Arizona State Retirement System cut its stake in Sanderson Farms, Inc. (NASDAQ:SAFM) by 2.9% in the first quarter, Holdings Channel reports. The institutional investor owned 14,000 shares of the company’s stock after selling 425 shares during the period. Arizona State Retirement System’s holdings in Sanderson Farms were worth $1,846,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of SAFM. Bank of New York Mellon Corp grew its stake in Sanderson Farms by 9.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 381,553 shares of the company’s stock valued at $39,441,000 after buying an additional 34,105 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Sanderson Farms by 5.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 155,297 shares of the company’s stock valued at $16,052,000 after purchasing an additional 8,692 shares during the period. LPL Financial LLC bought a new stake in Sanderson Farms in the 3rd quarter valued at about $468,000. Teachers Advisors LLC boosted its holdings in Sanderson Farms by 3.3% in the 3rd quarter. Teachers Advisors LLC now owns 40,407 shares of the company’s stock valued at $4,177,000 after purchasing an additional 1,272 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Sanderson Farms by 5.5% in the 3rd quarter. Legal & General Group Plc now owns 25,231 shares of the company’s stock valued at $2,608,000 after purchasing an additional 1,321 shares during the period. Institutional investors own 99.52% of the company’s stock.
In other news, Director John Bierbusse sold 677 shares of the company’s stock in a transaction that occurred on Wednesday, February 27th. The shares were sold at an average price of $113.94, for a total transaction of $77,137.38. Following the completion of the sale, the director now owns 12,675 shares of the company’s stock, valued at approximately $1,444,189.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Lampkin Butts sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $127.82, for a total transaction of $1,278,200.00. Following the sale, the insider now directly owns 121,611 shares of the company’s stock, valued at approximately $15,544,318.02. The disclosure for this sale can be found here. Corporate insiders own 5.55% of the company’s stock.
Sanderson Farms (NASDAQ:SAFM) last issued its quarterly earnings results on Tuesday, February 26th. The company reported ($0.82) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($1.82) by $1.00. Sanderson Farms had a negative net margin of 0.24% and a negative return on equity of 0.04%. The company had revenue of $743.40 million during the quarter, compared to the consensus estimate of $705.25 million. During the same quarter in the prior year, the firm posted $2.24 EPS. The firm’s quarterly revenue was down 3.7% on a year-over-year basis. On average, research analysts forecast that Sanderson Farms, Inc. will post 2.69 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 21st. Stockholders of record on Tuesday, May 7th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date is Monday, May 6th. Sanderson Farms’s dividend payout ratio (DPR) is presently 42.38%.
SAFM has been the subject of a number of recent research reports. Mizuho raised shares of Sanderson Farms from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $101.00 to $130.00 in a report on Monday, January 28th. BidaskClub downgraded shares of Sanderson Farms from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 9th. Jefferies Financial Group reissued a “sell” rating and issued a $77.00 price objective on shares of Sanderson Farms in a report on Sunday, February 17th. BMO Capital Markets boosted their price objective on shares of Sanderson Farms from $95.00 to $115.00 and gave the company a “market perform” rating in a report on Wednesday, February 27th. Finally, Stephens initiated coverage on shares of Sanderson Farms in a report on Monday, March 4th. They issued an “equal weight” rating and a $130.00 price objective for the company. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $117.89.
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Sanderson Farms Company 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-packed, chill-packed, bulk-packed, and frozen chicken 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 into export markets.
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