Pilgrim’s Pride (NASDAQ:PPC) Shares Down 5.3% – Here’s Why

Shares of Pilgrim’s Pride Co. (NASDAQ:PPC) dropped 5.3% on Wednesday . The stock traded as low as $50.53 and last traded at $50.51. Approximately 336,017 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 1,123,987 shares. The stock had previously closed at $53.33.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PPC shares. Santander began coverage on shares of Pilgrim’s Pride in a report on Wednesday, March 5th. They issued a “neutral” rating on the stock. StockNews.com cut Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 2nd. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Pilgrim’s Pride presently has a consensus rating of “Hold” and a consensus price target of $45.50.

Pilgrim’s Pride Stock Performance

The company has a debt-to-equity ratio of 0.75, a current ratio of 2.01 and a quick ratio of 1.31. The firm has a fifty day simple moving average of $49.48 and a 200 day simple moving average of $48.09. The company has a market capitalization of $12.13 billion, a price-to-earnings ratio of 11.20 and a beta of 0.71.

Institutional Trading of Pilgrim’s Pride

Several hedge funds have recently made changes to their positions in PPC. US Bancorp DE increased its position in shares of Pilgrim’s Pride by 193.0% during the third quarter. US Bancorp DE now owns 2,795 shares of the company’s stock valued at $129,000 after acquiring an additional 1,841 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in Pilgrim’s Pride by 61.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 29,285 shares of the company’s stock worth $1,349,000 after purchasing an additional 11,167 shares during the period. Sigma Planning Corp purchased a new position in Pilgrim’s Pride in the third quarter worth approximately $757,000. Entropy Technologies LP acquired a new position in shares of Pilgrim’s Pride during the third quarter worth $588,000. Finally, CIBC Asset Management Inc increased its holdings in shares of Pilgrim’s Pride by 3.3% in the 3rd quarter. CIBC Asset Management Inc now owns 6,836 shares of the company’s stock valued at $315,000 after acquiring an additional 216 shares during the last quarter. Hedge funds and other 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.