Pilgrim’s Pride (NASDAQ:PPC) Shares Gap Up – Still a Buy?

Shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) gapped up before the market opened on Wednesday . The stock had previously closed at $28.49, but opened at $30.40. Pilgrim’s Pride shares last traded at $32.2680, with a volume of 547,371 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Weiss Ratings downgraded Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, June 26th. Barclays upgraded Pilgrim’s Pride from an “equal weight” rating to an “overweight” rating and reduced their price target for the company from $45.00 to $42.00 in a research report on Friday, May 1st. Bank of America dropped their price objective on Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating on the stock in a report on Thursday, July 2nd. Finally, UBS Group cut their target price on Pilgrim’s Pride from $30.00 to $28.00 and set a “neutral” rating for the company in a research note on Friday, August 7th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $36.50.

Pilgrim’s Pride Stock Down 0.1%

The company’s 50 day simple moving average is $28.31 and its 200-day simple moving average is $32.90. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.62 and a current ratio of 1.36. The firm has a market capitalization of $7.44 billion, a PE ratio of 13.58 and a beta of 0.29.

Pilgrim’s Pride (NASDAQ:PPC) last released its quarterly earnings results on Thursday, July 30th. The company reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.06). The firm had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Pilgrim’s Pride had a net margin of 2.96% and a return on equity of 21.70%. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.70 earnings per share. On average, analysts forecast that Pilgrim’s Pride Corporation will post 2.95 EPS for the current fiscal year.

Institutional Trading of Pilgrim’s Pride

Several institutional investors and hedge funds have recently modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Pilgrim’s Pride during the second quarter worth about $30,000. Torren Management LLC purchased a new stake in Pilgrim’s Pride in the fourth quarter valued at approximately $31,000. MCF Advisors LLC purchased a new stake in Pilgrim’s Pride in the fourth quarter valued at approximately $35,000. Kingdom Financial Group LLC. bought a new stake in Pilgrim’s Pride during the fourth quarter valued at approximately $37,000. Finally, Bessemer Group Inc. lifted its position in 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 purchasing an additional 682 shares during the last quarter. Hedge funds and other institutional investors own 16.64% of the company’s stock.

About Pilgrim’s Pride

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.