StockNews.com Downgrades Pilgrim’s Pride (NASDAQ:PPC) to Buy

Pilgrim’s Pride (NASDAQ:PPC) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued on Sunday.

Pilgrim’s Pride Stock Performance

Shares of PPC stock opened at $54.39 on Friday. The company has a quick ratio of 1.31, a current ratio of 2.01 and a debt-to-equity ratio of 0.75. The business has a 50 day moving average of $48.33 and a two-hundred day moving average of $47.57. Pilgrim’s Pride has a 52 week low of $31.31 and a 52 week high of $57.16. The company has a market cap of $12.90 billion, a P/E ratio of 11.93 and a beta of 0.82.

Hedge Funds Weigh In On Pilgrim’s Pride

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pacer Advisors Inc. boosted its position in shares of Pilgrim’s Pride by 1,289.4% during the third quarter. Pacer Advisors Inc. now owns 5,225,216 shares of the company’s stock worth $240,621,000 after buying an additional 4,849,147 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in shares of Pilgrim’s Pride by 903.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,455,513 shares of the company’s stock worth $67,026,000 after buying an additional 1,310,530 shares during the period. Point72 Asset Management L.P. boosted its position in shares of Pilgrim’s Pride by 102.0% during the fourth quarter. Point72 Asset Management L.P. now owns 16,381 shares of the company’s stock worth $744,000 after buying an additional 827,381 shares during the period. Assetmark Inc. boosted its position in shares of Pilgrim’s Pride by 145,879.0% during the third quarter. Assetmark Inc. now owns 827,701 shares of the company’s stock worth $38,116,000 after buying an additional 827,134 shares during the period. Finally, AQR Capital Management LLC boosted its position in shares of Pilgrim’s Pride by 44.1% during the fourth quarter. AQR Capital Management LLC now owns 1,883,708 shares of the company’s stock worth $85,502,000 after buying an additional 576,438 shares during the period. 16.64% of the stock is currently owned by institutional investors and hedge funds.

About Pilgrim’s Pride

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.