Pilgrim's Pride (NASDAQ:PPC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
According to Zacks, “Over the last three months Pilgrim's Pride's shares have underperformed the industry. We fear that impending headwinds within the industry might depress the company's near-term results. Sudden supply-demand imbalance or fluctuations in price of major inputs might hurt the company's profitability in the quarters ahead. Stiff industry rivalry also remains one of the major cause of concern. Moreover, occurance of a natural disasters like hurrican or outbreak of a livestock disease might weigh over the company's revenues and profitability going forward. Over the last 60 days, Zacks Consensus Estimate for the stock has moved south for 2018.”
A number of other equities research analysts have also recently commented on the company. BidaskClub cut Pilgrim's Pride from a “hold” rating to a “sell” rating in a report on Friday, January 5th. ValuEngine cut Pilgrim's Pride from a “strong-buy” rating to a “buy” rating in a report on Friday, December 15th. Jefferies Group set a $32.00 price target on Pilgrim's Pride and gave the company a “hold” rating in a report on Thursday, November 16th. Morgan Stanley lifted their target price on Pilgrim's Pride from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Friday, November 10th. Finally, BMO Capital Markets lifted their target price on Pilgrim's Pride from $24.00 to $38.00 and gave the stock a “market perform” rating in a report on Thursday, November 9th. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $32.50.
Shares of Pilgrim's Pride (NASDAQ PPC) traded down $0.33 during trading on Tuesday, reaching $29.42. The company had a trading volume of 967,400 shares, compared to its average volume of 1,488,582. The company has a current ratio of 1.65, a quick ratio of 0.81 and a debt-to-equity ratio of 1.49. The company has a market cap of $7,320.00, a PE ratio of 11.63 and a beta of 0.29. Pilgrim's Pride has a one year low of $18.10 and a one year high of $38.39.
Pilgrim's Pride (NASDAQ:PPC) last posted its quarterly earnings results on Tuesday, November 7th. The company reported $0.98 EPS for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.21. The business had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.32 billion. Pilgrim's Pride had a return on equity of 53.62% and a net margin of 7.03%. The business’s quarterly revenue was up 12.0% on a year-over-year basis. During the same period last year, the firm earned $0.40 earnings per share. equities research analysts anticipate that Pilgrim's Pride will post 2.85 EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the company. Legal & General Group Plc grew its position in Pilgrim's Pride by 1.9% in the second quarter. Legal & General Group Plc now owns 18,769 shares of the company’s stock worth $412,000 after acquiring an additional 347 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Pilgrim's Pride by 9.5% during the second quarter. The Manufacturers Life Insurance Company now owns 9,203 shares of the company’s stock valued at $201,000 after buying an additional 798 shares during the period. Voya Investment Management LLC boosted its position in shares of Pilgrim's Pride by 4.3% during the second quarter. Voya Investment Management LLC now owns 19,808 shares of the company’s stock valued at $434,000 after buying an additional 813 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Pilgrim's Pride by 0.4% during the third quarter. Schwab Charles Investment Management Inc. now owns 383,553 shares of the company’s stock valued at $10,897,000 after buying an additional 1,676 shares during the period. Finally, Macquarie Group Ltd. boosted its position in shares of Pilgrim's Pride by 3.4% during the third quarter. Macquarie Group Ltd. now owns 61,400 shares of the company’s stock valued at $1,745,000 after buying an additional 2,000 shares during the period. 24.60% of the stock is currently owned by hedge funds and other institutional investors.
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About Pilgrim's Pride
Pilgrim’s Pride Corporation is a retail feed store. It is a producer and seller of chicken with operations in the United States, Mexico and Puerto Rico. It is engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken products to retailers, distributors and foodservice operators.
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