Kennedy Capital Management Inc. bought a new position in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 124,952 shares of the company’s stock, valued at approximately $2,785,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PPC. Pearl River Capital LLC acquired a new stake in Pilgrim’s Pride during the fourth quarter worth about $48,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Pilgrim’s Pride in the fourth quarter valued at about $64,000. Great West Life Assurance Co. Can acquired a new stake in shares of Pilgrim’s Pride in the fourth quarter valued at about $107,000. Parametrica Management Ltd acquired a new stake in shares of Pilgrim’s Pride in the first quarter valued at about $202,000. Finally, Creative Planning acquired a new stake in shares of Pilgrim’s Pride in the fourth quarter valued at about $157,000. Hedge funds and other institutional investors own 18.88% of the company’s stock.
NASDAQ:PPC opened at $26.30 on Friday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.83 and a current ratio of 1.68. Pilgrim’s Pride Co. has a 52 week low of $14.83 and a 52 week high of $29.32. The company has a market cap of $6.64 billion, a price-to-earnings ratio of 20.55 and a beta of 0.87.
A number of research firms have recently issued reports on PPC. BidaskClub lowered Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, May 22nd. TheStreet upgraded Pilgrim’s Pride from a “c” rating to a “b-” rating in a research note on Tuesday, May 28th. Cleveland Research upgraded Pilgrim’s Pride from a “neutral” rating to a “buy” rating in a research note on Wednesday, May 22nd. ValuEngine upgraded Pilgrim’s Pride from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Finally, BMO Capital Markets increased their target price on Pilgrim’s Pride to $31.00 and gave the company an “in-line” rating in a research note on Friday, May 3rd. They noted that the move was a valuation call. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $24.75.
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Pilgrim’s Pride Profile
Pilgrim's Pride Corporation engages in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken products in the United States, the United Kingdom, Europe, and Mexico. The company offers fresh chicken products, including pre-marinated or non-marinated refrigerated (nonfrozen) whole or cut-up chicken; and prepackaged case-ready chicken, such as whole chickens and chicken parts.
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