Pilgrim’s Pride (NASDAQ:PPC) Shares Gap Down – Here’s What Happened

Pilgrim’s Pride Co. (NASDAQ:PPC)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $55.30, but opened at $48.23. Pilgrim’s Pride shares last traded at $48.75, with a volume of 238,763 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PPC shares. Santander assumed coverage on Pilgrim’s Pride in a report on Wednesday, March 5th. They set a “neutral” rating on the stock. BMO Capital Markets boosted their target price on shares of 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 downgraded shares of 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 given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $46.33.

Pilgrim’s Pride Trading Down 8.5 %

The firm’s fifty day simple moving average is $51.41 and its 200-day simple moving average is $48.87. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.31 and a current ratio of 2.01. The stock has a market cap of $11.99 billion, a P/E ratio of 11.09 and a beta of 0.63.

Pilgrim’s Pride Increases Dividend

The company also recently announced a special dividend, which will be paid on Thursday, April 24th. Investors 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. The ex-dividend date of this dividend is Thursday, April 3rd.

Institutional Trading of Pilgrim’s Pride

Large investors have recently bought and sold shares of the business. Wellington Management Group LLP boosted its position in shares of Pilgrim’s Pride by 81.8% during the 4th quarter. Wellington Management Group LLP now owns 65,588 shares of the company’s stock valued at $2,977,000 after purchasing an additional 29,505 shares in the last quarter. Mackenzie Financial Corp bought a new position in shares of Pilgrim’s Pride during the 4th quarter worth approximately $293,000. Invst LLC acquired a new stake in shares of Pilgrim’s Pride during the 4th quarter worth approximately $508,000. Neo Ivy Capital Management grew its position in shares of Pilgrim’s Pride by 175.3% during the 4th quarter. Neo Ivy Capital Management now owns 57,387 shares of the company’s stock worth $2,604,000 after buying an additional 36,545 shares during the period. Finally, Western Wealth Management LLC bought a new stake in shares of Pilgrim’s Pride in the 4th quarter valued at $240,000. 16.64% of the stock is currently owned by institutional investors and hedge funds.

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.