Zacks: Brokerages Anticipate Pilgrim's Pride Co. (PPC) to Post $0.55 Earnings Per Share

Brokerages forecast that Pilgrim's Pride Co. (NASDAQ:PPC) will announce earnings of $0.55 per share for the current quarter, according to Zacks. Two analysts have issued estimates for Pilgrim's Pride’s earnings, with estimates ranging from $0.51 to $0.59. Pilgrim's Pride posted earnings per share of $0.38 in the same quarter last year, which would suggest a positive year over year growth rate of 44.7%. The company is expected to announce its next quarterly earnings report on Wednesday, May 2nd.

On average, analysts expect that Pilgrim's Pride will report full year earnings of $3.07 per share for the current fiscal year, with EPS estimates ranging from $2.76 to $3.40. For the next year, analysts expect that the firm will report earnings of $3.10 per share, with EPS estimates ranging from $2.80 to $3.65. Zacks’ EPS calculations are a mean average based on a survey of analysts that that provide coverage for Pilgrim's Pride.

Pilgrim's Pride (NASDAQ:PPC) last released its quarterly earnings results on Wednesday, February 14th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.05. Pilgrim's Pride had a net margin of 7.08% and a return on equity of 49.74%. The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.56 billion.

Several brokerages have recently commented on PPC. Mizuho began coverage on shares of Pilgrim's Pride in a research report on Wednesday. They set a “buy” rating and a $29.00 price objective on the stock. Zacks Investment Research raised Pilgrim's Pride from a “hold” rating to a “buy” rating and set a $27.00 price target on the stock in a research note on Thursday, March 15th. Vertical Group raised Pilgrim's Pride from a “hold” rating to a “buy” rating in a research note on Wednesday, March 14th. BidaskClub downgraded Pilgrim's Pride from a “sell” rating to a “strong sell” rating in a research report on Tuesday, January 16th. Finally, ValuEngine downgraded Pilgrim's Pride from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 15th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $28.80.

PPC stock traded down $0.29 on Tuesday, hitting $24.61. The company had a trading volume of 2,295,443 shares, compared to its average volume of 1,258,765. Pilgrim's Pride has a 12-month low of $20.28 and a 12-month high of $38.39. The company has a current ratio of 1.73, a quick ratio of 0.87 and a debt-to-equity ratio of 1.42. The stock has a market capitalization of $6,121.81, a P/E ratio of 8.52 and a beta of 0.16.

In related news, CEO William W. Lovette sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $25.36, for a total value of $2,536,000.00. Following the sale, the chief executive officer now owns 578,653 shares in the company, valued at $14,674,640.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 78.81% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership increased its stake in shares of Pilgrim's Pride by 165.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,940,271 shares of the company’s stock valued at $60,265,000 after acquiring an additional 1,209,046 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in Pilgrim's Pride by 97.4% in the 4th quarter. TIAA CREF Investment Management LLC now owns 1,281,715 shares of the company’s stock worth $39,810,000 after buying an additional 632,491 shares during the period. JPMorgan Chase & Co. increased its position in Pilgrim's Pride by 14.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,152,325 shares of the company’s stock worth $117,970,000 after buying an additional 528,588 shares during the period. Schroder Investment Management Group increased its position in Pilgrim's Pride by 2,806.0% in the 3rd quarter. Schroder Investment Management Group now owns 531,800 shares of the company’s stock worth $15,109,000 after buying an additional 513,500 shares during the period. Finally, Renaissance Technologies LLC increased its position in Pilgrim's Pride by 101.5% in the 4th quarter. Renaissance Technologies LLC now owns 840,613 shares of the company’s stock worth $26,109,000 after buying an additional 423,500 shares during the period. Institutional investors own 25.11% of the company’s stock.

TRADEMARK VIOLATION NOTICE: “Zacks: Brokerages Anticipate Pilgrim's Pride Co. (PPC) to Post $0.55 Earnings Per Share” was reported by WKRB News and is the sole property of of WKRB News. If you are reading this article on another site, it was illegally stolen and republished in violation of international copyright & trademark law. The correct version of this article can be accessed at https://www.wkrb13.com/2018/04/01/zacks-brokerages-anticipate-pilgrims-pride-co-ppc-to-post-0-55-earnings-per-share.html.

Pilgrim's Pride 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.

Get a free copy of the Zacks research report on Pilgrim's Pride (PPC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Pilgrim's Pride (NASDAQ:PPC)

Receive News & Ratings for Pilgrim's Pride Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pilgrim's Pride and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply