Allspring Global Investments Holdings LLC Reduces Position in Pilgrim's Pride Co. (NASDAQ:PPC)

Allspring Global Investments Holdings LLC cut its holdings in shares of Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 89.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 47,428 shares of the company's stock after selling 386,463 shares during the period. Allspring Global Investments Holdings LLC's holdings in Pilgrim's Pride were worth $2,240,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Franklin Resources Inc. raised its stake in Pilgrim's Pride by 325.8% in the 3rd quarter. Franklin Resources Inc. now owns 55,071 shares of the company's stock valued at $2,485,000 after purchasing an additional 42,136 shares during the last quarter. World Investment Advisors LLC acquired a new stake in Pilgrim's Pride in the 3rd quarter valued at about $808,000. Exchange Traded Concepts LLC lifted its stake in Pilgrim's Pride by 8.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 113,549 shares of the company's stock worth $5,154,000 after purchasing an additional 9,035 shares in the last quarter. Range Financial Group LLC acquired a new position in shares of Pilgrim's Pride during the 4th quarter worth approximately $949,000. Finally, JPMorgan Chase & Co. grew its position in shares of Pilgrim's Pride by 25.4% in the third quarter. JPMorgan Chase & Co. now owns 201,784 shares of the company's stock valued at $9,292,000 after purchasing an additional 40,908 shares in the last quarter. Hedge funds and other institutional investors own 16.64% of the company's stock.

Analysts Set New Price Targets

PPC has been the topic of a number of analyst reports. Barclays lifted their price objective on Pilgrim's Pride from $45.00 to $49.00 and gave the stock an "equal weight" rating in a research report on Friday, November 1st. BMO Capital Markets lifted their target price on shares of Pilgrim's Pride from $42.00 to $43.00 and gave the stock a "market perform" rating in a research note on Friday, November 1st. Finally, StockNews.com raised shares of Pilgrim's Pride from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Pilgrim's Pride presently has an average rating of "Hold" and a consensus target price of $45.50.

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Pilgrim's Pride Trading Down 0.1 %

Shares of PPC stock traded down $0.04 on Tuesday, hitting $53.96. The stock had a trading volume of 1,223,668 shares, compared to its average volume of 1,131,202. The company's 50 day moving average price is $47.92 and its 200-day moving average price is $47.39. Pilgrim's Pride Co. has a 1 year low of $30.00 and a 1 year high of $57.16. The firm has a market capitalization of $12.80 billion, a P/E ratio of 11.83 and a beta of 0.82. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.01 and a quick ratio of 1.31.

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.