BidaskClub cut shares of Ultrapar Participacoes S.A. (NYSE:UGP) from a buy rating to a hold rating in a research report released on Friday morning.

A number of other analysts have also issued reports on the stock. Citigroup Inc. lowered shares of Ultrapar Participacoes from a buy rating to a neutral rating in a research note on Tuesday, April 11th. Zacks Investment Research lowered shares of Ultrapar Participacoes from a buy rating to a hold rating in a research note on Thursday, April 27th.

Shares of Ultrapar Participacoes (UGP) traded up 0.25% during midday trading on Friday, hitting $23.73. 134,476 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $23.46 and its 200-day moving average is $22.54. Ultrapar Participacoes has a 1-year low of $18.38 and a 1-year high of $24.78. The stock has a market cap of $12.89 billion, a PE ratio of 26.19 and a beta of 1.12.

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Hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. bought a new stake in shares of Ultrapar Participacoes during the fourth quarter worth about $502,000. Comerica Bank raised its stake in shares of Ultrapar Participacoes by 12.7% in the fourth quarter. Comerica Bank now owns 31,538 shares of the oil and gas company’s stock worth $658,000 after buying an additional 3,556 shares during the period. State Street Corp raised its stake in shares of Ultrapar Participacoes by 3.2% in the fourth quarter. State Street Corp now owns 819,254 shares of the oil and gas company’s stock worth $16,991,000 after buying an additional 25,052 shares during the period. Manning & Napier Advisors LLC raised its stake in shares of Ultrapar Participacoes by 21.0% in the first quarter. Manning & Napier Advisors LLC now owns 48,654 shares of the oil and gas company’s stock worth $1,105,000 after buying an additional 8,432 shares during the period. Finally, Capstone Asset Management Co. raised its stake in shares of Ultrapar Participacoes by 0.7% in the first quarter. Capstone Asset Management Co. now owns 71,767 shares of the oil and gas company’s stock worth $1,631,000 after buying an additional 490 shares during the period. Institutional investors and hedge funds own 4.26% of the company’s stock.

About Ultrapar Participacoes

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