AXQ Capital LP Trims Position in Pilgrim’s Pride Corporation $PPC

AXQ Capital LP trimmed its holdings in Pilgrim’s Pride Corporation (NASDAQ:PPC) by 74.5% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 7,024 shares of the company’s stock after selling 20,512 shares during the period. AXQ Capital LP’s holdings in Pilgrim’s Pride were worth $274,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PPC. New York State Common Retirement Fund grew its position in shares of 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 valued at $801,000 after purchasing an additional 230 shares during the last quarter. Signaturefd LLC grew its position in shares of Pilgrim’s Pride by 23.5% in the fourth quarter. Signaturefd LLC now owns 1,350 shares of the company’s stock valued at $53,000 after purchasing an additional 257 shares during the last quarter. Kendall Capital Management grew its position in shares of Pilgrim’s Pride by 4.3% in the third quarter. Kendall Capital Management now owns 6,385 shares of the company’s stock valued at $260,000 after purchasing an additional 265 shares during the last quarter. HB Wealth Management LLC grew its position in shares of Pilgrim’s Pride by 5.1% in the fourth quarter. HB Wealth Management LLC now owns 5,939 shares of the company’s stock valued at $232,000 after purchasing an additional 290 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its position in shares of Pilgrim’s Pride by 3.5% in the third quarter. Thrivent Financial for Lutherans now owns 9,824 shares of the company’s stock valued at $400,000 after purchasing an additional 333 shares during the last quarter. 16.64% of the stock is currently owned by institutional investors and hedge funds.

Pilgrim’s Pride Stock Performance

Pilgrim’s Pride stock opened at $29.88 on Friday. Pilgrim’s Pride Corporation has a 12-month low of $27.13 and a 12-month high of $50.56. The company has a market capitalization of $7.11 billion, a price-to-earnings ratio of 8.01 and a beta of 0.28. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.48 and a quick ratio of 0.73. The firm’s fifty day moving average price is $32.01 and its 200 day moving average price is $37.20.

Pilgrim’s Pride (NASDAQ:PPC) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.18). The firm had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.43 billion. Pilgrim’s Pride had a return on equity of 28.57% and a net margin of 4.78%.The business’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period last year, the firm earned $1.31 EPS. On average, research analysts forecast that Pilgrim’s Pride Corporation will post 3.52 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on PPC. Barclays upgraded shares of Pilgrim’s Pride from an “equal weight” rating to an “overweight” rating and decreased their target price for the stock from $45.00 to $42.00 in a research report on Friday, May 1st. Stephens set a $40.00 target price on shares of Pilgrim’s Pride in a research report on Wednesday, April 15th. Zacks Research lowered shares of Pilgrim’s Pride from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 11th. Wall Street Zen lowered shares of Pilgrim’s Pride from a “buy” rating to a “hold” rating in a research report on Sunday, February 15th. Finally, BMO Capital Markets cut their price target on shares of Pilgrim’s Pride from $42.00 to $40.00 and set a “market perform” rating on the stock in a research note on Wednesday, March 25th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Pilgrim’s Pride has an average rating of “Hold” and an average price target of $38.20.

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.