Summit Global Investments Cuts Stake in Pilgrim’s Pride Co. (NASDAQ:PPC)

Summit Global Investments lowered its position in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) by 37.1% during the 4th quarter, according to the company in its most recent disclosure 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 quarter.

Several other institutional investors have also recently made changes to their positions in PPC. Advisors Asset Management Inc. purchased a new position in shares of Pilgrim’s Pride during the third quarter valued at $210,000. Moran Wealth Management LLC purchased a new position in Pilgrim’s Pride in the third quarter valued at about $247,000. Cerity Partners LLC grew its stake in Pilgrim’s Pride by 4.6% in the third quarter. Cerity Partners LLC now owns 40,000 shares of the company’s stock valued at $1,842,000 after purchasing an additional 1,773 shares during the last quarter. Algert Global LLC grew its stake in Pilgrim’s Pride by 63.3% in the third quarter. Algert Global LLC now owns 121,936 shares of the company’s stock valued at $5,615,000 after purchasing an additional 47,264 shares during the last quarter. Finally, Centaurus Financial Inc. purchased a new position in Pilgrim’s Pride in the third quarter valued at about $158,000. Hedge funds and other institutional investors own 16.64% of the company’s stock.

Pilgrim’s Pride Price Performance

Shares of NASDAQ PPC opened at $49.23 on Friday. 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 company has a market cap of $11.67 billion, a PE ratio of 10.80 and a beta of 0.71. The business has a 50-day simple moving average of $50.12 and a two-hundred day simple moving average of $48.32. Pilgrim’s Pride Co. has a fifty-two week low of $33.67 and a fifty-two week high of $57.16.

Pilgrim’s Pride Increases Dividend

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

Analysts Set New Price Targets

Several research firms have issued reports on PPC. StockNews.com lowered Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 2nd. BMO Capital Markets lifted 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, Santander began coverage on Pilgrim’s Pride in a research note on Wednesday, March 5th. They issued a “neutral” rating on the stock. 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, the company has an average rating of “Hold” and a consensus target price of $46.33.

Pilgrim’s Pride Company 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.