Edgestream Partners L.P. Cuts Stake in Pilgrim’s Pride Co. (NASDAQ:PPC)

Edgestream Partners L.P. reduced its position in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) by 64.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,336 shares of the company’s stock after selling 52,440 shares during the period. Edgestream Partners L.P.’s holdings in Pilgrim’s Pride were worth $1,351,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Martingale Asset Management L P boosted its position in Pilgrim’s Pride by 23.4% in the 3rd quarter. Martingale Asset Management L P now owns 238,151 shares of the company’s stock valued at $10,967,000 after buying an additional 45,172 shares during the last quarter. PEAK6 Investments LLC acquired a new position in shares of Pilgrim’s Pride in the third quarter worth about $719,000. Townsquare Capital LLC boosted its holdings in Pilgrim’s Pride by 26.4% in the third quarter. Townsquare Capital LLC now owns 12,255 shares of the company’s stock valued at $564,000 after purchasing an additional 2,556 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Pilgrim’s Pride by 106.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 158,826 shares of the company’s stock valued at $7,314,000 after purchasing an additional 81,727 shares in the last quarter. Finally, Quantbot Technologies LP increased its holdings in Pilgrim’s Pride by 165.0% during the 3rd quarter. Quantbot Technologies LP now owns 96,691 shares of the company’s stock worth $4,453,000 after purchasing an additional 60,201 shares during the last quarter. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Pilgrim’s Pride Price Performance

PPC opened at $51.27 on Wednesday. The firm has a market cap of $12.16 billion, a price-to-earnings ratio of 12.38, a price-to-earnings-growth ratio of 0.22 and a beta of 0.82. Pilgrim’s Pride Co. has a fifty-two week low of $25.51 and a fifty-two week high of $55.50. The company has a quick ratio of 1.27, a current ratio of 1.95 and a debt-to-equity ratio of 0.75. The company’s 50-day moving average price is $48.33 and its 200 day moving average price is $43.00.

Pilgrim’s Pride (NASDAQ:PPC) last released its quarterly earnings data on Wednesday, October 30th. The company reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.36. The business had revenue of $4.58 billion for the quarter, compared to analysts’ expectations of $4.69 billion. Pilgrim’s Pride had a net margin of 5.46% and a return on equity of 29.92%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.58 EPS. As a group, sell-side analysts expect that Pilgrim’s Pride Co. will post 4.91 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on PPC shares. BMO Capital Markets increased their target price on Pilgrim’s Pride from $42.00 to $43.00 and gave the company a “market perform” rating in a research note on Friday, November 1st. Barclays boosted their target price on shares of Pilgrim’s Pride from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. Argus increased their price target on shares of Pilgrim’s Pride from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Bank of America downgraded 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, Stephens began coverage on Pilgrim’s Pride in a report on Thursday, October 3rd. They set an “equal weight” rating and a $43.00 target price on the stock. Five analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $45.50.

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.