KLP Kapitalforvaltning AS Invests $440,000 in Pilgrim’s Pride Co. (NASDAQ:PPC)

KLP Kapitalforvaltning AS bought a new position in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 9,700 shares of the company’s stock, valued at approximately $440,000.

Several other large investors also recently bought and sold shares of PPC. Franklin Resources Inc. grew its stake in shares of Pilgrim’s Pride by 325.8% in the third quarter. Franklin Resources Inc. now owns 55,071 shares of the company’s stock valued at $2,485,000 after buying an additional 42,136 shares in the last quarter. Ruffer LLP purchased a new stake in shares of Pilgrim’s Pride in the 4th quarter valued at about $8,381,000. Illinois Municipal Retirement Fund boosted its holdings in shares of Pilgrim’s Pride by 30.0% in the fourth quarter. Illinois Municipal Retirement Fund now owns 58,289 shares of the company’s stock valued at $2,646,000 after acquiring an additional 13,459 shares during the period. Sigma Planning Corp increased its position in Pilgrim’s Pride by 73.9% in the 4th quarter. Sigma Planning Corp now owns 28,587 shares of the company’s stock valued at $1,298,000 after acquiring an additional 12,149 shares during the period. Finally, Norden Group LLC lifted its holdings in shares of Pilgrim’s Pride by 61.6% during the fourth quarter. Norden Group LLC now owns 15,211 shares of the company’s stock worth $690,000 after purchasing an additional 5,798 shares during the period. Hedge funds and other institutional investors own 16.64% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on PPC. Santander began coverage on Pilgrim’s Pride in a research report on Wednesday, March 5th. They issued a “neutral” rating for the company. StockNews.com cut Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 2nd. Finally, BMO Capital Markets lifted their price objective 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. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $46.33.

Pilgrim’s Pride Stock Performance

NASDAQ PPC opened at $49.97 on Friday. Pilgrim’s Pride Co. has a 52-week low of $33.67 and a 52-week high of $57.16. The firm has a market capitalization of $11.85 billion, a price-to-earnings ratio of 10.96 and a beta of 0.63. The company’s fifty day moving average is $51.58 and its two-hundred day moving average is $48.94. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.01 and a quick ratio of 1.31.

Pilgrim’s Pride Increases Dividend

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

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.