Carrhae Capital LLP Makes New Investment in Pilgrim’s Pride Corporation $PPC

Carrhae Capital LLP acquired a new stake in Pilgrim’s Pride Corporation (NASDAQ:PPC) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 1,856,460 shares of the company’s stock, valued at approximately $52,185,000. Pilgrim’s Pride comprises 1.4% of Carrhae Capital LLP’s investment portfolio, making the stock its 17th biggest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. MCF Advisors LLC bought a new stake in shares of Pilgrim’s Pride in the 4th quarter worth approximately $35,000. Kingdom Financial Group LLC. bought a new position in shares of Pilgrim’s Pride during the fourth quarter valued at approximately $37,000. Bessemer Group Inc. raised its holdings in shares of Pilgrim’s Pride by 205.4% during the first quarter. Bessemer Group Inc. now owns 1,014 shares of the company’s stock valued at $39,000 after acquiring an additional 682 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Pilgrim’s Pride in the second quarter worth $30,000. Finally, Quarry LP lifted its stake in Pilgrim’s Pride by 30.5% in the fourth quarter. Quarry LP now owns 1,248 shares of the company’s stock worth $49,000 after acquiring an additional 292 shares during the period. Institutional investors own 16.64% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. UBS Group cut their price target on shares of Pilgrim’s Pride from $30.00 to $28.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. 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. Finally, Bank of America cut their target price on shares of Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating on the stock in a research note on Thursday, July 2nd. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $36.50.

Pilgrim’s Pride Stock Down 1.6%

Pilgrim’s Pride stock traded down $0.49 on Tuesday, hitting $29.99. 1,233,302 shares of the stock traded hands, compared to its average volume of 1,297,280. The company has a current ratio of 1.36, a quick ratio of 0.62 and a debt-to-equity ratio of 0.76. The firm has a market cap of $7.14 billion, a P/E ratio of 13.04 and a beta of 0.27. The business’s fifty day simple moving average is $29.08 and its 200 day simple moving average is $31.89. Pilgrim’s Pride Corporation has a 1 year low of $25.90 and a 1 year high of $44.87.

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

Pilgrim’s Pride 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.