PEAK6 Investments LLC Invests $719,000 in Pilgrim’s Pride Co. (NASDAQ:PPC)

PEAK6 Investments LLC acquired a new stake in Pilgrim’s Pride Co. (NASDAQ:PPC) during the third quarter, HoldingsChannel.com reports. The institutional investor acquired 15,612 shares of the company’s stock, valued at approximately $719,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. increased its position in 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 in the last quarter. Assetmark Inc. increased its position in Pilgrim’s Pride by 145,879.0% during the 3rd quarter. Assetmark Inc. now owns 827,701 shares of the company’s stock worth $38,116,000 after purchasing an additional 827,134 shares in the last quarter. AQR Capital Management LLC raised its stake in Pilgrim’s Pride by 366.1% in the 2nd quarter. AQR Capital Management LLC now owns 638,825 shares of the company’s stock valued at $24,320,000 after purchasing an additional 501,776 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Pilgrim’s Pride by 16.7% in the 2nd quarter. Renaissance Technologies LLC now owns 635,240 shares of the company’s stock valued at $24,450,000 after purchasing an additional 91,127 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Pilgrim’s Pride by 88.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 433,891 shares of the company’s stock valued at $19,981,000 after purchasing an additional 203,408 shares in the last quarter. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Pilgrim’s Pride Price Performance

Shares of Pilgrim’s Pride stock opened at $51.27 on Wednesday. The business’s fifty day moving average price is $48.33 and its 200 day moving average price is $43.00. Pilgrim’s Pride Co. has a twelve month low of $25.51 and a twelve month high of $55.50. The company has a current ratio of 1.95, a quick ratio of 1.27 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $12.16 billion, a P/E ratio of 12.38, a PEG ratio of 0.22 and a beta of 0.82.

Pilgrim’s Pride (NASDAQ:PPC) last released its quarterly earnings data on Wednesday, October 30th. The company reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.36. Pilgrim’s Pride had a return on equity of 29.92% and a net margin of 5.46%. The business had revenue of $4.58 billion for the quarter, compared to analyst estimates of $4.69 billion. During the same period in the previous year, the company posted $0.58 EPS. The company’s revenue was up 5.2% compared to the same quarter last year. As a group, research analysts anticipate that Pilgrim’s Pride Co. will post 4.91 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PPC. Stephens assumed coverage on shares of Pilgrim’s Pride in a research report on Thursday, October 3rd. They issued an “equal weight” rating and a $43.00 price objective for the company. Argus boosted their price target on Pilgrim’s Pride from $50.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. BMO Capital Markets raised their price objective on Pilgrim’s Pride from $42.00 to $43.00 and gave the stock a “market perform” rating in a report on Friday, November 1st. Barclays upped their target price on Pilgrim’s Pride from $45.00 to $49.00 and gave the company an “equal weight” rating in a research note on Friday, November 1st. Finally, Bank of America lowered Pilgrim’s Pride from a “buy” rating to a “neutral” rating and set a $47.00 price target on the stock. in a research note on Thursday, August 15th. Five equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $45.50.

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.