Pilgrim’s Pride Target of Unusually High Options Trading (NASDAQ:PPC)

Pilgrim’s Pride Co. (NASDAQ:PPC) was the target of unusually large options trading activity on Friday. Stock investors purchased 3,289 put options on the stock. This is an increase of approximately 481% compared to the typical daily volume of 566 put options.

Pilgrim’s Pride Trading Down 3.4 %

PPC opened at $41.77 on Friday. The firm has a market cap of $9.90 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 0.21 and a beta of 0.82. Pilgrim’s Pride has a 52 week low of $22.33 and a 52 week high of $47.44. The business’s 50 day moving average is $42.92 and its two-hundred day moving average is $38.29. The company has a quick ratio of 1.09, a current ratio of 1.82 and a debt-to-equity ratio of 0.85.

Pilgrim’s Pride (NASDAQ:PPC) last released its quarterly earnings results on Wednesday, July 31st. The company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.32 by $0.35. Pilgrim’s Pride had a net margin of 4.25% and a return on equity of 25.06%. The firm had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $4.62 billion. During the same quarter in the prior year, the firm earned $0.44 EPS. Pilgrim’s Pride’s revenue for the quarter was up 5.8% on a year-over-year basis. On average, research analysts predict that Pilgrim’s Pride will post 4.79 EPS for the current year.

Analyst Ratings Changes

PPC has been the topic of several recent analyst reports. Barclays increased their target price on Pilgrim’s Pride from $43.00 to $45.00 and gave the company an “equal weight” rating in a report on Monday, September 9th. Argus raised their target price on Pilgrim’s Pride from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $46.00 price target on shares of Pilgrim’s Pride in a report on Monday, August 12th. Finally, Bank of America cut shares of Pilgrim’s Pride from a “buy” rating to a “neutral” rating and set a $47.00 price objective on the stock. in a report on Thursday, August 15th. Four analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $45.80.

Insider Transactions at Pilgrim’s Pride

In other Pilgrim’s Pride news, CEO Fabio Sandri sold 65,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $44.50, for a total value of $2,892,500.00. Following the completion of the transaction, the chief executive officer now owns 279,565 shares of the company’s stock, valued at approximately $12,440,642.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Matthew R. Galvanoni sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $43.31, for a total value of $281,515.00. Following the sale, the chief financial officer now owns 51,750 shares of the company’s stock, valued at $2,241,292.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Fabio Sandri sold 65,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $44.50, for a total transaction of $2,892,500.00. Following the transaction, the chief executive officer now owns 279,565 shares of the company’s stock, valued at approximately $12,440,642.50. The disclosure for this sale can be found here. Corporate insiders own 82.63% of the company’s stock.

Institutional Investors Weigh In On Pilgrim’s Pride

Several hedge funds have recently made changes to their positions in the business. Jones Financial Companies Lllp purchased a new position in Pilgrim’s Pride in the 4th quarter valued at $28,000. ORG Partners LLC acquired a new position in shares of Pilgrim’s Pride during the second quarter worth about $32,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Pilgrim’s Pride during the second quarter worth about $32,000. Headlands Technologies LLC acquired a new stake in Pilgrim’s Pride in the first quarter valued at about $38,000. Finally, GAMMA Investing LLC boosted its holdings in Pilgrim’s Pride by 102.9% in the 2nd quarter. GAMMA Investing LLC now owns 1,410 shares of the company’s stock valued at $54,000 after purchasing an additional 715 shares in the last quarter. Institutional investors and hedge funds own 16.64% of the company’s stock.

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. The company offers fresh products, including refrigerated whole or cut-up chicken, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork, and pork ribs; and prepared products, which include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meat balls.