Martingale Asset Management L P Sells 8,737 Shares of Pilgrim's Pride Co. (NASDAQ:PPC)

Martingale Asset Management L P trimmed its stake in Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 3.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PPC. Franklin Resources Inc. increased its holdings in shares of Pilgrim's Pride by 325.8% in the third 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 period. Ruffer LLP purchased a new position in shares of Pilgrim's Pride in the fourth quarter valued at $8,381,000. Illinois Municipal Retirement Fund grew its holdings in Pilgrim's Pride by 30.0% in the fourth quarter. Illinois Municipal Retirement Fund now owns 58,289 shares of the company's stock valued at $2,646,000 after purchasing an additional 13,459 shares during the period. Sigma Planning Corp raised its position in Pilgrim's Pride by 73.9% in the fourth quarter. Sigma Planning Corp now owns 28,587 shares of the company's stock valued at $1,298,000 after purchasing an additional 12,149 shares during the period. Finally, Norden Group LLC boosted its position in shares of Pilgrim's Pride by 61.6% in the fourth quarter. Norden Group LLC now owns 15,211 shares of the company's stock worth $690,000 after buying an additional 5,798 shares during the period. 16.64% of the stock is currently owned by institutional investors and hedge funds.

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Pilgrim's Pride Stock Performance

Shares of PPC stock traded up $0.93 during trading hours on Tuesday, reaching $53.51. 299,944 shares of the company's stock were exchanged, compared to its average volume of 1,112,210. Pilgrim's Pride Co. has a fifty-two week low of $33.67 and a fifty-two week high of $57.16. 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 stock has a market capitalization of $12.70 billion, a P/E ratio of 11.73 and a beta of 0.63. The business has a fifty day moving average price of $52.17 and a 200-day moving average price of $49.43.

Pilgrim's Pride Increases Dividend

The business also recently declared a special dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be given a $6.30 dividend. This is a positive change from Pilgrim's Pride's previous special dividend of $2.75. The ex-dividend date of this dividend is Thursday, April 3rd.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Santander initiated coverage on Pilgrim's Pride in a report on Wednesday, March 5th. They issued a "neutral" rating for the company. BMO Capital Markets lifted their price objective on Pilgrim's Pride from $47.00 to $48.00 and gave the stock a "market perform" rating in a report on Monday, March 17th. Finally, StockNews.com cut Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 2nd. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $46.33.

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.