Quantinno Capital Management LP Acquires 64,292 Shares of Pilgrim’s Pride Corporation $PPC

Quantinno Capital Management LP grew its holdings in shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) by 134.4% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 112,126 shares of the company’s stock after acquiring an additional 64,292 shares during the quarter. Quantinno Capital Management LP’s holdings in Pilgrim’s Pride were worth $4,234,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. SummitTX Capital L.P. purchased a new stake in Pilgrim’s Pride in the first quarter worth $542,000. Lombard Odier Asset Management USA Corp purchased a new position in Pilgrim’s Pride during the 1st quarter valued at $326,000. Arrowstreet Capital Limited Partnership raised its holdings in Pilgrim’s Pride by 65.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 566,247 shares of the company’s stock worth $21,381,000 after purchasing an additional 223,256 shares in the last quarter. Sei Investments Co. raised its holdings in Pilgrim’s Pride by 7.4% in the 1st quarter. Sei Investments Co. now owns 156,902 shares of the company’s stock worth $5,925,000 after purchasing an additional 10,830 shares in the last quarter. Finally, State of Wyoming lifted its position in shares of Pilgrim’s Pride by 268.5% in the 1st quarter. State of Wyoming now owns 6,592 shares of the company’s stock worth $249,000 after purchasing an additional 4,803 shares during the period. Institutional investors own 16.64% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PPC. Stephens set a $40.00 target price on shares of Pilgrim’s Pride in a research note on Wednesday, April 15th. Barclays raised shares of Pilgrim’s Pride from an “equal weight” rating to an “overweight” rating and decreased their price target for the stock from $45.00 to $42.00 in a research note on Friday, May 1st. Weiss Ratings downgraded Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, June 26th. UBS Group lowered 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. Finally, Bank of America dropped their price target on Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating on the stock in a research report on Thursday, July 2nd. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Pilgrim’s Pride presently has a consensus rating of “Hold” and an average target price of $36.50.

Pilgrim’s Pride Trading Down 0.4%

NASDAQ PPC opened at $27.45 on Friday. Pilgrim’s Pride Corporation has a 12 month low of $26.11 and a 12 month high of $50.56. 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 stock’s fifty day moving average price is $28.43 and its 200-day moving average price is $33.85. The stock has a market cap of $6.54 billion, a P/E ratio of 11.93 and a beta of 0.29.

Pilgrim’s Pride (NASDAQ:PPC) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.06). The company 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%.Pilgrim’s Pride’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.70 EPS. As a group, equities analysts forecast that Pilgrim’s Pride Corporation will post 2.95 EPS for the current fiscal year.

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.