Pilgrim’s Pride Co. (NASDAQ:PPC) Short Interest Down 32.3% in March

Pilgrim’s Pride Co. (NASDAQ:PPCGet Rating) was the recipient of a large decrease in short interest in March. As of March 31st, there was short interest totalling 2,680,000 shares, a decrease of 32.3% from the March 15th total of 3,960,000 shares. Based on an average daily trading volume, of 1,130,000 shares, the short-interest ratio is presently 2.4 days. Currently, 5.6% of the shares of the stock are sold short.

Hedge funds have recently made changes to their positions in the business. TIG Advisors LLC acquired a new stake in shares of Pilgrim’s Pride in the third quarter worth $29,435,000. Islet Management LP bought a new position in Pilgrim’s Pride in the third quarter worth $19,047,000. Polar Asset Management Partners Inc. bought a new position in Pilgrim’s Pride in the third quarter worth $14,726,000. Carlson Capital L P bought a new position in Pilgrim’s Pride in the third quarter worth $14,540,000. Finally, Berry Street Capital Management LLP bought a new position in Pilgrim’s Pride in the third quarter worth $13,086,000. Institutional investors own 16.73% of the company’s stock.

Several equities analysts have recently weighed in on the stock. BMO Capital Markets upgraded shares of Pilgrim’s Pride from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $28.00 to $30.00 in a research report on Thursday, March 10th. Stephens upgraded shares of Pilgrim’s Pride from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $30.00 to $35.00 in a research report on Friday, February 18th. Barclays began coverage on shares of Pilgrim’s Pride in a research report on Monday, March 14th. They set an “overweight” rating and a $28.00 price objective for the company. Bank of America began coverage on shares of Pilgrim’s Pride in a research note on Monday, February 28th. They set a “neutral” rating for the company. Finally, StockNews.com began coverage on shares of Pilgrim’s Pride in a research note on Thursday, March 31st. They set a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, Pilgrim’s Pride currently has an average rating of “Buy” and a consensus price target of $31.25.

NASDAQ PPC opened at $27.38 on Friday. The company has a 50 day simple moving average of $24.93 and a 200-day simple moving average of $27.15. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.38 and a quick ratio of 0.72. The firm has a market capitalization of $6.68 billion, a price-to-earnings ratio of 210.63, a price-to-earnings-growth ratio of 0.94 and a beta of 1.13. Pilgrim’s Pride has a 52-week low of $20.23 and a 52-week high of $29.70.

Pilgrim’s Pride (NASDAQ:PPCGet Rating) last issued its quarterly earnings data on Wednesday, February 9th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.16. The firm had revenue of $4.04 billion for the quarter. Pilgrim’s Pride had a net margin of 0.21% and a return on equity of 21.16%. During the same period in the previous year, the business posted $0.25 EPS. On average, analysts predict that Pilgrim’s Pride will post 2.78 EPS for the current year.

Pilgrim’s Pride Company Profile (Get Rating)

Pilgrim's Pride Corporation engages in the production, processing, marketing and distribution of fresh, frozen and value-added chicken, and pork products to retailers, distributors, and foodservice operators in the United States, the United Kingdom, Mexico, the Middle East, Asia, Continental Europe, and internationally.

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