Pilgrim's Pride Co. (NASDAQ:PPC) Shares Sold by Summit Global Investments

Summit Global Investments decreased its holdings in shares of Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 37.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 46,309 shares of the company's stock after selling 27,276 shares during the period. Summit Global Investments' holdings in Pilgrim's Pride were worth $2,102,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Jacobs Levy Equity Management Inc. lifted its stake in shares of Pilgrim's Pride by 903.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,455,513 shares of the company's stock valued at $67,026,000 after purchasing an additional 1,310,530 shares during the period. Ruffer LLP acquired a new stake in shares of Pilgrim's Pride during the 4th quarter valued at approximately $8,381,000. Advisors Preferred LLC acquired a new stake in shares of Pilgrim's Pride during the 4th quarter valued at approximately $8,601,000. Zacks Investment Management purchased a new stake in shares of Pilgrim's Pride during the 3rd quarter worth approximately $4,989,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of Pilgrim's Pride by 106.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 158,826 shares of the company's stock worth $7,314,000 after acquiring an additional 81,727 shares during the period. 16.64% of the stock is owned by hedge funds and other institutional investors.

Pilgrim's Pride Trading Up 1.2 %

Shares of NASDAQ:PPC traded up $0.65 during trading on Thursday, reaching $53.24. The stock had a trading volume of 837,922 shares, compared to its average volume of 1,048,559. 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 cap of $12.62 billion, a P/E ratio of 11.68 and a beta of 0.71. The business has a fifty day moving average price of $50.46 and a 200-day moving average price of $48.44. Pilgrim's Pride Co. has a fifty-two week low of $33.67 and a fifty-two week high of $57.16.

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Pilgrim's Pride Increases Dividend

The firm also recently announced a special dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be paid 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.

Analysts Set New Price Targets

Several equities research analysts recently commented on PPC shares. StockNews.com lowered shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research report on Sunday, March 2nd. BMO Capital Markets increased their price target on shares of Pilgrim's Pride from $47.00 to $48.00 and gave the company a "market perform" rating in a research report on Monday, March 17th. Finally, Santander initiated coverage on Pilgrim's Pride in a research report on Wednesday, March 5th. They set a "neutral" rating for the company. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently 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.