Moore Capital Management LP Makes New Investment in Pilgrim’s Pride Corporation $PPC

Moore Capital Management LP bought a new position in shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 159,295 shares of the company’s stock, valued at approximately $4,478,000. Moore Capital Management LP owned approximately 0.07% of Pilgrim’s Pride as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. MCF Advisors LLC acquired a new position in Pilgrim’s Pride during the fourth quarter worth about $35,000. Kingdom Financial Group LLC. purchased a new position in Pilgrim’s Pride in the 4th quarter valued at approximately $37,000. Bessemer Group Inc. raised its holdings in Pilgrim’s Pride by 205.4% during the first quarter. Bessemer Group Inc. now owns 1,014 shares of the company’s stock worth $39,000 after purchasing an additional 682 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Pilgrim’s Pride during the second quarter worth $30,000. Finally, Quarry LP increased its position in shares of Pilgrim’s Pride by 30.5% in the fourth quarter. Quarry LP now owns 1,248 shares of the company’s stock valued at $49,000 after buying an additional 292 shares in the last quarter. 16.64% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Weiss Ratings downgraded shares of Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, June 26th. UBS Group lowered their target price on Pilgrim’s Pride from $30.00 to $28.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. Finally, Bank of America cut their price target on Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating for the company in a report on Thursday, July 2nd. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $36.50.

Pilgrim’s Pride Stock Down 1.0%

PPC stock opened at $31.38 on Tuesday. The company has a 50 day moving average price of $28.80 and a two-hundred day moving average price of $32.32. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.62 and a current ratio of 1.36. The stock has a market capitalization of $7.47 billion, a P/E ratio of 13.64 and a beta of 0.29. Pilgrim’s Pride Corporation has a one year low of $25.90 and a one year high of $45.44.

Pilgrim’s Pride (NASDAQ:PPC) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.06). Pilgrim’s Pride had a net margin of 2.96% and a return on equity of 21.70%. The business had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.70 billion. During the same period in the prior year, the firm earned $1.70 EPS. Pilgrim’s Pride’s revenue for the quarter was down 2.8% on a year-over-year basis. As a group, sell-side analysts expect that Pilgrim’s Pride Corporation will post 2.35 EPS for the current year.

About Pilgrim’s Pride

Pilgrim’s Pride Corporation is a leading poultry producer in the United States and Mexico and a wholly owned subsidiary of JBS SA Headquartered in Greeley, Colorado, and Pittsburg, Texas, the company specializes in the production, processing and distribution of fresh, frozen and value-added chicken products. Pilgrim’s Pride serves a diverse customer base that includes retail grocery chains, foodservice distributors and restaurant operators across North America and in select international markets.

The company’s vertically integrated operations encompass breeding, hatching, feed milling, processing plants and cold storage facilities.