Neo Ivy Capital Management Reduces Holdings in Pilgrim's Pride Co. (NASDAQ:PPC)

Neo Ivy Capital Management lowered its stake in Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 74.8% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,842 shares of the company's stock after selling 62,010 shares during the quarter. Neo Ivy Capital Management's holdings in Pilgrim's Pride were worth $960,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Harbor Capital Advisors Inc. bought a new position in Pilgrim's Pride in the third quarter worth approximately $27,000. ORG Wealth Partners LLC purchased a new stake in shares of Pilgrim's Pride in the third quarter worth approximately $29,000. Raleigh Capital Management Inc. bought a new position in Pilgrim's Pride during the 3rd quarter valued at $34,000. ORG Partners LLC bought a new position in shares of Pilgrim's Pride during the second quarter valued at about $32,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Pilgrim's Pride in the 2nd quarter worth about $32,000. Institutional investors and hedge funds own 16.64% of the company's stock.

Analysts Set New Price Targets

PPC has been the topic of a number of research analyst reports. 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. BMO Capital Markets boosted their price target on shares of Pilgrim's Pride from $42.00 to $43.00 and gave the company a "market perform" rating in a research report on Friday, November 1st. Stephens began coverage on shares of Pilgrim's Pride in a research report on Thursday, October 3rd. They issued an "equal weight" rating and a $43.00 price objective on the stock. Bank of America cut Pilgrim's Pride from a "buy" rating to a "neutral" rating and set a $47.00 price objective for the company. in a report on Thursday, August 15th. Finally, Barclays lifted their price target on shares of Pilgrim's Pride from $45.00 to $49.00 and gave the stock an "equal weight" rating in a research note on Friday, November 1st. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $45.50.

Pilgrim's Pride Trading Down 0.3 %

Shares of PPC stock traded down $0.16 during trading hours on Thursday, reaching $49.83. The company's stock had a trading volume of 694,223 shares, compared to its average volume of 898,825. The stock has a market capitalization of $11.82 billion, a P/E ratio of 12.04, a P/E/G ratio of 0.20 and a beta of 0.82. The firm's fifty day simple moving average is $49.18 and its 200 day simple moving average is $43.65. Pilgrim's Pride Co. has a one year low of $25.68 and a one year high of $55.50. The company has a current ratio of 1.95, a quick ratio of 1.27 and a debt-to-equity ratio of 0.75.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.36. The business had revenue of $4.58 billion for the quarter, compared to analysts' expectations of $4.69 billion. Pilgrim's Pride had a return on equity of 29.92% and a net margin of 5.46%. The business's revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.58 EPS. Equities research analysts expect that Pilgrim's Pride Co. will post 5.12 EPS for the current year.

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.