Investors Purchase Large Volume of Put Options on Pilgrim’s Pride (NASDAQ:PPC)

Pilgrim’s Pride Co. (NASDAQ:PPC) was the recipient of some unusual options trading on Thursday. Investors purchased 519 put options on the stock. This is an increase of 811% compared to the average daily volume of 57 put options.

In other news, CFO Matthew R. Galvanoni sold 2,951 shares of the firm’s stock in a transaction on Tuesday, April 6th. The stock was sold at an average price of $24.16, for a total transaction of $71,296.16. Following the completion of the sale, the chief financial officer now directly owns 6,508 shares of the company’s stock, valued at approximately $157,233.28. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 80.54% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in Pilgrim’s Pride in the 4th quarter worth $14,436,000. SummerHaven Investment Management LLC purchased a new stake in Pilgrim’s Pride in the 4th quarter worth $510,000. Point72 Asset Management L.P. purchased a new stake in Pilgrim’s Pride in the 1st quarter worth $9,226,000. Great Lakes Advisors LLC purchased a new stake in Pilgrim’s Pride in the 4th quarter worth $6,935,000. Finally, Russell Investments Group Ltd. grew its position in shares of Pilgrim’s Pride by 266.9% during the fourth quarter. Russell Investments Group Ltd. now owns 402,631 shares of the company’s stock valued at $7,887,000 after purchasing an additional 292,885 shares in the last quarter. 15.95% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ:PPC opened at $22.93 on Friday. Pilgrim’s Pride has a 12 month low of $14.06 and a 12 month high of $26.27. The stock has a 50-day moving average of $24.23. The stock has a market cap of $5.59 billion, a PE ratio of 43.26, a price-to-earnings-growth ratio of 0.45 and a beta of 1.12. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.84 and a current ratio of 1.68.

Pilgrim’s Pride (NASDAQ:PPC) last posted its quarterly earnings results on Wednesday, April 28th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.07. The company had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.25 billion. Pilgrim’s Pride had a return on equity of 12.83% and a net margin of 1.04%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.12 EPS. On average, equities research analysts expect that Pilgrim’s Pride will post 2.06 earnings per share for the current fiscal year.

Several analysts have issued reports on PPC shares. Zacks Investment Research cut shares of Pilgrim’s Pride from a “buy” rating to a “hold” rating and set a $25.00 target price on the stock. in a research note on Tuesday, April 6th. BMO Capital Markets increased their price target on shares of Pilgrim’s Pride from $21.00 to $28.00 and gave the stock a “market perform” rating in a report on Friday, April 30th. Finally, Barclays increased their price target on shares of Pilgrim’s Pride from $25.00 to $28.00 and gave the stock an “overweight” rating in a report on Thursday, June 3rd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $26.20.

About Pilgrim’s Pride

Pilgrim's Pride Corporation produces, processes, markets, and distributes fresh, frozen, and value-added chicken and pork products to retailers, distributors, and foodservice operators in the United States, the United Kingdom, Mexico, France, Puerto Rico, the Netherlands, rest of Europe, the Middle East, Asia, and internationally.

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