Pilgrim’s Pride (NASDAQ:PPC) Upgraded at Weiss Ratings

Pilgrim’s Pride (NASDAQ:PPC) was upgraded by Weiss Ratings from a “hold (c+)” rating to a “buy (b-)” rating in a research note issued to investors on Saturday,Weiss Ratings reports.

Other analysts have also issued reports about the company. Zacks Research lowered Pilgrim’s Pride from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 9th. Wall Street Zen lowered Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 13th. Finally, The Goldman Sachs Group lowered their price objective on Pilgrim’s Pride from $54.00 to $46.00 and set a “neutral” rating for the company in a research report on Monday, October 13th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $47.67.

Pilgrim’s Pride Stock Performance

Pilgrim’s Pride stock opened at $37.47 on Friday. The stock has a 50-day simple moving average of $41.73 and a 200 day simple moving average of $45.94. The company has a quick ratio of 0.88, a current ratio of 1.63 and a debt-to-equity ratio of 0.83. Pilgrim’s Pride has a 12-month low of $36.90 and a 12-month high of $57.16. The stock has a market capitalization of $8.90 billion, a price-to-earnings ratio of 7.22 and a beta of 0.45.

Pilgrim’s Pride (NASDAQ:PPC) last released its quarterly earnings results on Wednesday, July 30th. The company reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.16. Pilgrim’s Pride had a return on equity of 37.15% and a net margin of 6.81%.The business had revenue of $4.76 billion during the quarter, compared to analysts’ expectations of $4.62 billion. During the same period in the previous year, the business posted $1.67 earnings per share. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, research analysts anticipate that Pilgrim’s Pride will post 5.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pilgrim’s Pride

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PPC. Brooklyn Investment Group grew its position in shares of Pilgrim’s Pride by 309.4% in the 1st quarter. Brooklyn Investment Group now owns 651 shares of the company’s stock valued at $35,000 after purchasing an additional 492 shares during the period. Quarry LP acquired a new position in shares of Pilgrim’s Pride in the 1st quarter valued at approximately $43,000. True Wealth Design LLC grew its position in shares of Pilgrim’s Pride by 1,248.5% in the 3rd quarter. True Wealth Design LLC now owns 917 shares of the company’s stock valued at $37,000 after purchasing an additional 849 shares during the period. Ameritas Advisory Services LLC acquired a new position in shares of Pilgrim’s Pride in the 2nd quarter valued at approximately $45,000. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Pilgrim’s Pride by 117.5% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,231 shares of the company’s stock valued at $55,000 after purchasing an additional 665 shares during the period. Institutional investors own 16.64% of the company’s stock.

Pilgrim’s Pride Company Profile

Pilgrim’s Pride Corp. engages in the production, processing, marketing, and distribution of fresh, frozen and value-added chicken and pork products to retailers, distributors, and foodservice operators. It operates through the following segments: U.S., U.K. and Europe, and Mexico. The company was founded by Lonnie A.