Pilgrim’s Pride Co. (NASDAQ:PPC) Short Interest Up 56.0% in June

Pilgrim’s Pride Co. (NASDAQ:PPC) saw a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 4,404,500 shares, a growth of 56.0% from the May 15th total of 2,823,800 shares. Based on an average daily trading volume, of 1,120,000 shares, the days-to-cover ratio is presently 3.9 days. Approximately 8.4% of the company’s shares are short sold.

Shares of Pilgrim’s Pride stock traded down $0.58 on Friday, reaching $26.24. 605,787 shares of the company were exchanged, compared to its average volume of 840,029. Pilgrim’s Pride has a one year low of $14.83 and a one year high of $29.32. The firm has a market cap of $6.69 billion, a P/E ratio of 20.50 and a beta of 0.80. The company has a quick ratio of 0.83, a current ratio of 1.68 and a debt-to-equity ratio of 1.19. The firm’s 50-day moving average is $26.17.

Pilgrim’s Pride (NASDAQ:PPC) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.35 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.35. Pilgrim’s Pride had a return on equity of 14.13% and a net margin of 1.95%. The business had revenue of $2.72 billion for the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter in the prior year, the business earned $0.53 EPS. The firm’s revenue for the quarter was down .8% on a year-over-year basis. Analysts anticipate that Pilgrim’s Pride will post 1.83 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in Pilgrim’s Pride during the 4th quarter worth $15,841,000. Millennium Management LLC increased its position in Pilgrim’s Pride by 88.9% during the 4th quarter. Millennium Management LLC now owns 1,710,763 shares of the company’s stock worth $26,534,000 after buying an additional 805,336 shares during the period. Rubric Capital Management LP bought a new position in Pilgrim’s Pride during the 1st quarter worth $9,460,000. Spark Investment Management LLC increased its position in Pilgrim’s Pride by 426.3% during the 1st quarter. Spark Investment Management LLC now owns 510,800 shares of the company’s stock worth $11,385,000 after buying an additional 413,742 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in Pilgrim’s Pride by 269.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 420,534 shares of the company’s stock worth $9,374,000 after buying an additional 306,625 shares during the period. Institutional investors and hedge funds own 18.87% of the company’s stock.

Several brokerages recently issued reports on PPC. Barclays reaffirmed a “buy” rating on shares of NXP Semiconductors in a research report on Sunday, May 5th. ValuEngine downgraded Acceleron Pharma from a “strong-buy” rating to a “buy” rating in a research report on Thursday, April 18th. BidaskClub raised YY from a “strong sell” rating to a “sell” rating in a research report on Thursday, May 30th. Zacks Investment Research downgraded Great Portland Estates from a “hold” rating to a “sell” rating in a research report on Tuesday, April 16th. Finally, TheStreet raised BlackRock TCP Capital from a “c+” rating to a “b” rating in a research report on Tuesday, May 28th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $24.19.

Pilgrim’s Pride Company Profile

Pilgrim's Pride Corporation engages in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken products in the United States, the United Kingdom, Europe, and Mexico. The company offers fresh chicken products, including pre-marinated or non-marinated refrigerated (nonfrozen) whole or cut-up chicken; and prepackaged case-ready chicken, such as whole chickens and chicken parts.

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