DA Davidson assumed coverage on shares of Sanderson Farms Inc. (NASDAQ:SAFM) in a research report sent to investors on Wednesday morning. The brokerage issued a neutral rating and a $103.00 target price on the stock.
Separately, Zacks Investment Research raised Sanderson Farms from a hold rating to a strong-buy rating and set a $102.00 price target on the stock in a research note on Thursday, August 11th. Two analysts have rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Hold and an average price target of $84.38.
Shares of Sanderson Farms (NASDAQ:SAFM) opened at 89.15 on Wednesday. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of 14.30 and a beta of 0.33. Sanderson Farms has a 12 month low of $64.54 and a 12 month high of $99.40. The stock’s 50 day moving average price is $95.02 and its 200 day moving average price is $89.93.
Sanderson Farms (NASDAQ:SAFM) last posted its earnings results on Thursday, August 25th. The company reported $2.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.11 by $0.31. Sanderson Farms had a return on equity of 13.06% and a net margin of 5.19%. The firm had revenue of $728 million for the quarter, compared to analysts’ expectations of $749.76 million. During the same period in the previous year, the firm earned $2.27 earnings per share. The business’s revenue was down 1.6% compared to the same quarter last year. Analysts expect that Sanderson Farms will post $7.38 EPS for the current year.
The business also recently announced a special dividend, which will be paid on Tuesday, October 18th. Shareholders of record on Tuesday, October 4th will be issued a $1.00 dividend. This represents a yield of 1.01%. This is an increase from Sanderson Farms’s previous special dividend of $0.50. The ex-dividend date is Friday, September 30th. Sanderson Farms’s payout ratio is 15.43%.
In other Sanderson Farms news, Director John Bierbusse sold 750 shares of the business’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $97.00, for a total value of $72,750.00. Following the sale, the director now directly owns 14,296 shares of the company’s stock, valued at $1,386,712. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.45% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Seven Eight Capital LLC acquired a new position in shares of Sanderson Farms during the second quarter worth about $115,000. Acrospire Investment Management LLC increased its position in shares of Sanderson Farms by 366.7% in the second quarter. Acrospire Investment Management LLC now owns 1,400 shares of the company’s stock worth $121,000 after buying an additional 1,100 shares during the last quarter. BlackRock Inc. increased its position in shares of Sanderson Farms by 120.2% in the first quarter. BlackRock Inc. now owns 1,546 shares of the company’s stock worth $140,000 after buying an additional 844 shares during the last quarter. Riverhead Capital Management LLC increased its position in shares of Sanderson Farms by 36.9% in the second quarter. Riverhead Capital Management LLC now owns 5,544 shares of the company’s stock worth $149,000 after buying an additional 1,494 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in shares of Sanderson Farms during the first quarter worth about $167,000. 93.30% of the stock is currently owned by institutional investors and hedge funds.
About Sanderson Farms
Sanderson Farms, Inc is a poultry processing company. The Company is engaged in the production, processing, marketing and distribution of fresh and frozen chicken, and the preparation, processing, marketing and distribution of processed and prepared chicken items. The Company sells ice pack, chill pack, bulk pack and frozen chicken, in whole, cut-up and boneless form, primarily under the Sanderson Farms brand name to retailers, distributors and casual dining operators principally in the southeastern, southwestern, northeastern and western United States, and to customers reselling frozen chicken into export markets.
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