Algert Global LLC Has $2.87 Million Holdings in Pilgrim’s Pride Co. (NASDAQ:PPC)

Algert Global LLC raised its stake in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) by 16.8% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 74,672 shares of the company’s stock after purchasing an additional 10,722 shares during the period. Algert Global LLC’s holdings in Pilgrim’s Pride were worth $2,874,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its position in Pilgrim’s Pride by 366.1% in the 2nd quarter. AQR Capital Management LLC now owns 638,825 shares of the company’s stock worth $24,320,000 after purchasing an additional 501,776 shares in the last quarter. Norges Bank purchased a new stake in shares of Pilgrim’s Pride during the fourth quarter valued at approximately $7,856,000. Nomura Holdings Inc. lifted its holdings in Pilgrim’s Pride by 763.1% during the fourth quarter. Nomura Holdings Inc. now owns 215,770 shares of the company’s stock worth $5,968,000 after acquiring an additional 190,770 shares during the period. Advisors Preferred LLC purchased a new position in Pilgrim’s Pride in the first quarter worth $6,515,000. Finally, Verition Fund Management LLC bought a new position in Pilgrim’s Pride in the 4th quarter valued at $5,024,000. 16.64% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PPC has been the topic of a number of recent analyst reports. Argus lifted their target price on Pilgrim’s Pride from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Barclays boosted their target price on shares of Pilgrim’s Pride from $43.00 to $45.00 and gave the company an “equal weight” rating in a research note on Monday, September 9th. Bank of America lowered shares of Pilgrim’s Pride from a “buy” rating to a “neutral” rating and set a $47.00 price target for the company. in a research note on Thursday, August 15th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $46.00 price objective on shares of Pilgrim’s Pride in a research note on Monday, August 12th. Four analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $45.80.

Pilgrim’s Pride Price Performance

PPC opened at $48.12 on Wednesday. The firm has a 50-day moving average price of $43.63 and a 200-day moving average price of $38.89. Pilgrim’s Pride Co. has a twelve month low of $22.33 and a twelve month high of $48.47. The company has a quick ratio of 1.09, a current ratio of 1.82 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $11.40 billion, a price-to-earnings ratio of 23.36, a PEG ratio of 0.21 and a beta of 0.82.

Pilgrim’s Pride (NASDAQ:PPC) last released its quarterly earnings data on Wednesday, July 31st. The company reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.35. The business had revenue of $4.56 billion during the quarter, compared to analyst estimates of $4.62 billion. Pilgrim’s Pride had a net margin of 4.25% and a return on equity of 25.06%. Pilgrim’s Pride’s revenue was up 5.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 EPS. Equities analysts expect that Pilgrim’s Pride Co. will post 4.79 EPS for the current year.

Insider Activity

In other Pilgrim’s Pride news, CEO Fabio Sandri sold 65,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $44.50, for a total value of $2,892,500.00. Following the completion of the transaction, the chief executive officer now owns 279,565 shares in the company, valued at approximately $12,440,642.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Fabio Sandri sold 65,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $44.50, for a total transaction of $2,892,500.00. Following the sale, the chief executive officer now owns 279,565 shares of the company’s stock, valued at approximately $12,440,642.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matthew R. Galvanoni sold 6,500 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $43.31, for a total transaction of $281,515.00. Following the completion of the transaction, the chief financial officer now directly owns 51,750 shares of the company’s stock, valued at $2,241,292.50. The disclosure for this sale can be found here. 82.63% of the stock is owned by company insiders.

Pilgrim’s Pride Company Profile

Pilgrim's Pride Corporation produces, processes, markets, and distributes fresh, frozen, and value-added chicken and pork products to retailers, distributors, and foodservice operators. The company offers fresh products, including refrigerated whole or cut-up chicken, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork, and pork ribs; and prepared products, which include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meat balls.