Pilgrim's Pride (PPC) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research cut shares of Pilgrim's Pride (NASDAQ:PPC) from a strong-buy rating to a hold rating in a research note released 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.”
Other equities analysts have also recently issued research reports about the company. ValuEngine cut Pilgrim's Pride from a strong-buy rating to a buy rating in a report on Friday, December 15th. BidaskClub cut Pilgrim's Pride from a strong-buy rating to a buy rating in a report on Tuesday, December 12th. Morgan Stanley upped their price target on Pilgrim's Pride from $30.00 to $32.00 and gave the stock an equal weight rating in a report on Friday, November 10th. KeyCorp began coverage on Pilgrim's Pride in a research note on Tuesday, October 31st. They set a hold rating for the company. Finally, Jefferies Group reiterated a hold rating and set a $27.00 target price (up from $25.00) on shares of Pilgrim's Pride in a research note on Friday, October 6th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $32.50.
Pilgrim's Pride (NASDAQ:PPC) last released its quarterly earnings results on Tuesday, November 7th. The company reported $0.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.21. The firm had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Pilgrim's Pride had a return on equity of 53.62% and a net margin of 7.03%. Pilgrim's Pride’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.40 EPS. equities analysts anticipate that Pilgrim's Pride will post 2.89 EPS for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in PPC. Seven Eight Capital LP purchased a new position in shares of Pilgrim's Pride during the 2nd quarter valued at approximately $134,000. New York State Teachers Retirement System purchased a new position in shares of Pilgrim's Pride during the 3rd quarter valued at approximately $134,000. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Pilgrim's Pride by 57.1% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,882 shares of the company’s stock valued at $167,000 after buying an additional 2,139 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Pilgrim's Pride by 9.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,203 shares of the company’s stock valued at $201,000 after buying an additional 798 shares during the last quarter. Finally, Amalgamated Bank purchased a new position in shares of Pilgrim's Pride during the 2nd quarter valued at approximately $219,000. Institutional investors own 24.62% of the company’s stock.
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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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