Pilgrim's Pride (PPC) Downgraded to Buy at BidaskClub
BidaskClub lowered shares of Pilgrim's Pride (NASDAQ:PPC) from a strong-buy rating to a buy rating in a report released on Tuesday.
PPC has been the subject of several other reports. KeyCorp assumed coverage on Pilgrim's Pride in a research report on Tuesday, October 31st. They issued a hold rating for the company. Jefferies Group reaffirmed a hold rating and issued a $27.00 target price (up from $25.00) on shares of Pilgrim's Pride in a research report on Friday, October 6th. ValuEngine raised Pilgrim's Pride from a buy rating to a strong-buy rating in a research report on Friday, September 1st. BMO Capital Markets reaffirmed a hold rating and issued a $24.00 target price on shares of Pilgrim's Pride in a research report on Friday, August 25th. Finally, Vertical Research cut Pilgrim's Pride from a buy rating to a hold rating in a report on Tuesday, September 5th. Six analysts have rated the stock with a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $32.50.
Shares of Pilgrim's Pride (PPC) traded down $0.35 during mid-day trading on Tuesday, reaching $35.55. The company had a trading volume of 1,111,800 shares, compared to its average volume of 1,259,175. The company has a market capitalization of $8,930.21, a PE ratio of 13.91 and a beta of 0.29. Pilgrim's Pride has a 52-week low of $17.78 and a 52-week high of $38.39. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.81 and a current ratio of 1.65.
Several hedge funds and other institutional investors have recently modified their holdings of PPC. Seven Eight Capital LP acquired a new stake in shares of Pilgrim's Pride in the second quarter valued at $134,000. New York State Teachers Retirement System acquired a new stake in shares of Pilgrim's Pride in the third quarter valued at $134,000. Ladenburg Thalmann Financial Services Inc. increased its stake 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 buying an additional 2,139 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake 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 buying an additional 798 shares in the last quarter. Finally, Amalgamated Bank acquired a new stake in shares of Pilgrim's Pride in the second quarter valued at $219,000. 24.62% of the stock is owned by institutional investors.
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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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