Mizuho Downgrades Sanderson Farms, Inc. (SAFM) to Neutral
Sanderson Farms, Inc. (NASDAQ:SAFM) was downgraded by investment analysts at Mizuho from a “buy” rating to a “neutral” rating in a note issued to investors on Monday. They currently have a $160.00 price target on the stock, up from their prior price target of $151.00. Mizuho’s price objective points to a potential downside of 2.40% from the company’s previous close.
Several other equities research analysts have also recently weighed in on SAFM. Zacks Investment Research upgraded Sanderson Farms from a “hold” rating to a “strong-buy” rating and set a $133.00 target price for the company in a report on Wednesday, July 5th. BMO Capital Markets reaffirmed a “hold” rating and issued a $130.00 price target on shares of Sanderson Farms in a research note on Tuesday, June 27th. ValuEngine raised Sanderson Farms from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. BidaskClub downgraded Sanderson Farms from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 29th. Finally, Barclays PLC initiated coverage on Sanderson Farms in a research report on Tuesday, June 6th. They issued an “equal weight” rating and a $125.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $129.36.
Sanderson Farms (NASDAQ SAFM) opened at 163.94 on Monday. The company has a 50 day moving average price of $151.82 and a 200-day moving average price of $126.04. The firm has a market capitalization of $3.73 billion, a price-to-earnings ratio of 13.16 and a beta of 0.58. Sanderson Farms has a 1-year low of $74.07 and a 1-year high of $165.50.
Sanderson Farms (NASDAQ:SAFM) last released its quarterly earnings data on Thursday, August 24th. The company reported $5.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.47 by $1.62. Sanderson Farms had a return on equity of 22.21% and a net margin of 8.77%. The firm had revenue of $931.90 million for the quarter, compared to the consensus estimate of $921.40 million. During the same quarter in the previous year, the business earned $2.42 earnings per share. The company’s quarterly revenue was up 28.0% on a year-over-year basis. On average, analysts forecast that Sanderson Farms will post $12.74 EPS for the current fiscal year.
In related news, Director Fred L. Banks, Jr. sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $144.11, for a total transaction of $432,330.00. Following the completion of the transaction, the director now owns 24,948 shares in the company, valued at $3,595,256.28. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John Bierbusse sold 625 shares of the firm’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $138.03, for a total value 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 approximately $2,039,531.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,400 shares of company stock worth $771,199. Corporate insiders own 5.66% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Koch Industries Inc. bought a new stake in Sanderson Farms in the second quarter valued at $309,000. Verition Fund Management LLC purchased a new position in Sanderson Farms during the 2nd quarter valued at $514,000. Piedmont Investment Advisors LLC purchased a new position in Sanderson Farms during the 2nd quarter valued at $500,000. Sterling Capital Management LLC increased its position in Sanderson Farms by 8.3% during the 2nd quarter. Sterling Capital Management LLC now owns 10,830 shares of the company’s stock valued at $1,252,000 after purchasing an additional 829 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Sanderson Farms by 1.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 16,426 shares of the company’s stock valued at $1,900,000 after purchasing an additional 170 shares during the period. 99.95% of the stock is owned by institutional investors.
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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