Pilgrim’s Pride (NASDAQ:PPC) Shares Gap Down – Time to Sell?

Pilgrim’s Pride Co. (NASDAQ:PPC)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $55.30, but opened at $48.23. Pilgrim’s Pride shares last traded at $48.75, with a volume of 238,763 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. BMO Capital Markets raised their target price on shares of Pilgrim’s Pride from $47.00 to $48.00 and gave the company a “market perform” rating in a research report on Monday, March 17th. Santander started coverage on Pilgrim’s Pride in a research report on Wednesday, March 5th. They set a “neutral” rating for the company. Finally, StockNews.com lowered Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 2nd. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $46.33.

Pilgrim’s Pride Stock Performance

The company’s 50 day simple moving average is $51.58 and its 200 day simple moving average is $48.94. The stock has a market cap of $11.85 billion, a PE ratio of 10.96 and a beta of 0.63. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.31 and a current ratio of 2.01.

Pilgrim’s Pride Increases Dividend

The business also recently disclosed a special dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be issued a dividend of $6.30 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This is an increase from Pilgrim’s Pride’s previous special dividend of $2.75.

Institutional Investors Weigh In On Pilgrim’s Pride

Hedge funds and other institutional investors have recently bought and sold shares of the business. Central Pacific Bank Trust Division bought a new stake in shares of Pilgrim’s Pride during the 1st quarter valued at $133,000. Wellington Management Group LLP lifted its holdings in shares of Pilgrim’s Pride by 81.8% in the fourth quarter. Wellington Management Group LLP now owns 65,588 shares of the company’s stock worth $2,977,000 after buying an additional 29,505 shares in the last quarter. Mackenzie Financial Corp purchased a new position in Pilgrim’s Pride during the fourth quarter valued at approximately $293,000. Invst LLC bought a new position in Pilgrim’s Pride in the 4th quarter valued at $508,000. Finally, Neo Ivy Capital Management boosted its stake in Pilgrim’s Pride by 175.3% during the fourth quarter. Neo Ivy Capital Management now owns 57,387 shares of the company’s stock valued at $2,604,000 after buying an additional 36,545 shares during the period. Institutional investors own 16.64% of the company’s stock.

Pilgrim’s Pride Company Profile

Pilgrim’s Pride Corp. engages in the production, processing, marketing, and distribution of fresh, frozen and value-added chicken and pork products to retailers, distributors, and foodservice operators. It operates through the following segments: U.S., U.K. and Europe, and Mexico. The company was founded by Lonnie A.