Neuberger Berman Group LLC Decreases Position in Pilgrim's Pride Co. (PPC)

Neuberger Berman Group LLC trimmed its position in Pilgrim’s Pride Co. (NASDAQ:PPC) by 27.1% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,048 shares of the company’s stock after selling 11,931 shares during the period. Neuberger Berman Group LLC’s holdings in Pilgrim’s Pride were worth $580,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. AQR Capital Management LLC grew its position in Pilgrim’s Pride by 1.5% in the third quarter. AQR Capital Management LLC now owns 2,403,598 shares of the company’s stock worth $43,481,000 after buying an additional 35,385 shares during the last quarter. Putnam Investments LLC grew its position in Pilgrim’s Pride by 91.2% in the third quarter. Putnam Investments LLC now owns 138,775 shares of the company’s stock worth $2,510,000 after buying an additional 66,175 shares during the last quarter. Man Group plc grew its position in Pilgrim’s Pride by 334.9% in the third quarter. Man Group plc now owns 118,074 shares of the company’s stock worth $2,136,000 after buying an additional 90,924 shares during the last quarter. Pacer Advisors Inc. grew its position in Pilgrim’s Pride by 226.0% in the third quarter. Pacer Advisors Inc. now owns 25,863 shares of the company’s stock worth $468,000 after buying an additional 17,929 shares during the last quarter. Finally, Deutsche Bank AG grew its position in Pilgrim’s Pride by 25.1% in the third quarter. Deutsche Bank AG now owns 615,955 shares of the company’s stock worth $11,140,000 after buying an additional 123,660 shares during the last quarter. Institutional investors and hedge funds own 19.44% of the company’s stock.

PPC has been the topic of several research analyst reports. BidaskClub cut shares of Pilgrim’s Pride from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. ValuEngine upgraded shares of Pilgrim’s Pride from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 1st. Finally, Zacks Investment Research upgraded shares of Pilgrim’s Pride from a “strong sell” rating to a “hold” rating in a research report on Monday, January 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $24.40.

NASDAQ PPC opened at $17.54 on Friday. Pilgrim’s Pride Co. has a twelve month low of $14.83 and a twelve month high of $31.25. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.83 and a current ratio of 1.73. The company has a market cap of $4.25 billion, a price-to-earnings ratio of 6.07 and a beta of 0.49.

Pilgrim’s Pride (NASDAQ:PPC) last issued its earnings results on Wednesday, October 31st. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.34). The company had revenue of $2.70 billion for the quarter, compared to analyst estimates of $2.72 billion. Pilgrim’s Pride had a net margin of 3.53% and a return on equity of 22.95%. The company’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period last year, the business earned $0.98 EPS. As a group, equities analysts expect that Pilgrim’s Pride Co. will post 1.45 earnings per share for the current year.

Pilgrim’s Pride announced that its Board of Directors has initiated a share repurchase plan on Wednesday, October 31st that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to buy up to 4.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

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Pilgrim’s Pride Profile

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.

Further Reading: Diversification

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Institutional Ownership by Quarter for Pilgrim`s Pride (NASDAQ:PPC)

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