Elo Mutual Pension Insurance Co Boosts Stock Position in Pilgrim’s Pride Corporation $PPC

Elo Mutual Pension Insurance Co raised its position in Pilgrim’s Pride Corporation (NASDAQ:PPC) by 94.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,901 shares of the company’s stock after purchasing an additional 19,358 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Pilgrim’s Pride were worth $1,625,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PPC. Advisors Preferred LLC acquired a new position in Pilgrim’s Pride in the 3rd quarter valued at $1,858,000. Barings LLC purchased a new stake in shares of Pilgrim’s Pride in the third quarter valued at $1,335,000. Quantbot Technologies LP increased its stake in Pilgrim’s Pride by 163.4% in the third quarter. Quantbot Technologies LP now owns 117,781 shares of the company’s stock valued at $4,796,000 after purchasing an additional 73,068 shares during the last quarter. Accredited Wealth Management LLC lifted its position in Pilgrim’s Pride by 3,257.0% during the third quarter. Accredited Wealth Management LLC now owns 30,213 shares of the company’s stock worth $1,230,000 after buying an additional 29,313 shares during the period. Finally, Vanguard Group Inc. lifted its position in Pilgrim’s Pride by 10.0% during the third quarter. Vanguard Group Inc. now owns 5,672,728 shares of the company’s stock worth $230,993,000 after buying an additional 516,598 shares during the period. 16.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on PPC. Zacks Research cut Pilgrim’s Pride from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 11th. Barclays decreased their target price on shares of Pilgrim’s Pride from $49.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 9th. BMO Capital Markets upped their price target on shares of Pilgrim’s Pride from $40.00 to $42.00 and gave the stock a “market perform” rating in a research report on Friday, February 13th. Santander raised shares of Pilgrim’s Pride from a “neutral” rating to an “outperform” rating in a research note on Thursday, December 11th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Pilgrim’s Pride in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $44.33.

Pilgrim’s Pride Stock Down 1.1%

PPC opened at $41.45 on Thursday. Pilgrim’s Pride Corporation has a 1 year low of $35.73 and a 1 year high of $56.88. The firm has a 50 day moving average price of $41.57 and a 200 day moving average price of $40.65. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.76 and a current ratio of 1.47. The company has a market cap of $9.85 billion, a PE ratio of 9.13 and a beta of 0.41.

Pilgrim’s Pride (NASDAQ:PPC) last released its quarterly earnings data on Wednesday, February 11th. The company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.14). Pilgrim’s Pride had a return on equity of 35.15% and a net margin of 5.85%.The business had revenue of $4.52 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter in the prior year, the firm earned $1.35 earnings per share. Pilgrim’s Pride’s quarterly revenue was up 3.3% compared to the same quarter last year. Sell-side analysts expect that Pilgrim’s Pride Corporation will post 5.13 earnings per share for the current year.

Insiders Place Their Bets

In other Pilgrim’s Pride news, CFO Matthew R. Galvanoni sold 6,963 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $43.52, for a total transaction of $303,029.76. Following the transaction, the chief financial officer owned 91,397 shares in the company, valued at $3,977,597.44. The trade was a 7.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 82.56% of the company’s stock.

Pilgrim’s Pride Company Profile

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.