Smithfield Foods (NASDAQ:SFD) Trading 3.2% Higher – What’s Next?

Smithfield Foods, Inc (NASDAQ:SFD)’s share price traded up 3.2% during trading on Wednesday . The company traded as high as $19.84 and last traded at $19.76. 294,716 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 843,745 shares. The stock had previously closed at $19.14.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SFD. Hsbc Global Res upgraded Smithfield Foods to a “strong-buy” rating in a report on Tuesday, March 18th. HSBC began coverage on Smithfield Foods in a report on Tuesday, March 18th. They issued a “buy” rating and a $29.00 target price on the stock. Morgan Stanley initiated coverage on shares of Smithfield Foods in a report on Tuesday. They set an “overweight” rating and a $28.00 price target for the company. UBS Group began coverage on shares of Smithfield Foods in a research note on Monday, February 24th. They issued a “buy” rating on the stock. Finally, Bank of America started coverage on shares of Smithfield Foods in a research report on Monday, February 24th. They issued a “buy” rating and a $28.00 target price for the company. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $27.86.

Smithfield Foods Price Performance

Smithfield Foods (NASDAQ:SFD) last posted its earnings results on Tuesday, March 25th. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.01). The business had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.91 billion.

Insiders Place Their Bets

In other news, Director Hank Shenghua He purchased 17,000 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was bought at an average cost of $20.00 per share, for a total transaction of $340,000.00. Following the completion of the acquisition, the director now directly owns 77,000 shares of the company’s stock, valued at approximately $1,540,000. The trade was a 28.33 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Group Ltd/Adr Wh sold 2,506,936 shares of Smithfield Foods stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $20.00, for a total value of $50,138,720.00. Following the completion of the transaction, the insider now owns 364,518,817 shares in the company, valued at $7,290,376,340. The trade was a 0.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders purchased 59,000 shares of company stock valued at $1,180,000 over the last 90 days. 1.79% of the stock is currently owned by company insiders.

Smithfield Foods Company Profile

Smithfield Foods, Inc produces and markets a variety of fresh meat and packaged meats products both domestically and internationally. The Company operates in four segments: Pork, Hog Production, International and Corporate, each of which consists of a number of subsidiaries, joint ventures and other investments.