Van ECK Associates Corp Lowers Stock Holdings in Pilgrim's Pride Co. (NASDAQ:PPC)

Van ECK Associates Corp reduced its holdings in Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 91.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 103,576 shares of the company's stock after selling 1,094,943 shares during the period. Van ECK Associates Corp's holdings in Pilgrim's Pride were worth $4,748,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of PPC. AQR Capital Management LLC increased its stake in Pilgrim's Pride by 366.1% during the 2nd quarter. AQR Capital Management LLC now owns 638,825 shares of the company's stock worth $24,320,000 after buying an additional 501,776 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Pilgrim's Pride by 88.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 433,891 shares of the company's stock valued at $19,981,000 after purchasing an additional 203,408 shares during the period. Advisors Preferred LLC acquired a new stake in shares of Pilgrim's Pride during the 1st quarter valued at approximately $6,515,000. Vanguard Group Inc. boosted its position in shares of Pilgrim's Pride by 3.3% during the first quarter. Vanguard Group Inc. now owns 4,233,961 shares of the company's stock worth $145,310,000 after buying an additional 136,970 shares during the period. Finally, Marshall Wace LLP raised its holdings in shares of Pilgrim's Pride by 68.2% in the 2nd quarter. Marshall Wace LLP now owns 318,688 shares of the company's stock worth $12,266,000 after purchasing an additional 129,256 shares in the last quarter. 16.64% of the stock is currently owned by institutional investors and hedge funds.

Pilgrim's Pride Stock Performance

PPC traded up $1.47 during trading on Friday, hitting $53.82. 661,636 shares of the company traded hands, compared to its average volume of 1,083,450. The firm has a market cap of $12.76 billion, a P/E ratio of 13.00, a price-to-earnings-growth ratio of 0.22 and a beta of 0.81. The company has a quick ratio of 1.27, a current ratio of 1.95 and a debt-to-equity ratio of 0.75. The stock's fifty day moving average is $45.68 and its 200 day moving average is $41.25. Pilgrim's Pride Co. has a one year low of $25.23 and a one year high of $55.50.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $1.63 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 firm had revenue of $4.58 billion during the quarter, compared to analyst estimates of $4.69 billion. During the same period last year, the company earned $0.58 earnings per share. The business's revenue for the quarter was up 5.2% on a year-over-year basis. As a group, equities analysts predict that Pilgrim's Pride Co. will post 4.91 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. BMO Capital Markets upped their price target on Pilgrim's Pride from $42.00 to $43.00 and gave the stock a "market perform" rating in a research note on Friday, November 1st. Bank of America cut Pilgrim's Pride from a "buy" rating to a "neutral" rating and set a $47.00 price target for the company. in a report on Thursday, August 15th. Barclays upped their price target on shares of Pilgrim's Pride from $45.00 to $49.00 and gave the company an "equal weight" rating in a research report on Friday, November 1st. Stephens started coverage on Pilgrim's Pride in a research note on Thursday, October 3rd. They set an "equal weight" rating and a $43.00 price target for the company. Finally, Argus lifted their target price on Pilgrim's Pride from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, August 28th. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $45.50.

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.