UPDATE 1-Pilgrim's Pride prices secondary offering

(Adds comparison of offering price with share price, use of proceeds, expected closing date, analyst comment, stock activity)

NEW YORK, May 13 (Reuters) - Pilgrim's Pride Corp (PPC.N: Quote, Profile, Research, Stock Buzz) said on Tuesday that it priced 7.5 million shares in a secondary offering at $24 each, well below Monday's closing price of $25.86.

The largest U.S. chicken producer, whose shares fell more than 6 percent to $24.21 on Tuesday, said it would use the $180 million in proceeds to pay down down debt and for general corporate purposes.

The company sees the offering closing on May 16.

J.P. Morgan analyst Pablo Zuanic said he expected the transaction to be neutral to annual earnings if all the proceeds are used to generate cost savings.

"Although the transaction seems to be neutral to earnings and investors will likely continue to focus on the improving industry outlook," Zuanic wrote in a research note, "we remain concerned that Pilgrim's Pride faces company-specific issues that may not allow it to benefit from better chicken economics." (Reporting by Martinne Geller; Editing by Lisa Von Ahn)