First Trust Advisors LP lowered its stake in shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) by 24.4% during the second quarter, Holdings Channel reports. The firm owned 1,295,187 shares of the company’s stock after selling 417,384 shares during the period. First Trust Advisors LP’s holdings in Pilgrim’s Pride Corporation were worth $28,390,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Credit Agricole S A increased its stake in Pilgrim’s Pride Corporation by 12.8% in the first quarter. Credit Agricole S A now owns 356,800 shares of the company’s stock valued at $8,030,000 after buying an additional 40,400 shares during the period. Dimensional Fund Advisors LP increased its stake in Pilgrim’s Pride Corporation by 9.9% in the first quarter. Dimensional Fund Advisors LP now owns 792,740 shares of the company’s stock valued at $17,840,000 after buying an additional 71,211 shares during the period. Point72 Asset Management L.P. acquired a new stake in Pilgrim’s Pride Corporation during the first quarter valued at approximately $12,159,000. Pictet Asset Management Ltd. acquired a new stake in Pilgrim’s Pride Corporation during the first quarter valued at approximately $3,216,000. Finally, OLD National Bancorp IN acquired a new stake in Pilgrim’s Pride Corporation during the first quarter valued at approximately $484,000. 26.03% of the stock is currently owned by institutional investors and hedge funds.

Shares of Pilgrim’s Pride Corporation (NASDAQ PPC) opened at 27.95 on Wednesday. Pilgrim’s Pride Corporation has a 12 month low of $17.15 and a 12 month high of $28.00. The company has a market capitalization of $6.95 billion, a PE ratio of 14.10 and a beta of 0.19. The stock’s 50 day moving average price is $23.53 and its 200 day moving average price is $22.83.

Pilgrim’s Pride Corporation (NASDAQ:PPC) last posted its quarterly earnings data on Wednesday, August 2nd. The company reported $0.94 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.11. Pilgrim’s Pride Corporation had a return on equity of 49.65% and a net margin of 6.05%. The firm had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same period in the previous year, the firm earned $0.60 EPS. The business’s quarterly revenue was up 11.0% on a year-over-year basis. On average, analysts forecast that Pilgrim’s Pride Corporation will post $2.45 EPS for the current year.

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Several equities research analysts have recently weighed in on the company. BidaskClub cut Pilgrim’s Pride Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, July 1st. Zacks Investment Research cut Pilgrim’s Pride Corporation from a “buy” rating to a “hold” rating in a research report on Friday, May 19th. BMO Capital Markets reiterated a “hold” rating and set a $24.00 price target on shares of Pilgrim’s Pride Corporation in a research report on Tuesday, May 16th. Jefferies Group LLC reiterated a “hold” rating and set a $25.00 price target on shares of Pilgrim’s Pride Corporation in a research report on Friday, July 14th. Finally, ValuEngine upgraded Pilgrim’s Pride Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Three research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. Pilgrim’s Pride Corporation has a consensus rating of “Buy” and a consensus target price of $24.50.

Pilgrim’s Pride Corporation Company Profile

Pilgrim’s Pride Corporation is a retail feed store. It is a producer and seller of chicken with operations in the United States, Mexico and Puerto Rico. It is engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken products to retailers, distributors and foodservice operators.

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

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