Pilgrim’s Pride Corporation (NASDAQ:PPC) was in 13 hedge funds’ portfolio at the end of December. PPC has seen an increase in activity from the world’s largest hedge funds of late. There were 8 hedge funds in our database with PPC positions at the end of the previous quarter.
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With these “truths” under our belt, let’s take a gander at the latest action encompassing Pilgrim’s Pride Corporation (NASDAQ:PPC).
What have hedge funds been doing with Pilgrim’s Pride Corporation (NASDAQ:PPC)?
Heading into 2013, a total of 13 of the hedge funds we track held long positions in this stock, a change of 63% from one quarter earlier. With the smart money’s sentiment swirling, there exists a select group of noteworthy hedge fund managers who were boosting their stakes meaningfully.
Of the funds we track, Cliff Asness’s AQR Capital Management had the largest position in Pilgrim’s Pride Corporation (NASDAQ:PPC), worth close to $3 million, comprising 0% of its total 13F portfolio. The second largest stake is held by Alexander Mitchell of Scopus Asset Management, with a $3 million position; 0.1% of its 13F portfolio is allocated to the company. Some other hedgies that are bullish include Nelson Obus’s Wynnefield Capital, Israel Englander’s Millennium Management and Ken Griffin’s Citadel Investment Group.
As aggregate interest increased, specific money managers were breaking ground themselves. Scopus Asset Management, managed by Alexander Mitchell, assembled the most valuable position in Pilgrim’s Pride Corporation (NASDAQ:PPC). Scopus Asset Management had 3 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also made a $1 million investment in the stock during the quarter. The following funds were also among the new PPC investors: John Bader’s Halcyon Asset Management, Steven Cohen’s SAC Capital Advisors, and D. E. Shaw’s D E Shaw.
What do corporate executives and insiders think about Pilgrim’s Pride Corporation (NASDAQ:PPC)?
Insider buying is best served when the company we’re looking at has experienced transactions within the past 180 days. Over the latest six-month time frame, Pilgrim’s Pride Corporation (NASDAQ:PPC) has experienced 4 unique insiders purchasing, and 1 insider sales (see the details of insider trades here).
Let’s also review hedge fund and insider activity in other stocks similar to Pilgrim’s Pride Corporation (NASDAQ:PPC). These stocks are Tyson Foods, Inc. (NYSE:TSN), Leucadia National Corp. (NYSE:LUK), Smithfield Foods, Inc. (NYSE:SFD), Industrias Bachoco, S.A.B. de C.V. (ADR) (NYSE:IBA), and Seaboard Corporation (NYSEAMEX:SEB). All of these stocks are in the meat products industry and their market caps are similar to PPC’s market cap.
|Company Name||# of Hedge Funds||# of Insiders Buying||# of Insiders Selling|
|Tyson Foods, Inc. (NYSE:TSN)||25||1||6|
|Leucadia National Corp. (NYSE:LUK)||26||0||0|
|Smithfield Foods, Inc. (NYSE:SFD)||24||1||2|
|Industrias Bachoco, S.A.B. de C.V. (ADR) (NYSE:IBA)||2||0||0|
|Seaboard Corporation (NYSEAMEX:SEB)||3||0||0|
With the returns exhibited by our time-tested strategies, retail investors should always watch hedge fund and insider trading activity, and Pilgrim’s Pride Corporation (NASDAQ:PPC) is no exception.
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