Pilgrim’s Pride Co. (NASDAQ:PPC) was the recipient of a large decline in short interest in the month of June. As of June 30th, there was short interest totalling 3,141,100 shares, a decline of 28.7% from the May 30th total of 4,404,500 shares. Approximately 6.0% of the company’s shares are sold short. Based on an average daily volume of 1,130,000 shares, the days-to-cover ratio is currently 2.8 days.
Shares of PPC stock traded up $0.18 on Friday, reaching $26.56. 681,625 shares of the company’s stock were exchanged, compared to its average volume of 1,016,733. Pilgrim’s Pride has a 52 week low of $14.83 and a 52 week high of $29.32. The company has a quick ratio of 0.83, a current ratio of 1.68 and a debt-to-equity ratio of 1.19. The company has a market cap of $6.62 billion, a PE ratio of 20.75 and a beta of 0.80. The business has a fifty day moving average of $26.27.
Pilgrim’s Pride (NASDAQ:PPC) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.35 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.35. Pilgrim’s Pride had a return on equity of 14.13% and a net margin of 1.95%. The firm had revenue of $2.72 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same period last year, the company earned $0.53 EPS. Pilgrim’s Pride’s quarterly revenue was down .8% compared to the same quarter last year. Equities analysts predict that Pilgrim’s Pride will post 1.83 EPS for the current year.
Several hedge funds have recently modified their holdings of the stock. Norges Bank bought a new stake in Pilgrim’s Pride during the 4th quarter valued at $15,841,000. Millennium Management LLC raised its position in Pilgrim’s Pride by 88.9% during the 4th quarter. Millennium Management LLC now owns 1,710,763 shares of the company’s stock valued at $26,534,000 after purchasing an additional 805,336 shares in the last quarter. Rubric Capital Management LP bought a new stake in Pilgrim’s Pride during the 1st quarter valued at $9,460,000. Spark Investment Management LLC raised its position in Pilgrim’s Pride by 426.3% during the 1st quarter. Spark Investment Management LLC now owns 510,800 shares of the company’s stock valued at $11,385,000 after purchasing an additional 413,742 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in Pilgrim’s Pride by 269.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 420,534 shares of the company’s stock valued at $9,374,000 after purchasing an additional 306,625 shares in the last quarter. 18.87% of the stock is owned by hedge funds and other institutional investors.
PPC has been the subject of a number of recent research reports. Zacks Investment Research cut Great Portland Estates from a “hold” rating to a “sell” rating in a report on Tuesday, April 16th. ValuEngine cut Acceleron Pharma from a “strong-buy” rating to a “buy” rating in a report on Thursday, April 18th. BidaskClub upgraded YY from a “strong sell” rating to a “sell” rating in a report on Thursday, May 30th. BMO Capital Markets set a $66.00 target price on CyrusOne and gave the stock a “buy” rating in a report on Friday, May 3rd. Finally, TheStreet upgraded BlackRock TCP Capital from a “c+” rating to a “b” rating in a report on Tuesday, May 28th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $24.75.
Pilgrim’s Pride Company 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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