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

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 changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PPC shares. Santander initiated coverage on Pilgrim’s Pride in a research report on Wednesday, March 5th. They set a “neutral” rating for the company. StockNews.com cut shares of Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 2nd. Finally, BMO Capital Markets boosted their price objective on shares of 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 research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $46.33.

Pilgrim’s Pride Stock Performance

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

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 paid a $6.30 dividend. This is a positive change from Pilgrim’s Pride’s previous special dividend of $2.75. The ex-dividend date is Thursday, April 3rd.

Hedge Funds Weigh In On Pilgrim’s Pride

A number of institutional investors have recently modified their holdings of the business. Accredited Wealth Management LLC acquired a new position in Pilgrim’s Pride during the fourth quarter worth about $41,000. Quarry LP increased its position in Pilgrim’s Pride by 295.8% during the 3rd quarter. Quarry LP now owns 946 shares of the company’s stock worth $44,000 after purchasing an additional 707 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Pilgrim’s Pride in the 4th quarter valued at approximately $55,000. R Squared Ltd bought a new position in Pilgrim’s Pride in the 4th quarter valued at approximately $59,000. Finally, Harbor Capital Advisors Inc. grew its stake in shares of Pilgrim’s Pride by 132.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 1,344 shares of the company’s stock worth $61,000 after buying an additional 765 shares during the last quarter. Institutional investors and hedge funds own 16.64% of the company’s stock.

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.