Harvest Fund Management Co. Ltd Reduces Stake in Pilgrim’s Pride Co. (NASDAQ:PPC)

Harvest Fund Management Co. Ltd cut its stake in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) by 81.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,820 shares of the company’s stock after selling 8,037 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Pilgrim’s Pride were worth $80,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of PPC. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Pilgrim’s Pride by 903.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,455,513 shares of the company’s stock worth $67,026,000 after acquiring an additional 1,310,530 shares during the last quarter. Geode Capital Management LLC lifted its stake in Pilgrim’s Pride by 1.3% in the third quarter. Geode Capital Management LLC now owns 881,900 shares of the company’s stock worth $40,620,000 after purchasing an additional 11,128 shares during the last quarter. Assetmark Inc. boosted its position in shares of Pilgrim’s Pride by 2.6% during the fourth quarter. Assetmark Inc. now owns 849,276 shares of the company’s stock valued at $38,549,000 after buying an additional 21,575 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Pilgrim’s Pride by 15.6% during the fourth quarter. Bank of New York Mellon Corp now owns 429,440 shares of the company’s stock valued at $19,492,000 after buying an additional 57,837 shares during the last quarter. Finally, Martingale Asset Management L P raised its holdings in shares of Pilgrim’s Pride by 23.4% in the third quarter. Martingale Asset Management L P now owns 238,151 shares of the company’s stock worth $10,967,000 after buying an additional 45,172 shares during the period. 16.64% of the stock is owned by institutional investors.

Pilgrim’s Pride Stock Performance

PPC stock opened at $49.23 on Monday. Pilgrim’s Pride Co. has a 1-year low of $33.67 and a 1-year high of $57.16. The business has a 50-day moving average price of $50.12 and a 200 day moving average price of $48.33. The company has a market capitalization of $11.67 billion, a P/E ratio of 10.80 and a beta of 0.71. 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 Increases Dividend

The firm also recently declared a special dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd will be issued a $6.30 dividend. This is a positive change from Pilgrim’s Pride’s previous special dividend of $2.75.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PPC shares. Santander initiated coverage on Pilgrim’s Pride in a report on Wednesday, March 5th. They set a “neutral” rating for the company. BMO Capital Markets boosted their target price on shares of 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 downgraded shares of Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 2nd. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus 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.