Pilgrim’s Pride Co. (NASDAQ: PPC) enjoyed significant growth in short-term interest in June. As of June 30, there was short interest totaling 1,790,000 shares, an increase of 20.9% from the total of 1,480,000 shares as of June 15. Based on an average daily volume of 499,300 shares, the short-term interest rate is currently 3.6 days. About 3.8% of the company’s shares are sold short.
Several brokerages have recently published reports on PPC. BMO Capital Markets increased its target price on Pilgrim’s Pride shares from $ 21.00 to $ 28.00 and assigned the company a “market performance” rating in a report released on Friday, April 30. Barclays raised its price target on Pilgrim’s Pride shares from $ 25 to $ 28.00 and assigned the company an “overweight” rating in a research note on Thursday, June 3. Finally, Zacks Investment Research reduced Pilgrim’s Pride shares from a “buy” rating to a “hold” rating and set a target price of $ 25.00 for the stock. in a research note on Tuesday April 6. Two analysts rated the stock with a conservation rating and three gave the stock a buy rating. The company currently has an average “Buy” rating and a consensus price target of $ 26.20.
NASDAQ PPC shares opened at $ 20.50 on Tuesday. The company has a market cap of $ 5.00 billion, a PE ratio of 15.87, a price / earnings-growth ratio of 0.37, and a beta of 1.12. The company has a 50-day moving average price of $ 23.00. Pilgrim’s Pride has a 52 week low of $ 14.06 and a 52 week high of $ 26.27. The company has a current ratio of 1.68, a quick ratio of 0.84 and a debt ratio of 0.86.
Pilgrim’s Pride (NASDAQ: PPC) last released its quarterly results on Wednesday April 28. The company reported earnings per share (EPS) of $ 0.42 for the quarter, beating analyst consensus estimates of $ 0.35 by $ 0.07. Pilgrim’s Pride recorded a return on equity of 12.83% and a net margin of 1.04%. The company posted revenue of $ 3.27 billion for the quarter, compared to $ 3.25 billion expected by analysts. During the same period of the previous year, the company posted earnings per share of $ 0.12. Pilgrim’s Pride quarterly revenue increased 6.5% year-on-year. Analysts predict Pilgrim’s Pride will post 2.04 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently increased or reduced their holdings in PPC. The Louisiana state employee pension system increased its position in Pilgrim’s Pride shares by 4.1% in the first quarter. The Louisiana state employee pension system now owns 12,700 shares of the company valued at $ 302,000 after purchasing an additional 500 shares in the last quarter. Commonwealth Equity Services LLC increased its position in Pilgrim’s Pride by 6.8% during the 1st quarter. Commonwealth Equity Services LLC now owns 12,215 shares of the company valued at $ 290,000 after acquiring 775 additional shares during the last quarter. The Swiss National Bank increased its position in Pilgrim’s Pride by 0.9% in the first quarter. The Swiss National Bank now owns 111,300 shares of the company valued at $ 2,648,000 after acquiring an additional 1,000 shares in the last quarter. Amundi Pioneer Asset Management Inc. increased its position in Pilgrim’s Pride shares by 12.1% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 9,863 shares of the company valued at $ 220,000 after purchasing an additional 1,063 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. increased its stake in Pilgrim’s Pride by 30.4% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 5,086 shares of the company valued at $ 100,000 after purchasing an additional 1,187 shares during the period. 15.93% of the shares are currently held by institutional investors.
About Pilgrim’s Pride
Pilgrim’s Pride Corp. is engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken products to retailers, distributors and food service operators. It operates through the following segments: United States, United Kingdom and Europe and Mexico. The company was founded by Lonnie A.
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