Pilgrim’s Pride Sees Unusually High Options Volume (NASDAQ:PPC)

Pilgrim’s Pride Co. (NASDAQ:PPC) was the recipient of unusually large options trading activity on Tuesday. Stock investors bought 724 put options on the company. This is an increase of approximately 1,107% compared to the typical daily volume of 60 put options.

Shares of PPC traded up $0.56 during midday trading on Thursday, reaching $26.82. 692,729 shares of the stock were exchanged, compared to its average volume of 1,050,104. The stock has a market capitalization of $6.55 billion, a P/E ratio of 20.91 and a beta of 0.80. The firm has a 50 day moving average of $26.13. Pilgrim’s Pride has a twelve month low of $14.83 and a twelve month high of $29.32. The company has a current ratio of 1.68, a quick ratio of 0.83 and a debt-to-equity ratio of 1.19.

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

A number of institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank acquired a new position in shares of Pilgrim’s Pride during the fourth quarter worth approximately $15,841,000. Millennium Management LLC grew its holdings in Pilgrim’s Pride by 88.9% during the fourth 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 in the last quarter. Rubric Capital Management LP bought a new stake in Pilgrim’s Pride during the first quarter worth $9,460,000. Spark Investment Management LLC grew its holdings in Pilgrim’s Pride by 426.3% during the first 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 in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of 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 acquiring an additional 306,625 shares during the period. 18.87% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts have commented on PPC shares. ValuEngine lowered shares of Acceleron Pharma from a “strong-buy” rating to a “buy” rating in a report on Thursday, April 18th. BidaskClub upgraded shares of YY from a “strong sell” rating to a “sell” rating in a research report on Thursday, May 30th. Barclays restated a “buy” rating on shares of NXP Semiconductors in a research report on Sunday, May 5th. BMO Capital Markets set a $66.00 target price on shares of CyrusOne and gave the company a “buy” rating in a research report on Friday, May 3rd. Finally, Cleveland Research upgraded shares of Pilgrim’s Pride from a “neutral” rating to a “buy” rating in a research report on Wednesday, May 22nd. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Pilgrim’s Pride presently has an average rating of “Buy” and an average target price of $24.19.

About Pilgrim’s Pride

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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