Highland Capital Management LLC Lowers Position in Pilgrim's Pride Co. (NASDAQ:PPC)

Highland Capital Management LLC trimmed its position in shares of Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 86.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,635 shares of the company's stock after selling 28,609 shares during the period. Highland Capital Management LLC's holdings in Pilgrim's Pride were worth $210,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Pacer Advisors Inc. grew its stake in Pilgrim's Pride by 1,289.4% in the third 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 in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in Pilgrim's Pride by 903.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,455,513 shares of the company's stock worth $67,026,000 after purchasing an additional 1,310,530 shares during the last quarter. Assetmark Inc. boosted its stake in Pilgrim's Pride by 145,879.0% in the 3rd quarter. Assetmark Inc. now owns 827,701 shares of the company's stock valued at $38,116,000 after purchasing an additional 827,134 shares during the period. Allspring Global Investments Holdings LLC increased its position in Pilgrim's Pride by 88.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 433,891 shares of the company's stock worth $19,981,000 after buying an additional 203,408 shares during the period. Finally, United Capital Management of KS Inc. acquired a new stake in shares of Pilgrim's Pride during the third quarter worth $6,277,000. 16.64% of the stock is currently owned by institutional investors and hedge funds.

Pilgrim's Pride Stock Down 1.2 %

Pilgrim's Pride stock traded down $0.57 during midday trading on Tuesday, reaching $47.24. The company's stock had a trading volume of 558,818 shares, compared to its average volume of 925,867. The stock's 50-day simple moving average is $47.53 and its 200-day simple moving average is $46.28. The stock has a market capitalization of $11.20 billion, a P/E ratio of 11.40, a PEG ratio of 0.20 and a beta of 0.82. Pilgrim's Pride Co. has a 52-week low of $26.52 and a 52-week high of $55.50. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.95 and a quick ratio of 1.27.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PPC. Barclays boosted their target price on shares of Pilgrim's Pride from $45.00 to $49.00 and gave the stock an "equal weight" rating in a research note on Friday, November 1st. BMO Capital Markets boosted their price target on Pilgrim's Pride from $42.00 to $43.00 and gave the company a "market perform" rating in a research note on Friday, November 1st. Five equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $45.50.

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.