Pilgrim's Pride (PPC) Bonds Trading 0.8% Lower
An issue of Pilgrim's Pride Co. (NASDAQ:PPC) debt fell 0.8% as a percentage of its face value during trading on Monday. The high-yield debt issue has a 5.75% coupon and is set to mature on March 15, 2025. The debt is now trading at $103.00 and was trading at $104.38 last week. Price changes in a company’s debt in credit markets often anticipate parallel changes in its stock price.
Several research firms have issued reports on PPC. ValuEngine lowered Pilgrim's Pride from a “strong-buy” rating to a “buy” rating in a report on Friday, December 15th. BidaskClub lowered Pilgrim's Pride from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 12th. Morgan Stanley boosted their price target on Pilgrim's Pride from $30.00 to $32.00 and gave the company an “equal weight” rating in a report on Friday, November 10th. KeyCorp began coverage on Pilgrim's Pride in a report on Tuesday, October 31st. They set a “hold” rating for the company. Finally, Jefferies Group reissued a “hold” rating and set a $27.00 price target (up previously from $25.00) on shares of Pilgrim's Pride in a report on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $32.50.
Shares of Pilgrim's Pride Co. (PPC) traded up $0.18 during trading on Monday, hitting $29.69. The stock had a trading volume of 1,033,200 shares, compared to its average volume of 1,562,111. Pilgrim's Pride Co. has a fifty-two week low of $18.10 and a fifty-two week high of $38.39. The stock has a market capitalization of $7,390.00, a P/E ratio of 11.74 and a beta of 0.29. The company has a quick ratio of 0.81, a current ratio of 1.65 and a debt-to-equity ratio of 1.49.
Institutional investors have recently made changes to their positions in the company. Seven Eight Capital LP purchased a new position in shares of Pilgrim's Pride in the second quarter valued at about $134,000. New York State Teachers Retirement System purchased a new position in shares of Pilgrim's Pride in the third quarter valued at about $134,000. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of Pilgrim's Pride by 57.1% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,882 shares of the company’s stock valued at $167,000 after acquiring an additional 2,139 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Pilgrim's Pride by 9.5% in the second quarter. The Manufacturers Life Insurance Company now owns 9,203 shares of the company’s stock valued at $201,000 after acquiring an additional 798 shares in the last quarter. Finally, Amalgamated Bank purchased a new position in shares of Pilgrim's Pride in the second quarter valued at about $219,000. Institutional investors and hedge funds own 24.60% of the company’s stock.
About Pilgrim's Pride
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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