiring an additional 322 shares during the period. Finally, CWM LLC boosted its stake in shares of Pilgrim's Pride by 19.1% during the 3rd quarter. CWM LLC now owns 2,086 shares of the company's stock worth $96,000 after acquiring an additional 334 shares during the last quarter. 16.64% of the stock is owned by hedge funds and other institutional investors.

Pilgrim's Pride Trading Up 1.3 %

PPC stock traded up $0.64 during midday trading on Tuesday, reaching $48.09. The company's stock had a trading volume of 1,011,517 shares, compared to its average volume of 892,024. The firm has a market capitalization of $11.39 billion, a price-to-earnings ratio of 23.34, a PEG ratio of 0.23 and a beta of 0.82. Pilgrim's Pride Co. has a 1 year low of $24.75 and a 1 year high of $49.07. 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 stock has a fifty day simple moving average of $44.70 and a two-hundred day simple moving average of $40.45.

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

Insider Activity

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PPC shares. BMO Capital Markets reaffirmed a "market perform" rating and issued a $46.00 target price on shares of Pilgrim's Pride in a report on Monday, August 12th. Bank of America cut Pilgrim's Pride from a "buy" rating to a "neutral" rating and set a $47.00 price objective on the stock. in a research report on Thursday, August 15th. Barclays raised their target price 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 upped their price target on shares of Pilgrim's Pride from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, August 28th. Finally, Stephens initiated coverage on shares of Pilgrim's Pride in a report on Thursday, October 3rd. They issued an "equal weight" rating and a $43.00 target price for the company. Five investment 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. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $45.33.

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.