Summit Global Investments Sells 2,089 Shares of Pilgrim’s Pride Co. (NASDAQ:PPC)

Summit Global Investments reduced its stake in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) by 2.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 73,585 shares of the company’s stock after selling 2,089 shares during the quarter. Summit Global Investments’ holdings in Pilgrim’s Pride were worth $3,389,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PPC. SG Americas Securities LLC purchased a new stake in Pilgrim’s Pride in the 2nd quarter worth about $1,583,000. Quadrature Capital Ltd purchased a new stake in Pilgrim’s Pride in the 1st quarter valued at about $904,000. ORG Wealth Partners LLC bought a new position in Pilgrim’s Pride in the 3rd quarter worth about $29,000. Edgestream Partners L.P. purchased a new position in shares of Pilgrim’s Pride during the first quarter worth approximately $787,000. Finally, Inspire Investing LLC purchased a new stake in shares of Pilgrim’s Pride in the first quarter valued at approximately $934,000. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PPC. Argus upped their target price on Pilgrim’s Pride from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Stephens initiated coverage on shares of Pilgrim’s Pride in a research report on Thursday, October 3rd. They set an “equal weight” rating and a $43.00 target price on the stock. Barclays increased their price objective on shares of Pilgrim’s Pride from $45.00 to $49.00 and gave the company an “equal weight” rating in a research note on Friday, November 1st. Bank of America downgraded Pilgrim’s Pride from a “buy” rating to a “neutral” rating and set a $47.00 price target on the stock. in a report on Thursday, August 15th. Finally, BMO Capital Markets upped their price objective on Pilgrim’s Pride from $42.00 to $43.00 and gave the stock a “market perform” rating in a research note on Friday, November 1st. Five analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Pilgrim’s Pride has a consensus rating of “Hold” and a consensus price target of $45.50.

Pilgrim’s Pride Trading Down 0.9 %

Pilgrim’s Pride stock opened at $52.35 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.27 and a current ratio of 1.95. The stock has a market cap of $12.41 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 0.20 and a beta of 0.81. The stock has a 50-day moving average of $45.54 and a two-hundred day moving average of $41.13. Pilgrim’s Pride Co. has a one year low of $25.23 and a one year high of $55.50.

Pilgrim’s Pride (NASDAQ:PPC) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.36. Pilgrim’s Pride had a net margin of 5.46% and a return on equity of 29.92%. The business had revenue of $4.58 billion for the quarter, compared to analyst estimates of $4.69 billion. During the same quarter in the prior year, the business posted $0.58 EPS. Pilgrim’s Pride’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, research analysts anticipate that Pilgrim’s Pride Co. will post 5.21 EPS for the current fiscal year.

About Pilgrim’s Pride

Pilgrim's Pride Corporation produces, processes, markets, and distributes fresh, frozen, and value-added chicken and pork products to retailers, distributors, and foodservice operators. The company offers fresh products, including refrigerated whole or cut-up chicken, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork, and pork ribs; and prepared products, which include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meat balls.