Pilgrim’s Pride (NASDAQ:PPC) Downgraded by Zacks Research to “Strong Sell”

Pilgrim’s Pride (NASDAQ:PPC) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other brokerages have also weighed in on PPC. Wall Street Zen lowered Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 13th. The Goldman Sachs Group assumed coverage on Pilgrim’s Pride in a research note on Monday, June 23rd. They set a “neutral” rating and a $50.00 price target on the stock. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Pilgrim’s Pride in a research note on Wednesday. Five analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $49.00.

Pilgrim’s Pride Price Performance

PPC stock opened at $38.81 on Thursday. Pilgrim’s Pride has a 1 year low of $37.03 and a 1 year high of $57.16. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.88 and a current ratio of 1.63. The stock’s 50 day moving average price is $44.04 and its 200 day moving average price is $46.98. The firm has a market cap of $9.22 billion, a P/E ratio of 7.48 and a beta of 0.45.

Pilgrim’s Pride (NASDAQ:PPC) last posted its earnings results on Wednesday, July 30th. The company reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.16. Pilgrim’s Pride had a return on equity of 37.15% and a net margin of 6.81%.The firm had revenue of $4.76 billion for the quarter, compared to analyst estimates of $4.62 billion. During the same quarter in the prior year, the company earned $1.67 EPS. Pilgrim’s Pride’s revenue was up 4.3% on a year-over-year basis. On average, sell-side analysts expect that Pilgrim’s Pride will post 5.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PPC. Farther Finance Advisors LLC raised its position in shares of Pilgrim’s Pride by 80.5% in the 1st quarter. Farther Finance Advisors LLC now owns 4,782 shares of the company’s stock worth $269,000 after buying an additional 2,132 shares during the period. GAMMA Investing LLC raised its position in shares of Pilgrim’s Pride by 18.6% in the 1st quarter. GAMMA Investing LLC now owns 3,189 shares of the company’s stock worth $174,000 after buying an additional 501 shares during the period. SG Americas Securities LLC raised its position in shares of Pilgrim’s Pride by 76.5% in the 1st quarter. SG Americas Securities LLC now owns 19,940 shares of the company’s stock worth $1,087,000 after buying an additional 8,645 shares during the period. Fifth Third Bancorp raised its position in shares of Pilgrim’s Pride by 10.6% in the 1st quarter. Fifth Third Bancorp now owns 3,747 shares of the company’s stock worth $204,000 after buying an additional 358 shares during the period. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of Pilgrim’s Pride in the 1st quarter worth $355,000. 16.64% of the stock is owned by hedge funds and other institutional investors.

About Pilgrim’s Pride

Pilgrim’s Pride Corp. engages in the production, processing, marketing, and distribution of fresh, frozen and value-added chicken and pork products to retailers, distributors, and foodservice operators. It operates through the following segments: U.S., U.K. and Europe, and Mexico. The company was founded by Lonnie A.