Pilgrim’s Pride (NASDAQ:PPC) Trading Down 3.2% – What’s Next?

Pilgrim’s Pride Co. (NASDAQ:PPC) shares traded down 3.2% on Wednesday . The stock traded as low as $55.00 and last traded at $54.48. 74,688 shares were traded during trading, a decline of 93% from the average session volume of 1,077,155 shares. The stock had previously closed at $56.26.

Analyst Ratings Changes

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

Pilgrim’s Pride Stock Performance

The business’s fifty day moving average price is $51.20 and its two-hundred day moving average price is $48.82. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.31 and a current ratio of 2.01. The stock has a market capitalization of $13.04 billion, a P/E ratio of 12.07 and a beta of 0.63.

Pilgrim’s Pride Increases Dividend

The business also recently declared a special dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd will be issued a $6.30 dividend. 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 Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vestcor Inc lifted its holdings in shares of Pilgrim’s Pride by 1.1% during the third quarter. Vestcor Inc now owns 19,783 shares of the company’s stock worth $911,000 after purchasing an additional 212 shares during the period. Xponance Inc. lifted its position in shares of Pilgrim’s Pride by 3.7% during the 4th quarter. Xponance Inc. now owns 6,307 shares of the company’s stock valued at $286,000 after buying an additional 225 shares in the last quarter. CIBC Asset Management Inc raised its position in Pilgrim’s Pride by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 7,207 shares of the company’s stock worth $327,000 after acquiring an additional 371 shares during the period. Amalgamated Bank boosted its holdings in Pilgrim’s Pride by 3.2% in the 4th quarter. Amalgamated Bank now owns 19,033 shares of the company’s stock worth $864,000 after buying an additional 585 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its position in shares of Pilgrim’s Pride by 19.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,642 shares of the company’s stock worth $165,000 after purchasing an additional 593 shares in the last quarter. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

About Pilgrim’s Pride

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.