Pilgrim's Pride Co. (NASDAQ:PPC) Shares Sold by Redwood Investment Management LLC

Redwood Investment Management LLC lessened its holdings in Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 32.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 108,833 shares of the company's stock after selling 51,835 shares during the quarter. Redwood Investment Management LLC's holdings in Pilgrim's Pride were worth $4,815,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Harbor Capital Advisors Inc. purchased a new position in shares of Pilgrim's Pride during the 3rd quarter valued at approximately $27,000. ORG Wealth Partners LLC purchased a new position in shares of Pilgrim's Pride during the 3rd quarter valued at approximately $29,000. ORG Partners LLC purchased a new position in shares of Pilgrim's Pride during the 2nd quarter valued at approximately $32,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Pilgrim's Pride during the 2nd quarter valued at approximately $32,000. Finally, Raleigh Capital Management Inc. purchased a new position in shares of Pilgrim's Pride during the 3rd quarter valued at approximately $34,000. Hedge funds and other institutional investors own 16.64% of the company's stock.

Pilgrim's Pride Trading Down 0.8 %

Shares of PPC traded down $0.39 during midday trading on Thursday, reaching $51.04. The company had a trading volume of 560,068 shares, compared to its average volume of 898,953. Pilgrim's Pride Co. has a 1-year low of $25.60 and a 1-year high of $55.50. The stock has a market cap of $12.10 billion, a PE ratio of 12.42, a price-to-earnings-growth ratio of 0.22 and a beta of 0.82. The firm has a 50 day simple moving average of $48.67 and a 200-day simple moving average of $43.16. 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 issued its earnings results on Wednesday, October 30th. The company reported $1.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.27 by $0.36. Pilgrim's Pride had a return on equity of 29.92% and a net margin of 5.46%. The business had revenue of $4.58 billion during the quarter, compared to the consensus estimate of $4.69 billion. During the same period last year, the company earned $0.58 EPS. The company's revenue for the quarter was up 5.2% on a year-over-year basis. Research analysts forecast that Pilgrim's Pride Co. will post 4.91 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on PPC shares. Bank of America lowered Pilgrim's Pride from a "buy" rating to a "neutral" rating and set a $47.00 target price on the stock. in a research report on Thursday, August 15th. Argus raised their price objective on Pilgrim's Pride from $50.00 to $55.00 and gave the company a "buy" rating in a report on Wednesday, August 28th. Stephens started coverage on Pilgrim's Pride in a report on Thursday, October 3rd. They issued an "equal weight" rating and a $43.00 price objective on the stock. BMO Capital Markets raised their price objective on Pilgrim's Pride from $42.00 to $43.00 and gave the company a "market perform" rating in a report on Friday, November 1st. Finally, Barclays raised their price objective on Pilgrim's Pride from $45.00 to $49.00 and gave the company an "equal weight" rating in a report on Friday, November 1st. Five equities research 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.com, Pilgrim's Pride has an average rating of "Hold" and an average target price of $45.50.

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.