Verition Fund Management LLC acquired a new stake in Sanderson Farms, Inc. (NASDAQ:SAFM) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,446 shares of the company’s stock, valued at approximately $514,000.
A number of other large investors have also recently made changes to their positions in SAFM. Advisor Group Inc. lifted its position in Sanderson Farms by 6.9% in the second quarter. Advisor Group Inc. now owns 961 shares of the company’s stock valued at $112,000 after purchasing an additional 62 shares during the period. Chicago Partners Investment Group LLC acquired a new stake in Sanderson Farms in the second quarter valued at about $125,000. PNC Financial Services Group Inc. lifted its position in Sanderson Farms by 144.9% in the second quarter. PNC Financial Services Group Inc. now owns 1,119 shares of the company’s stock valued at $130,000 after purchasing an additional 662 shares during the period. Strs Ohio lifted its position in Sanderson Farms by 180.0% in the second quarter. Strs Ohio now owns 1,400 shares of the company’s stock valued at $161,000 after purchasing an additional 900 shares during the period. Finally, Riverhead Capital Management LLC lifted its position in Sanderson Farms by 49.9% in the second quarter. Riverhead Capital Management LLC now owns 1,499 shares of the company’s stock valued at $173,000 after purchasing an additional 499 shares during the period. Hedge funds and other institutional investors own 99.88% of the company’s stock.
SAFM has been the subject of a number of recent analyst reports. BMO Capital Markets restated a “hold” rating and issued a $130.00 price objective on shares of Sanderson Farms in a research report on Tuesday, June 27th. BidaskClub downgraded shares of Sanderson Farms from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 29th. Zacks Investment Research upgraded shares of Sanderson Farms from a “hold” rating to a “strong-buy” rating and set a $133.00 price target for the company in a research report on Wednesday, July 5th. Stephens downgraded shares of Sanderson Farms from an “overweight” rating to an “equal weight” rating and set a $145.00 price target for the company. in a research report on Thursday, August 17th. Finally, J P Morgan Chase & Co reiterated a “neutral” rating and set a $129.00 price target (up from $112.00) on shares of Sanderson Farms in a research report on Thursday, August 24th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Sanderson Farms presently has a consensus rating of “Hold” and a consensus target price of $131.27.
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Shares of Sanderson Farms, Inc. (NASDAQ:SAFM) opened at 147.94 on Thursday. The firm has a market capitalization of $3.36 billion, a P/E ratio of 11.88 and a beta of 0.58. The stock’s 50 day moving average is $154.84 and its 200-day moving average is $129.85. Sanderson Farms, Inc. has a 52-week low of $74.07 and a 52-week high of $166.65.
Sanderson Farms (NASDAQ:SAFM) last posted its quarterly earnings data on Thursday, August 24th. The company reported $5.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.47 by $1.62. The business had revenue of $931.90 million during the quarter, compared to analysts’ expectations of $921.40 million. Sanderson Farms had a net margin of 8.77% and a return on equity of 22.21%. The business’s revenue was up 28.0% on a year-over-year basis. During the same period last year, the firm posted $2.42 earnings per share. On average, equities analysts forecast that Sanderson Farms, Inc. will post $12.69 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 17th. Investors of record on Tuesday, October 3rd were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Monday, October 2nd. This is a positive change from Sanderson Farms’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 0.87%. Sanderson Farms’s dividend payout ratio is currently 10.31%.
In related news, Director John Bierbusse sold 625 shares of the stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $138.03, for a total transaction of $86,268.75. Following the completion of the sale, the director now directly owns 14,776 shares of the company’s stock, valued at $2,039,531.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Fred L. Banks, Jr. sold 3,000 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $144.11, for a total transaction of $432,330.00. Following the sale, the director now directly owns 24,948 shares of the company’s stock, valued at $3,595,256.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,400 shares of company stock valued at $771,199. Company insiders own 5.66% 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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