Tectonic Advisors LLC Decreases Stake in Pilgrim’s Pride Co. (NASDAQ:PPC)

Tectonic Advisors LLC lessened its stake in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) by 16.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,669 shares of the company’s stock after selling 3,294 shares during the quarter. Tectonic Advisors LLC’s holdings in Pilgrim’s Pride were worth $768,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Arizona State Retirement System grew its holdings in Pilgrim’s Pride by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 13,259 shares of the company’s stock valued at $510,000 after buying an additional 244 shares in the last quarter. Bayesian Capital Management LP grew its holdings in shares of Pilgrim’s Pride by 2.6% during the first quarter. Bayesian Capital Management LP now owns 11,382 shares of the company’s stock worth $391,000 after purchasing an additional 290 shares in the last quarter. Bleakley Financial Group LLC grew its holdings in shares of Pilgrim’s Pride by 2.2% during the first quarter. Bleakley Financial Group LLC now owns 13,714 shares of the company’s stock worth $471,000 after purchasing an additional 301 shares in the last quarter. Norden Group LLC grew its holdings in shares of Pilgrim’s Pride by 3.6% during the second quarter. Norden Group LLC now owns 9,290 shares of the company’s stock worth $358,000 after purchasing an additional 322 shares in the last quarter. Finally, CWM LLC grew its holdings in shares of Pilgrim’s Pride by 19.1% during the third quarter. CWM LLC now owns 2,086 shares of the company’s stock worth $96,000 after purchasing an additional 334 shares in the last quarter. Hedge funds and other institutional investors own 16.64% of the company’s stock.

Pilgrim’s Pride Stock Performance

NASDAQ:PPC opened at $46.21 on Friday. The firm has a market cap of $10.95 billion, a PE ratio of 22.43, a price-to-earnings-growth ratio of 0.23 and a beta of 0.82. Pilgrim’s Pride Co. has a fifty-two week low of $23.97 and a fifty-two week high of $49.07. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.09 and a current ratio of 1.82. The business has a 50 day moving average price of $44.54 and a 200-day moving average price of $40.21.

Pilgrim’s Pride (NASDAQ:PPC) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.35. Pilgrim’s Pride had a return on equity of 25.06% and a net margin of 4.25%. The company had revenue of $4.56 billion during the quarter, compared to analyst estimates of $4.62 billion. During the same quarter last year, the firm posted $0.44 earnings per share. The firm’s revenue was up 5.8% on a year-over-year basis. Equities research analysts predict that Pilgrim’s Pride Co. will post 4.79 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PPC. Barclays boosted their price objective on Pilgrim’s Pride from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Monday, September 9th. Bank of America lowered Pilgrim’s Pride from a “buy” rating to a “neutral” rating and set a $47.00 price objective for the company. in a report on Thursday, August 15th. Argus boosted their price objective on Pilgrim’s Pride from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. BMO Capital Markets reissued a “market perform” rating and set a $46.00 price objective on shares of Pilgrim’s Pride in a report on Monday, August 12th. Finally, Stephens initiated coverage on Pilgrim’s Pride in a research report on Thursday, October 3rd. They issued an “equal weight” rating and a $43.00 target price for the company. Five research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $45.33.

Insider Buying and Selling

In related news, CEO Fabio Sandri sold 65,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $44.50, for a total value of $2,892,500.00. Following the completion of the sale, the chief executive officer now owns 279,565 shares of the company’s stock, valued at $12,440,642.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Pilgrim’s Pride news, CFO Matthew R. Galvanoni sold 6,500 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $43.31, for a total value of $281,515.00. Following the completion of the transaction, the chief financial officer now owns 51,750 shares in the company, valued at approximately $2,241,292.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Fabio Sandri sold 65,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $44.50, for a total value of $2,892,500.00. Following the completion of the transaction, the chief executive officer now owns 279,565 shares of the company’s stock, valued at approximately $12,440,642.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 82.63% of the stock is currently owned by insiders.

Pilgrim’s Pride 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.