Raymond James & Associates raised its position in Sanderson Farms, Inc. (NASDAQ:SAFM) by 52.1% in the first quarter, Holdings Channel reports. The fund owned 15,661 shares of the company’s stock after purchasing an additional 5,363 shares during the quarter. Raymond James & Associates’ holdings in Sanderson Farms were worth $2,065,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently made changes to their positions in the business. Texas Permanent School Fund raised its stake in Sanderson Farms by 0.7% in the 1st quarter. Texas Permanent School Fund now owns 13,238 shares of the company’s stock worth $1,745,000 after purchasing an additional 86 shares in the last quarter. Suntrust Banks Inc. raised its stake in Sanderson Farms by 4.0% in the 4th quarter. Suntrust Banks Inc. now owns 2,244 shares of the company’s stock worth $222,000 after purchasing an additional 87 shares in the last quarter. Arizona State Retirement System raised its stake in Sanderson Farms by 1.1% in the 4th quarter. Arizona State Retirement System now owns 14,425 shares of the company’s stock worth $1,432,000 after purchasing an additional 155 shares in the last quarter. Formidable Asset Management LLC raised its stake in Sanderson Farms by 1.6% in the 4th quarter. Formidable Asset Management LLC now owns 10,773 shares of the company’s stock worth $1,070,000 after purchasing an additional 167 shares in the last quarter. Finally, Quadrant Capital Group LLC acquired a new stake in Sanderson Farms in the 1st quarter worth about $26,000. Hedge funds and other institutional investors own 99.52% of the company’s stock.
Several brokerages have weighed in on SAFM. BidaskClub upgraded shares of Sanderson Farms from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 30th. Cleveland Research upgraded shares of Sanderson Farms from a “neutral” rating to a “buy” rating in a research note on Wednesday, May 22nd. TheStreet upgraded shares of Sanderson Farms from a “c+” rating to a “b” rating in a research note on Friday, June 7th. Goldman Sachs Group upgraded shares of Sanderson Farms from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $81.00 to $131.00 in a research note on Tuesday, April 23rd. Finally, ValuEngine upgraded shares of Sanderson Farms from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 13th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $124.13.
SAFM stock opened at $145.14 on Thursday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.72 and a current ratio of 3.42. Sanderson Farms, Inc. has a 12 month low of $93.98 and a 12 month high of $154.82. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of 48.06 and a beta of 0.87.
Sanderson Farms (NASDAQ:SAFM) last released its earnings results on Thursday, May 30th. The company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.77 by $0.06. Sanderson Farms had a negative net margin of 0.28% and a negative return on equity of 0.13%. The firm had revenue of $845.23 million for the quarter, compared to analyst estimates of $846.70 million. During the same period last year, the firm earned $1.84 EPS. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. Equities research analysts forecast that Sanderson Farms, Inc. will post 6.21 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, May 21st. Shareholders of record on Tuesday, May 7th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend was Monday, May 6th. Sanderson Farms’s dividend payout ratio is currently 42.38%.
In other Sanderson Farms news, insider Lampkin Butts sold 10,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $127.82, for a total value of $1,278,200.00. Following the transaction, the insider now directly owns 121,611 shares of the company’s stock, valued at approximately $15,544,318.02. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 5.55% of the stock is owned by company insiders.
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About Sanderson Farms
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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