Trexquant Investment LP Sells 34,793 Shares of Pilgrim’s Pride Co. (NASDAQ:PPC)

Trexquant Investment LP cut its holdings in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) by 9.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 315,788 shares of the company’s stock after selling 34,793 shares during the period. Trexquant Investment LP’s holdings in Pilgrim’s Pride were worth $14,334,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Jacobs Levy Equity Management Inc. grew its stake in Pilgrim’s Pride by 903.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,455,513 shares of the company’s stock valued at $67,026,000 after acquiring an additional 1,310,530 shares in the last quarter. Ruffer LLP bought a new stake in Pilgrim’s Pride during the fourth quarter worth approximately $8,381,000. Advisors Preferred LLC purchased a new stake in Pilgrim’s Pride during the fourth quarter valued at approximately $8,601,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Pilgrim’s Pride by 15.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,377,236 shares of the company’s stock valued at $62,513,000 after purchasing an additional 180,164 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Pilgrim’s Pride in the 4th quarter valued at approximately $7,835,000. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Pilgrim’s Pride Stock Performance

PPC stock opened at $56.26 on Wednesday. Pilgrim’s Pride Co. has a twelve month low of $33.67 and a twelve month high of $57.16. The firm has a market cap of $13.34 billion, a price-to-earnings ratio of 12.34 and a beta of 0.71. The business’s fifty day simple moving average is $51.20 and its two-hundred day simple moving average is $48.82. The company has a quick ratio of 1.31, a current ratio of 2.01 and a debt-to-equity ratio of 0.75.

Pilgrim’s Pride Increases Dividend

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

Wall Street Analyst Weigh In

PPC has been the topic of several recent research reports. Santander began coverage on Pilgrim’s Pride in a report on Wednesday, March 5th. They set a “neutral” rating on the stock. 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. Finally, BMO Capital Markets raised 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. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Pilgrim’s Pride presently has an average rating of “Hold” and a consensus target price 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.