JPMorgan Chase & Co. Increases Stock Position in Pilgrim's Pride Co. (NASDAQ:PPC)

JPMorgan Chase & Co. grew its position in Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 25.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 201,784 shares of the company's stock after acquiring an additional 40,908 shares during the quarter. JPMorgan Chase & Co. owned 0.09% of Pilgrim's Pride worth $9,292,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Harbor Capital Advisors Inc. bought a new stake in Pilgrim's Pride during the 3rd quarter worth approximately $27,000. ORG Wealth Partners LLC bought a new stake in shares of Pilgrim's Pride during the third quarter worth $29,000. Raleigh Capital Management Inc. bought a new position in shares of Pilgrim's Pride in the third quarter worth about $34,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Pilgrim's Pride during the 2nd quarter worth $32,000. Finally, Quarry LP lifted its stake in shares of Pilgrim's Pride by 295.8% during the third quarter. Quarry LP now owns 946 shares of the company's stock valued at $44,000 after acquiring an additional 707 shares during the period. Institutional investors and hedge funds own 16.64% of the company's stock.

Pilgrim's Pride Stock Performance

NASDAQ PPC traded down $0.05 during trading hours on Tuesday, reaching $45.48. 218,274 shares of the company were exchanged, compared to its average volume of 783,126. Pilgrim's Pride Co. has a 1 year low of $26.52 and a 1 year high of $55.50. The business's 50 day simple moving average is $49.40 and its 200-day simple moving average is $45.48. The stock has a market capitalization of $10.78 billion, a P/E ratio of 10.99, a P/E/G ratio of 0.20 and a beta of 0.84. The company has a quick ratio of 1.27, a current ratio of 1.95 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, topping the consensus estimate of $1.27 by $0.36. Pilgrim's Pride had a net margin of 5.46% and a return on equity of 29.92%. The company had revenue of $4.58 billion for the quarter, compared to analysts' expectations of $4.69 billion. During the same period in the prior year, the business earned $0.58 earnings per share. Pilgrim's Pride's revenue for the quarter was up 5.2% compared to the same quarter last year. On average, equities research analysts expect that Pilgrim's Pride Co. will post 5.12 earnings per share for the current year.

Analysts Set New Price Targets

PPC has been the subject of several research analyst reports. Stephens started coverage on shares of Pilgrim's Pride in a report on Thursday, October 3rd. They issued an "equal weight" rating and a $43.00 price target for the company. Barclays increased their price objective on shares of Pilgrim's Pride from $45.00 to $49.00 and gave the stock an "equal weight" rating in a research report on Friday, November 1st. Finally, BMO Capital Markets boosted their target price on Pilgrim's Pride from $42.00 to $43.00 and gave the company a "market perform" rating in a research note on Friday, November 1st. Five research 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 company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $45.50.

Pilgrim's Pride 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.