Sanderson Farms, Inc. (NASDAQ:SAFM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, October 17th. The firm currently has a $164.00 target price on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 12.35% from the stock’s current price.
According to Zacks, “Snderson Farms Inc. is a fully-integrated poultry processing company engaged in the production, processing, marketing and distribution of fresh and frozen chicken products. The company sells ice pack, chill pack and frozen chicken, in whole, cut-up and boneless form, primarily under the Sanderson Farms7 brand name to retailers, distributors, and fast food operators principally in the southeastern, southwestern and western United States. “
Other research analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Sanderson Farms from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 29th. Stephens reiterated an “equal weight” rating and issued a $170.00 price target (up from $145.00) on shares of Sanderson Farms in a research report on Monday, September 25th. BMO Capital Markets restated a “hold” rating and set a $150.00 price objective on shares of Sanderson Farms in a research report on Friday, October 13th. Barclays PLC set a $136.00 price objective on shares of Sanderson Farms and gave the company a “hold” rating in a research report on Friday, August 25th. Finally, Mizuho cut shares of Sanderson Farms from a “buy” rating to a “neutral” rating and raised their target price for the company from $151.00 to $160.00 in a research note on Monday, October 2nd. Three research analysts have rated the stock with a sell rating, six have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Sanderson Farms presently has a consensus rating of “Hold” and a consensus price target of $132.00.
Shares of Sanderson Farms (NASDAQ SAFM) traded down $2.88 during trading hours on Tuesday, hitting $145.97. 90,837 shares of the stock traded hands, compared to its average volume of 505,302. Sanderson Farms has a 52-week low of $74.07 and a 52-week high of $166.65. The company has a market capitalization of $3,385.51, a P/E ratio of 11.99 and a beta of 0.56.
Sanderson Farms (NASDAQ:SAFM) last posted its quarterly earnings results on Thursday, August 24th. The company reported $5.09 EPS for the quarter, beating the Zacks’ consensus estimate of $3.47 by $1.62. Sanderson Farms had a net margin of 8.77% and a return on equity of 22.21%. The firm had revenue of $931.90 million for the quarter, compared to analysts’ expectations of $921.40 million. During the same quarter in the prior year, the company posted $2.42 earnings per share. The business’s revenue for the quarter was up 28.0% on a year-over-year basis. equities research analysts forecast that Sanderson Farms will post 12.76 earnings per share for the current year.
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In other Sanderson Farms news, Director Robert C. Khayat sold 1,775 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $142.31, for a total transaction of $252,600.25. Following the sale, the director now owns 12,043 shares of the company’s stock, valued at $1,713,839.33. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John Bierbusse sold 625 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $138.03, for a total transaction of $86,268.75. Following the transaction, the director now owns 14,776 shares in the company, valued at $2,039,531.28. The disclosure for this sale can be found here. Insiders sold 5,400 shares of company stock valued at $771,199 in the last three months. 5.66% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of SAFM. Advisor Group Inc. boosted its position in shares of Sanderson Farms by 6.9% during the 2nd quarter. Advisor Group Inc. now owns 961 shares of the company’s stock worth $112,000 after purchasing an additional 62 shares in the last quarter. Chicago Partners Investment Group LLC purchased a new stake in shares of Sanderson Farms during the 2nd quarter worth $125,000. PNC Financial Services Group Inc. boosted its position in shares of Sanderson Farms by 144.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,119 shares of the company’s stock worth $130,000 after purchasing an additional 662 shares in the last quarter. Strs Ohio boosted its position in shares of Sanderson Farms by 180.0% during the 2nd quarter. Strs Ohio now owns 1,400 shares of the company’s stock worth $161,000 after purchasing an additional 900 shares in the last quarter. Finally, Riverhead Capital Management LLC raised its stake in shares of Sanderson Farms by 49.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 1,499 shares of the company’s stock worth $173,000 after buying an additional 499 shares during the last quarter. Institutional investors own 99.95% of the company’s stock.
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 also preparation, processing, marketing and distribution of processed and minimally prepared chicken. It sells ice pack, chill pack, bulk pack and frozen chicken, in whole, cut-up and boneless form, under the Sanderson Farms brand name to retailers, distributors, casual dining operators, customers reselling frozen chicken into export markets.
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