Rhumbline Advisers Trims Position in Pilgrim’s Pride Co. (NASDAQ:PPC)

Rhumbline Advisers cut its holdings in Pilgrim’s Pride Co. (NASDAQ:PPC) by 2.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 111,729 shares of the company’s stock after selling 2,593 shares during the period. Rhumbline Advisers’ holdings in Pilgrim’s Pride were worth $4,300,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. CIBC Asset Management Inc bought a new position in Pilgrim’s Pride during the second quarter valued at $255,000. Convergence Investment Partners LLC grew its stake in shares of Pilgrim’s Pride by 95.0% during the second quarter. Convergence Investment Partners LLC now owns 27,891 shares of the company’s stock valued at $1,074,000 after buying an additional 13,586 shares during the last quarter. nVerses Capital LLC raised its holdings in shares of Pilgrim’s Pride by 372.2% in the second quarter. nVerses Capital LLC now owns 8,500 shares of the company’s stock worth $327,000 after buying an additional 6,700 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Pilgrim’s Pride by 4,284.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 5,831 shares of the company’s stock worth $223,000 after acquiring an additional 5,698 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Pilgrim’s Pride during the 2nd quarter worth approximately $62,000. Hedge funds and other institutional investors own 16.64% of the company’s stock.

Wall Street Analyst Weigh In

PPC has been the topic of several recent research reports. Barclays increased their target price on shares of Pilgrim’s Pride from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Monday, September 9th. Bank of America lowered shares of Pilgrim’s Pride from a “buy” rating to a “neutral” rating and set a $47.00 price objective on the stock. in a report on Thursday, August 15th. Argus boosted their price objective on shares of Pilgrim’s Pride from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $46.00 price objective on shares of Pilgrim’s Pride in a research report on Monday, August 12th. Four investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Pilgrim’s Pride has an average rating of “Moderate Buy” and an average target price of $45.80.

Insider Buying and Selling at Pilgrim’s Pride

In other Pilgrim’s Pride news, CFO Matthew R. Galvanoni sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $43.31, for a total transaction of $281,515.00. Following the completion of the sale, the chief financial officer now directly owns 51,750 shares in the company, valued at approximately $2,241,292.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO Matthew R. Galvanoni sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $43.31, for a total transaction of $281,515.00. Following the completion of the sale, the chief financial officer now directly owns 51,750 shares in the company, valued at $2,241,292.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Fabio Sandri sold 65,000 shares of Pilgrim’s Pride stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $44.50, for a total transaction of $2,892,500.00. Following the transaction, the chief executive officer now directly owns 279,565 shares in the company, valued at $12,440,642.50. The disclosure for this sale can be found here. Insiders own 82.63% of the company’s stock.

Pilgrim’s Pride Stock Up 1.7 %

Shares of PPC opened at $41.05 on Tuesday. The company has a market capitalization of $9.73 billion, a price-to-earnings ratio of 19.93, a PEG ratio of 0.21 and a beta of 0.82. Pilgrim’s Pride Co. has a 52 week low of $22.33 and a 52 week high of $47.44. The stock’s 50-day moving average price is $42.59 and its 200-day moving average price is $38.05. The company has a quick ratio of 1.09, a current ratio of 1.82 and a debt-to-equity ratio of 0.85.

Pilgrim’s Pride (NASDAQ:PPC) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.35. The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.62 billion. Pilgrim’s Pride had a return on equity of 25.06% and a net margin of 4.25%. Pilgrim’s Pride’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.44 earnings per share. On average, sell-side analysts predict that Pilgrim’s Pride Co. will post 4.79 EPS for the current year.

Pilgrim’s Pride Company Profile

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.