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

Pilgrim’s Pride Co. (NASDAQ:PPC)’s share price gapped down before the market opened 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 changing hands.

Analyst Ratings Changes

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

Pilgrim’s Pride Stock Performance

The business has a fifty day moving average of $51.58 and a 200 day moving average of $48.94. The company has a market cap of $11.85 billion, a P/E ratio of 10.96 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. Shareholders of record on Thursday, April 3rd will be issued a $6.30 dividend. The ex-dividend date is Thursday, April 3rd. 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 hedge funds and other institutional investors have recently modified their holdings of PPC. Vanguard Group Inc. raised its position in shares of Pilgrim’s Pride by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 5,113,888 shares of the company’s stock worth $232,119,000 after acquiring an additional 33,965 shares in 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 buying an additional 576,438 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in Pilgrim’s Pride by 26.8% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,845,480 shares of the company’s stock valued at $83,766,000 after acquiring an additional 389,967 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Pilgrim’s Pride by 15.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,377,236 shares of the company’s stock valued at $62,513,000 after purchasing an additional 180,164 shares during the last quarter. Finally, Invesco Ltd. increased its position in Pilgrim’s Pride by 11.9% during the 4th quarter. Invesco Ltd. now owns 1,125,329 shares of the company’s stock valued at $51,079,000 after buying an additional 119,555 shares in the last quarter. Hedge funds and other 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.