Pilgrim’s Pride (NASDAQ:PPC) Trading 3.6% Higher – Here’s What Happened

Pilgrim’s Pride Co. (NASDAQ:PPC)’s stock price rose 3.6% during trading on Thursday . The stock traded as high as $52.42 and last traded at $52.30. Approximately 438,784 shares were traded during trading, a decline of 56% from the average daily volume of 998,219 shares. The stock had previously closed at $50.47.

Analyst Ratings Changes

Several analysts have issued reports on the stock. 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. Santander started coverage on Pilgrim’s Pride in a research report on Wednesday, March 5th. They issued a “neutral” rating on the stock. Finally, BMO Capital Markets lifted their price objective on Pilgrim’s Pride from $47.00 to $48.00 and gave the company a “market perform” rating in a research note on Monday. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Pilgrim’s Pride presently has a consensus rating of “Hold” and an average target price of $46.33.

Pilgrim’s Pride Price Performance

The company has a market capitalization of $12.32 billion, a PE ratio of 11.39 and a beta of 0.71. The company has a quick ratio of 1.31, a current ratio of 2.01 and a debt-to-equity ratio of 0.75. The firm’s 50-day moving average is $49.93 and its 200-day moving average is $48.26.

Pilgrim’s Pride Increases Dividend

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

Hedge Funds Weigh In On Pilgrim’s Pride

Several institutional investors and hedge funds have recently made changes to their positions in the business. Pacer Advisors Inc. raised its position in Pilgrim’s Pride by 1,289.4% during the 3rd quarter. Pacer Advisors Inc. now owns 5,225,216 shares of the company’s stock valued at $240,621,000 after purchasing an additional 4,849,147 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Pilgrim’s Pride by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 5,113,888 shares of the company’s stock worth $232,119,000 after purchasing an additional 33,965 shares during the last quarter. AQR Capital Management LLC lifted its position in Pilgrim’s Pride by 44.1% during the fourth quarter. AQR Capital Management LLC now owns 1,883,708 shares of the company’s stock valued at $85,502,000 after purchasing an additional 576,438 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in Pilgrim’s Pride by 26.8% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,845,480 shares of the company’s stock worth $83,766,000 after purchasing an additional 389,967 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Pilgrim’s Pride by 15.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,377,236 shares of the company’s stock worth $62,513,000 after acquiring an additional 180,164 shares during the last quarter. Institutional investors own 16.64% of the company’s stock.

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.