Pilgrim’s Pride (NASDAQ:PPC) Downgraded by Stephens to “Equal Weight”
Stephens lowered shares of Pilgrim’s Pride (NASDAQ:PPC) from an overweight rating to an equal weight rating in a research report sent to investors on Thursday morning, BenzingaRatingsTable reports. They currently have $35.00 price target on the stock.
PPC has been the topic of a number of other research reports. ValuEngine downgraded Pilgrim’s Pride from a buy rating to a hold rating in a research report on Wednesday, October 2nd. Zacks Investment Research upgraded Pilgrim’s Pride from a hold rating to a strong-buy rating and set a $37.00 target price on the stock in a research report on Friday, January 3rd. Bank of America started coverage on Pilgrim’s Pride in a research report on Friday, October 25th. They issued a neutral rating and a $32.00 target price on the stock. Finally, BidaskClub downgraded Pilgrim’s Pride from a hold rating to a sell rating in a research report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $32.17.
NASDAQ:PPC traded down $0.42 on Thursday, reaching $29.50. The company’s stock had a trading volume of 719,300 shares, compared to its average volume of 736,800. Pilgrim’s Pride has a 12-month low of $18.11 and a 12-month high of $33.67. The company has a quick ratio of 0.94, a current ratio of 1.82 and a debt-to-equity ratio of 1.08. The firm has a market cap of $7.37 billion, a price-to-earnings ratio of 23.05, a price-to-earnings-growth ratio of 0.58 and a beta of 0.74. The stock has a 50 day moving average price of $32.00 and a 200 day moving average price of $30.20.
Several hedge funds and other institutional investors have recently modified their holdings of PPC. Man Group plc grew its stake in shares of Pilgrim’s Pride by 1,850.8% in the second quarter. Man Group plc now owns 1,745,958 shares of the company’s stock valued at $44,330,000 after buying an additional 1,656,458 shares in the last quarter. State Street Corp grew its stake in Pilgrim’s Pride by 75.0% during the 3rd quarter. State Street Corp now owns 1,280,486 shares of the company’s stock worth $41,033,000 after purchasing an additional 548,589 shares in the last quarter. First Trust Advisors LP grew its stake in Pilgrim’s Pride by 131.1% during the 3rd quarter. First Trust Advisors LP now owns 804,116 shares of the company’s stock worth $25,768,000 after purchasing an additional 456,111 shares in the last quarter. Millennium Management LLC grew its stake in Pilgrim’s Pride by 6,029.4% during the 3rd quarter. Millennium Management LLC now owns 438,774 shares of the company’s stock worth $14,060,000 after purchasing an additional 446,174 shares in the last quarter. Finally, BlackRock Inc. grew its stake in Pilgrim’s Pride by 14.2% during the 2nd quarter. BlackRock Inc. now owns 2,742,638 shares of the company’s stock worth $69,637,000 after purchasing an additional 341,062 shares in the last quarter. 20.52% of the stock is owned by institutional investors and hedge funds.
About Pilgrim’s Pride
Pilgrim's Pride Corporation engages in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken products in the United States, the United Kingdom, Europe, and Mexico. The company offers fresh chicken products, including pre-marinated or non-marinated refrigerated (nonfrozen) whole or cut-up chicken; and prepackaged case-ready chicken, such as whole chickens and chicken parts.
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