Pilgrim’s Pride (NASDAQ:PPC) Posts Earnings Results, Misses Expectations By $0.06 EPS

Pilgrim’s Pride (NASDAQ:PPC) posted its quarterly earnings data on Wednesday. The company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.06), Zacks reports. Pilgrim’s Pride had a net margin of 4.78% and a return on equity of 28.57%.

Pilgrim’s Pride Price Performance

PPC traded up $0.14 during midday trading on Wednesday, hitting $29.95. The stock had a trading volume of 2,065,512 shares, compared to its average volume of 1,244,436. Pilgrim’s Pride has a 1 year low of $26.50 and a 1 year high of $50.56. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.73 and a current ratio of 1.48. The business has a fifty day moving average of $28.54 and a 200 day moving average of $34.50. The company has a market cap of $7.13 billion, a P/E ratio of 8.03 and a beta of 0.29.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Weiss Ratings downgraded shares of Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, June 26th. Bank of America cut their price target on shares of Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating for the company in a research note on Thursday, July 2nd. The Goldman Sachs Group decreased their price target on shares of Pilgrim’s Pride from $44.00 to $39.00 and set a “neutral” rating on the stock in a report on Thursday, April 9th. UBS Group began coverage on shares of Pilgrim’s Pride in a research report on Tuesday, May 19th. They set a “neutral” rating and a $30.00 price objective on the stock. Finally, Stephens set a $40.00 price objective on shares of Pilgrim’s Pride in a report on Wednesday, April 15th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Pilgrim’s Pride presently has an average rating of “Hold” and an average price target of $36.83.

Institutional Investors Weigh In On Pilgrim’s Pride

A number of institutional investors have recently made changes to their positions in the business. New York State Common Retirement Fund lifted its stake in Pilgrim’s Pride by 1.3% in the second quarter. New York State Common Retirement Fund now owns 17,817 shares of the company’s stock worth $801,000 after purchasing an additional 230 shares during the last quarter. Commerce Bank lifted its stake in shares of Pilgrim’s Pride by 4.4% in the 4th quarter. Commerce Bank now owns 5,792 shares of the company’s stock valued at $226,000 after acquiring an additional 246 shares during the last quarter. Quarry LP boosted its holdings in Pilgrim’s Pride by 30.5% during the 4th quarter. Quarry LP now owns 1,248 shares of the company’s stock valued at $49,000 after acquiring an additional 292 shares during the period. California State Teachers Retirement System grew its position in Pilgrim’s Pride by 0.9% during the 2nd quarter. California State Teachers Retirement System now owns 43,476 shares of the company’s stock worth $1,956,000 after acquiring an additional 380 shares during the last quarter. Finally, Lazard Asset Management LLC increased its stake in Pilgrim’s Pride by 5.5% in the 2nd quarter. Lazard Asset Management LLC now owns 7,481 shares of the company’s stock worth $336,000 after purchasing an additional 393 shares during the period. Hedge funds and other institutional investors own 16.64% of the company’s stock.

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.