Redwood Investment Management LLC decreased its position in shares of Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 64.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,965 shares of the company's stock after selling 69,868 shares during the period. Redwood Investment Management LLC's holdings in Pilgrim's Pride were worth $1,769,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the company. Accredited Wealth Management LLC bought a new stake in Pilgrim's Pride during the fourth quarter worth approximately $41,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Pilgrim's Pride in the 4th quarter worth approximately $55,000. R Squared Ltd bought a new position in shares of Pilgrim's Pride during the 4th quarter valued at approximately $59,000. Harbor Capital Advisors Inc. raised its holdings in Pilgrim's Pride by 132.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 1,344 shares of the company's stock valued at $61,000 after buying an additional 765 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Pilgrim's Pride during the 4th quarter valued at $118,000. Hedge funds and other institutional investors own 16.64% of the company's stock.
Pilgrim's Pride Stock Performance
Shares of PPC stock traded up $0.11 on Monday, hitting $48.75. The company had a trading volume of 1,110,574 shares, compared to its average volume of 1,180,133. 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 Co. has a twelve month low of $33.70 and a twelve month high of $57.16. The company has a 50-day moving average price of $50.88 and a 200-day moving average price of $50.17. The firm has a market cap of $11.56 billion, a P/E ratio of 10.69 and a beta of 0.51.
Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.05. The firm had revenue of $4.46 billion during the quarter, compared to the consensus estimate of $4.53 billion. Pilgrim's Pride had a net margin of 6.08% and a return on equity of 32.83%. The company's revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.77 EPS. As a group, equities research analysts predict that Pilgrim's Pride Co. will post 5.13 earnings per share for the current fiscal year.
Pilgrim's Pride Increases Dividend
The company also recently declared a special dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were issued a dividend of $6.30 per share. The ex-dividend date of this dividend was Thursday, April 3rd. This is an increase from Pilgrim's Pride's previous special dividend of $2.75.
Analysts Set New Price Targets
PPC has been the topic of a number of recent analyst reports. Santander initiated coverage on shares of Pilgrim's Pride in a research report on Wednesday, March 5th. They issued a "neutral" rating on the stock. BMO Capital Markets upped their target price on Pilgrim's Pride from $47.00 to $48.00 and gave the company a "market perform" rating in a research note on Monday, March 17th. Finally, StockNews.com lowered Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, May 13th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $48.40.
Check Out Our Latest Report on PPC
Pilgrim's Pride Profile
(
Free Report)
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.
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