Here is What Hedge Funds Think About Pilgrim’s Pride Corporation (PPC)

Now, key hedge funds have jumped into Pilgrim’s Pride Corporation (NASDAQ:PPC) headfirst. BlueCrest Capital Mgmt., managed by Michael Platt and William Reeves, created the most outsized position in Pilgrim’s Pride Corporation (NASDAQ:PPC). BlueCrest Capital Mgmt. had $1.7 million invested in the company at the end of the quarter. Peter Algert and Kevin Coldiron’s Algert Coldiron Investors also initiated a $1.1 million position during the quarter. The other funds with brand new PPC positions are George Hall’s Clinton Group, Ray Carroll’s Breton Hill Capital, and Paul Tudor Jones’ Tudor Investment Corp.

Let’s now take a look at hedge fund activity in other stocks similar to Pilgrim’s Pride Corporation (NASDAQ:PPC). These stocks are Align Technology, Inc. (NASDAQ:ALGN), CIT Group Inc. (NYSE:CIT), Lamar Advertising Co (NASDAQ:LAMR), and Signet Jewelers Ltd. (NYSE:SIG). This group of stocks’ market caps are similar to PPC’s market cap.

As you can see these stocks had an average of 31.5 hedge funds with bullish positions and the average amount invested in these stocks was $1.07 billion. That figure was $236 million in PPC’s case. Signet Jewelers Ltd. (NYSE:SIG) is the most popular stock in this table. On the other hand Lamar Advertising Co (NASDAQ:LAMR) is the least popular one with only 22 bullish hedge fund positions. Compared to these stocks Pilgrim’s Pride Corporation (NASDAQ:PPC) is even less popular than LAMR. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.

Disclosure: None