Van ECK Associates Corp, a prominent hedge fund manager, recently announced that it has reduced its holdings in Pilgrim’s Pride Co. The company reported a decrease of 8.3% in its stock during the first quarter of this year. This information was disclosed in Van ECK’s latest 13F filing with the Securities and Exchange Commission (SEC). According to the filing, the fund now owns 149,450 shares of Pilgrim’s Pride stock, representing a reduction of 13,561 shares from its previous position.
At the end of the reporting period, Van ECK Associates Corp held approximately 0.06% ownership of Pilgrim’s Pride Co., with an estimated value of $3,464,000. This move by Van ECK indicates a potential shift in their investment strategy or outlook for the company.
Pilgrim’s Pride Co., listed under the ticker symbol PPC on the NASDAQ exchange, opened trading at $24.65 on Wednesday. With a market capitalization of $5.84 billion, a price-to-earnings ratio (PE) of 35.72, and a beta score of 0.96, Pilgrim’s Pride is known for its operations in the poultry industry.
Over the past year, Pilgrim’s Pride stock has experienced fluctuations between its fifty-two week low of $19.96 and its fifty-two week high of $31.31. These price swings can be attributed to various factors such as market trends and financial performance.
Analyzing Pilgrim’s Pride Co.’s financial health reveals important indicators for potential investors to consider. The company currently maintains a debt-to-equity ratio of 1.20, which signifies its level of leverage relative to shareholders’ equity. Additionally, it has quick and current ratios of 0.91 and 1.72 respectively; these ratios measure the company’s ability to cover short-term obligations with readily available assets. These figures highlight crucial aspects of Pilgrim’s Pride’s financial standing.
The stock’s performance is further evaluated by its fifty-day and two-hundred-day simple moving averages, which are calculated as $22.79 and $23.30, respectively. These moving averages provide insights into the stock’s historical price trends, assisting investors in assessing potential buying or selling opportunities.
For a more comprehensive understanding of Pilgrim’s Pride Co.’s position in the market and activity among hedge funds, interested parties can refer to HoldingsChannel.com. It provides the latest 13F filings and insider trades, offering valuable information for making informed investment decisions.
In conclusion, Van ECK Associates Corp has trimmed its holdings in Pilgrim’s Pride Co., selling a portion of its shares during the first quarter of this year. This move reflects potential changes in Van ECK’s investment strategy or outlook regarding the company. With PPC trading on the NASDAQ at $24.65, Pilgrim’s Pride has proven to be an intriguing investment choice for many given its market capitalization of $5.84 billion and PE ratio of 35.72. Furthermore, key financial ratios such as debt-to-equity ratio, quick ratio, and current ratio shed light on Pilgrim’s Pride Co.’s financial stability. Investors looking to delve deeper into the stock should consult HoldingsChannel.com for up-to-date filings and insider transactions pertaining to PPC.
Pilgrim's Pride Corporation
PPC
Buy
Updated on: 03/12/2023
Financial Health
Healthy
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Sell
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Hedge Fund Activity and Analyst Ratings Spotlight: Pilgrim’s Pride Corporation (NASDAQ:PPC) in August 2023
August 2, 2023: A Look into Hedge Fund Activity and Analyst Ratings for Pilgrim’s Pride Corporation (NASDAQ:PPC)
Pilgrim’s Pride Corporation, a leading producer in the poultry and pork industry, has recently seen changes in its hedge fund positions as well as analysis from equities analysts. These developments shed light on the company’s performance and potential opportunities for investors.
In terms of hedge funds, Raymond James Financial Services Advisors Inc. has significantly increased its holdings in Pilgrim’s Pride by 284.6% during the first quarter. This move demonstrates a strong belief in the company’s growth prospects, with Raymond James now owning over 50,000 shares valued at $1.26 million.
Similarly, Cetera Advisor Networks LLC has entered the Pilgrim’s Pride market by acquiring a new stake worth $441,000 during the same period. This investment signifies confidence in the company’s ability to generate returns and expand its market presence.
Meanwhile, PNC Financial Services Group Inc. boosted its stake in Pilgrim’s Pride by 30.1% during the first quarter, further affirming positive sentiments about the company’s outlook. Bank of Montreal Can also joined forces by purchasing a new position worth around $551,000.
Additionally, MetLife Investment Management LLC showed faith in Pilgrim’s Pride by increasing its stake by 37% during the first quarter. Their investment now totals more than 32,000 shares with an approximate value of $812,000.
Overall, approximately 17% of Pilgrim’s Pride stock is currently owned by various hedge funds and institutional investors. This level of ownership illustrates a widespread belief in the company’s potential and showcases a positive sentiment towards future growth.
In line with these hedge fund activities, several equities analysts have commented on Pilgrim’s Pride stock as well. Barclays dropped their target price for PPC from $28 to $27 but maintained a neutral rating. Bank of America, on the other hand, upgraded the stock from neutral to buy and set a price target of $26. BMO Capital Markets also weighed in, upgrading their rating from market perform to outperform and raising their target price from $26 to $28.
StockNews.com initiated coverage on Pilgrim’s Pride with a hold rating, while TheStreet raised their rating from c to b. These ratings indicate mixed sentiments about the company’s performance but highlight overall positive opinions regarding its potential for growth.
It is important to note that according to Bloomberg.com, the consensus rating for Pilgrim’s Pride is currently labeled as “Moderate Buy” with an average price target of $26.40. This suggests that analysts generally view the company’s stock as having promising growth prospects in the future.
In light of these developments, investors may be interested in examining other hedge funds’ positions in Pilgrim’s Pride. HoldingsChannel.com provides up-to-date information on 13F filings and insider trades, offering a comprehensive overview of how various funds are approaching PPC.
Moving away from hedge fund activity and analyst ratings, it is worthwhile to examine Pilgrim’s Pride’s recent financial performance. On July 26th, the company reported earnings per share (EPS) of $0.44 for the quarter, surpassing analysts’ consensus estimates by $0.16. Despite revenue slightly falling short of expectations at $4.30 billion compared to an estimated $4.38 billion, Pilgrim’s Pride managed to achieve a quarterly return on equity of 9.33% with a net margin sitting at 0.99%. The slight decrease in revenue can be attributed to a 7.2% decline year-over-year; however, Pilgrim’s Pride aims to rebound and continue its trajectory towards success.
As we conclude this review into Pilgrim’s Pride Corporation performance and market activity, it’s important to remember that the company operates in the production, processing, marketing, and distribution of chicken and pork products. Pilgrims Pride has established an extensive market presence both domestically and internationally, catering to retailers, distributors, and foodservice operators in various regions across the globe.
While hedge fund activity and analyst ratings can be valuable indicators for investors’ decision-making process, investors should also consider conducting a thorough analysis of the company’s financial reports and industry landscape. By examining multiple facets of the business, one can gain a comprehensive understanding of Pilgrim’s Pride Corporation as it continues to navigate the poultry and pork industry with its dynamic growth strategies.
Disclaimer: The views expressed in this article are solely those of the author and do not represent the official position of OpenAI or any other related organization.
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