Martingale Asset Management L P Reduces Stock Position in Pilgrim’s Pride Co. (NASDAQ:PPC)

Martingale Asset Management L P cut its stake in Pilgrim’s Pride Co. (NASDAQ:PPC) by 3.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 229,414 shares of the company’s stock after selling 8,737 shares during the period. Martingale Asset Management L P owned approximately 0.10% of Pilgrim’s Pride worth $10,413,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in PPC. Quarry LP grew its position in shares of Pilgrim’s Pride by 295.8% in the third quarter. Quarry LP now owns 946 shares of the company’s stock valued at $44,000 after purchasing an additional 707 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Pilgrim’s Pride in the fourth quarter valued at approximately $59,000. Harbor Capital Advisors Inc. grew its position in shares of Pilgrim’s Pride by 132.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 1,344 shares of the company’s stock valued at $61,000 after purchasing an additional 765 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Pilgrim’s Pride in the fourth quarter valued at approximately $118,000. Finally, GAMMA Investing LLC grew its position in shares of Pilgrim’s Pride by 31.9% in the fourth quarter. GAMMA Investing LLC now owns 2,688 shares of the company’s stock valued at $122,000 after purchasing an additional 650 shares during the last quarter. 16.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Santander assumed coverage on shares of Pilgrim’s Pride in a research report on Wednesday, March 5th. They issued a “neutral” rating on the stock. BMO Capital Markets increased their price target 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. Finally, StockNews.com cut shares of Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 2nd. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $46.33.

Pilgrim’s Pride Stock Up 2.6 %

Shares of NASDAQ PPC opened at $50.37 on Thursday. Pilgrim’s Pride Co. has a 52-week low of $33.67 and a 52-week high of $57.16. The firm has a fifty day moving average of $51.88 and a 200-day moving average of $49.20. The stock has a market capitalization of $11.94 billion, a PE ratio of 11.05 and a beta of 0.63. The company has a quick ratio of 1.31, a current ratio of 2.01 and a debt-to-equity ratio of 0.75.

Pilgrim’s Pride Increases Dividend

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

Pilgrim’s Pride 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.