Summit Global Investments Sells 27,276 Shares of Pilgrim’s Pride Co. (NASDAQ:PPC)

Summit Global Investments reduced its position in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) by 37.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 46,309 shares of the company’s stock after selling 27,276 shares during the quarter. Summit Global Investments’ holdings in Pilgrim’s Pride were worth $2,102,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Xponance Inc. boosted its position in shares of Pilgrim’s Pride by 3.7% during the 4th quarter. Xponance Inc. now owns 6,307 shares of the company’s stock valued at $286,000 after acquiring an additional 225 shares during the last quarter. Corient Private Wealth LLC boosted its position in shares of Pilgrim’s Pride by 125.9% during the 4th quarter. Corient Private Wealth LLC now owns 11,476 shares of the company’s stock valued at $521,000 after acquiring an additional 6,396 shares during the last quarter. United Capital Management of KS Inc. boosted its position in shares of Pilgrim’s Pride by 2.1% during the 4th quarter. United Capital Management of KS Inc. now owns 139,189 shares of the company’s stock valued at $6,318,000 after acquiring an additional 2,873 shares during the last quarter. Swiss National Bank lifted its position in Pilgrim’s Pride by 0.9% in the fourth quarter. Swiss National Bank now owns 93,300 shares of the company’s stock worth $4,235,000 after buying an additional 800 shares during the last quarter. Finally, Truvestments Capital LLC lifted its position in Pilgrim’s Pride by 1,972.1% in the fourth quarter. Truvestments Capital LLC now owns 6,320 shares of the company’s stock worth $287,000 after buying an additional 6,015 shares during the last quarter. 16.64% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PPC has been the subject of a number of analyst reports. Santander initiated coverage on Pilgrim’s Pride in a research report on Wednesday, March 5th. They issued a “neutral” rating for the company. StockNews.com downgraded Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 2nd. Finally, BMO Capital Markets raised their price target on Pilgrim’s Pride from $47.00 to $48.00 and gave the stock a “market perform” rating in a research report on Monday, March 17th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Pilgrim’s Pride presently has a consensus rating of “Hold” and a consensus price target of $46.33.

Pilgrim’s Pride Stock Down 5.2 %

NASDAQ:PPC opened at $49.23 on Friday. Pilgrim’s Pride Co. has a twelve month low of $33.67 and a twelve month high of $57.16. The company has a market cap of $11.67 billion, a price-to-earnings ratio of 10.80 and a beta of 0.71. The stock has a fifty day simple moving average of $50.12 and a 200-day simple moving average of $48.32. The company has a current ratio of 2.01, a quick ratio of 1.31 and a debt-to-equity ratio of 0.75.

Pilgrim’s Pride Increases Dividend

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

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.