New Mexico Educational Retirement Board Has $494,000 Stake in Sanderson Farms, Inc. (SAFM)
New Mexico Educational Retirement Board trimmed its stake in shares of Sanderson Farms, Inc. (NASDAQ:SAFM) by 14.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,700 shares of the company’s stock after selling 800 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Sanderson Farms were worth $494,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently modified their holdings of SAFM. Scopia Capital Management LP bought a new position in shares of Sanderson Farms during the first quarter worth about $28,402,000. Millennium Management LLC raised its position in shares of Sanderson Farms by 970.6% during the first quarter. Millennium Management LLC now owns 218,788 shares of the company’s stock worth $26,040,000 after acquiring an additional 198,352 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Sanderson Farms by 2,249.1% during the second quarter. Massachusetts Financial Services Co. MA now owns 169,207 shares of the company’s stock worth $17,792,000 after acquiring an additional 162,004 shares during the last quarter. WS Management Lllp bought a new position in shares of Sanderson Farms during the first quarter worth about $18,278,000. Finally, Matarin Capital Management LLC bought a new position in shares of Sanderson Farms during the first quarter worth about $12,487,000.
A number of equities analysts have recently issued reports on the company. ValuEngine upgraded Sanderson Farms from a “sell” rating to a “hold” rating in a research report on Wednesday, June 27th. Buckingham Research lowered their price objective on Sanderson Farms from $104.00 to $97.00 and set a “hold” rating for the company in a research report on Friday, May 25th. BidaskClub downgraded Sanderson Farms from a “sell” rating to a “strong sell” rating in a research report on Saturday, June 2nd. Zacks Investment Research downgraded Sanderson Farms from a “hold” rating to a “sell” rating in a report on Saturday, May 19th. Finally, JPMorgan Chase & Co. lowered their target price on Sanderson Farms from $110.00 to $89.00 and set an “underweight” rating for the company in a report on Friday, June 1st. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $116.22.
Sanderson Farms (NASDAQ:SAFM) last issued its earnings results on Thursday, May 24th. The company reported $1.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.51 by ($0.67). The business had revenue of $813.50 million during the quarter, compared to the consensus estimate of $839.64 million. Sanderson Farms had a return on equity of 16.79% and a net margin of 8.20%. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.94 earnings per share. equities analysts anticipate that Sanderson Farms, Inc. will post 6.04 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 14th. Shareholders of record on Tuesday, July 31st were issued a $0.32 dividend. The ex-dividend date was Monday, July 30th. This represents a $1.28 dividend on an annualized basis and a yield of 1.17%. Sanderson Farms’s payout ratio is currently 10.41%.
Sanderson Farms announced that its Board of Directors has authorized a share buyback program on Thursday, May 31st that allows the company to repurchase 2,000,000 shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
Sanderson Farms Profile
Sanderson Farms, Inc, an integrated poultry processing company, produces, processes, markets, and distributes fresh, frozen, and prepared chicken products in the United States. 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 in the southeastern, southwestern, northeastern, and western United States, as well as to customers who resell frozen chicken in the export markets.
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