56,021 Shares in Pilgrim’s Pride Corporation $PPC Purchased by Empowered Funds LLC

Empowered Funds LLC bought a new position in Pilgrim’s Pride Corporation (NASDAQ:PPC) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 56,021 shares of the company’s stock, valued at approximately $1,575,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. United Capital Financial Advisors LLC bought a new position in shares of Pilgrim’s Pride in the second quarter worth approximately $255,000. Public Employees Retirement System of Ohio bought a new stake in Pilgrim’s Pride during the second quarter valued at approximately $378,000. Corient Private Wealth LP bought a new stake in Pilgrim’s Pride during the second quarter valued at approximately $2,571,000. Bank of America Corp DE purchased a new position in Pilgrim’s Pride in the 2nd quarter worth approximately $11,122,000. Finally, Freestone Grove Partners LP purchased a new position in Pilgrim’s Pride in the 2nd quarter worth approximately $474,000. Hedge funds and other institutional investors own 16.64% of the company’s stock.

Pilgrim’s Pride Price Performance

Shares of NASDAQ:PPC opened at $30.51 on Friday. The stock has a market cap of $7.26 billion, a PE ratio of 13.27 and a beta of 0.27. The company’s fifty day moving average is $29.01 and its 200 day moving average is $32.07. Pilgrim’s Pride Corporation has a 52 week low of $25.90 and a 52 week high of $44.87. The company has a quick ratio of 0.62, a current ratio of 1.36 and a debt-to-equity ratio of 0.76.

Pilgrim’s Pride (NASDAQ:PPC) last posted its quarterly earnings results on Thursday, July 30th. The company reported $0.64 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.06). Pilgrim’s Pride had a return on equity of 21.70% and a net margin of 2.96%.The business had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same period in the prior year, the firm earned $1.70 earnings per share. The business’s revenue for the quarter was down 2.8% on a year-over-year basis. Research analysts anticipate that Pilgrim’s Pride Corporation will post 2.35 earnings per share for the current year.

Analysts Set New Price Targets

PPC has been the topic of several research reports. Weiss Ratings cut shares of Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, June 26th. Bank of America cut their target price on shares of Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating for the company in a research report on Thursday, July 2nd. Finally, UBS Group reduced their target price on Pilgrim’s Pride from $30.00 to $28.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $36.50.

Pilgrim’s Pride Company Profile

Pilgrim’s Pride Corporation is a leading poultry producer in the United States and Mexico and a wholly owned subsidiary of JBS SA Headquartered in Greeley, Colorado, and Pittsburg, Texas, the company specializes in the production, processing and distribution of fresh, frozen and value-added chicken products. Pilgrim’s Pride serves a diverse customer base that includes retail grocery chains, foodservice distributors and restaurant operators across North America and in select international markets.

The company’s vertically integrated operations encompass breeding, hatching, feed milling, processing plants and cold storage facilities.