Weiss Asset Management LP Lowers Holdings in Pilgrim's Pride Co. (NASDAQ:PPC)

Weiss Asset Management LP trimmed its holdings in Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 82.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 27,029 shares of the company's stock after selling 127,604 shares during the quarter. Weiss Asset Management LP's holdings in Pilgrim's Pride were worth $1,245,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PPC. Pacer Advisors Inc. boosted its holdings in Pilgrim's Pride by 1,289.4% during the third quarter. Pacer Advisors Inc. now owns 5,225,216 shares of the company's stock worth $240,621,000 after buying an additional 4,849,147 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of Pilgrim's Pride by 903.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,455,513 shares of the company's stock valued at $67,026,000 after purchasing an additional 1,310,530 shares in the last quarter. Assetmark Inc. raised its holdings in Pilgrim's Pride by 145,879.0% in the 3rd quarter. Assetmark Inc. now owns 827,701 shares of the company's stock worth $38,116,000 after purchasing an additional 827,134 shares during the period. AQR Capital Management LLC boosted its position in Pilgrim's Pride by 366.1% during the second quarter. AQR Capital Management LLC now owns 638,825 shares of the company's stock worth $24,320,000 after purchasing an additional 501,776 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in 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. 16.64% of the stock is owned by institutional investors and hedge funds.

Pilgrim's Pride Price Performance

PPC traded down $1.96 during trading on Monday, reaching $48.40. The company's stock had a trading volume of 1,160,394 shares, compared to its average volume of 899,086. The company has a market cap of $11.48 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 0.20 and a beta of 0.82. The firm has a fifty day simple moving average of $48.95 and a two-hundred day simple moving average of $43.38. Pilgrim's Pride Co. has a 1 year low of $25.60 and a 1 year high of $55.50. 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 released its quarterly earnings data on Wednesday, October 30th. The company reported $1.63 earnings per share 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 company had revenue of $4.58 billion for the quarter, compared to analyst estimates of $4.69 billion. During the same quarter in the previous year, the company posted $0.58 earnings per share. The firm's revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, analysts anticipate that Pilgrim's Pride Co. will post 5.12 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Bank of America downgraded Pilgrim's Pride from a "buy" rating to a "neutral" rating and set a $47.00 target price for the company. in a research note on Thursday, August 15th. Barclays increased their price objective on shares of Pilgrim's Pride from $45.00 to $49.00 and gave the company an "equal weight" rating in a report on Friday, November 1st. BMO Capital Markets upped their price target on shares of Pilgrim's Pride from $42.00 to $43.00 and gave the stock a "market perform" rating in a research report on Friday, November 1st. Stephens began 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. Finally, Argus increased their target price on Pilgrim's Pride from $50.00 to $55.00 and gave the company a "buy" rating in a report on Wednesday, August 28th. Five 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. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target 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.