Pilgrim's Pride (NASDAQ:PPC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Over the last six months, Pilgrim’s Pride’s shares have outperformed the industry. The company believes that robust sales in the United States as well as favorable product prices will continue to drive revenues in the quarters ahead. Moreover, Moy Park buyout and unique portfolio strategy are also expected to strengthen results in the quarters ahead. Over the last 60 days, Zacks Consensus Estimate for the stock has also moved north for 2018. However, headwinds such as sudden outbreak of a livestock disease, stiff industry rivalry and input price inflation might dent near-term growth scopes.”
A number of other analysts have also issued reports on the stock. Jefferies Group restated a “hold” rating and issued a $27.00 price target (up previously from $25.00) on shares of Pilgrim's Pride in a research note on Friday, October 6th. KeyCorp began coverage on shares of Pilgrim's Pride in a research note on Tuesday, October 31st. They issued a “hold” rating for the company. Morgan Stanley began coverage on shares of Pilgrim's Pride in a research note on Friday, November 3rd. They issued an “equal weight” rating and a $30.00 price target for the company. BidaskClub lowered shares of Pilgrim's Pride from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 7th. Finally, BMO Capital Markets lifted their price target on shares of Pilgrim's Pride from $24.00 to $38.00 and gave the stock a “market perform” rating in a research note on Thursday, November 9th. Eight analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $32.50.
Pilgrim's Pride (NASDAQ:PPC) last posted its quarterly earnings data on Tuesday, November 7th. The company reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.21. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.32 billion. Pilgrim's Pride had a net margin of 7.03% and a return on equity of 53.62%. The business’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 earnings per share. analysts forecast that Pilgrim's Pride will post 2.89 earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio boosted its holdings in Pilgrim's Pride by 42.4% in the third quarter. Public Employees Retirement System of Ohio now owns 34,211 shares of the company’s stock worth $972,000 after purchasing an additional 10,183 shares during the period. GSA Capital Partners LLP acquired a new position in shares of Pilgrim's Pride during the third quarter valued at $258,000. Algert Global LLC acquired a new position in shares of Pilgrim's Pride during the third quarter valued at $2,285,000. Sterling Capital Management LLC boosted its holdings in shares of Pilgrim's Pride by 3.5% during the third quarter. Sterling Capital Management LLC now owns 130,535 shares of the company’s stock valued at $3,708,000 after acquiring an additional 4,400 shares during the period. Finally, Neuberger Berman Group LLC acquired a new position in shares of Pilgrim's Pride during the third quarter valued at $522,000. 24.62% of the stock is owned by hedge funds and other institutional investors.
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Pilgrim's Pride Company Profile
Pilgrim’s Pride Corporation is a retail feed store. It is a producer and seller of chicken with operations in the United States, Mexico and Puerto Rico. It is engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken products to retailers, distributors and foodservice operators.
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