Advisors Asset Management Inc. lowered its position in shares of Sanderson Farms Inc. (NASDAQ:SAFM) by 17.0% during the second quarter, Holdings Channel reports. The fund owned 4,323 shares of the company’s stock after selling 888 shares during the period. Advisors Asset Management Inc.’s holdings in Sanderson Farms were worth $375,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Sanderson Farms by 120.2% in the first quarter. BlackRock Inc. now owns 1,546 shares of the company’s stock worth $140,000 after buying an additional 844 shares during the period. Meeder Asset Management Inc. purchased a new position in Sanderson Farms during the first quarter worth $167,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Sanderson Farms by 52.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,333 shares of the company’s stock worth $202,000 after buying an additional 800 shares during the period. Societe Generale purchased a new position in Sanderson Farms during the second quarter worth $215,000. Finally, Quotient Investors LLC purchased a new position in Sanderson Farms during the second quarter worth $316,000. 93.29% of the stock is owned by institutional investors and hedge funds.
Sanderson Farms Inc. (NASDAQ:SAFM) traded up 0.19% during trading on Friday, reaching $96.83. The company had a trading volume of 150,183 shares. Sanderson Farms Inc. has a 12-month low of $64.54 and a 12-month high of $99.40. The stock has a market capitalization of $2.19 billion, a P/E ratio of 15.53 and a beta of 0.05. The stock has a 50 day moving average of $94.52 and a 200-day moving average of $89.71.
Sanderson Farms (NASDAQ:SAFM) last announced its quarterly earnings data on Thursday, August 25th. The company reported $2.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.11 by $0.31. The business earned $728 million during the quarter, compared to the consensus estimate of $749.76 million. Sanderson Farms had a net margin of 5.19% and a return on equity of 13.06%. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the firm earned $2.27 earnings per share. On average, analysts forecast that Sanderson Farms Inc. will post $7.36 earnings per share for the current fiscal year.
The company also recently disclosed a special dividend, which will be paid on Tuesday, October 18th. Shareholders of record on Tuesday, October 4th will be paid a $1.00 dividend. The ex-dividend date of this dividend is Friday, September 30th. This represents a yield of 1.01%. This is an increase from Sanderson Farms’s previous special dividend of $0.50. Sanderson Farms’s dividend payout ratio (DPR) is presently 14.15%.
Separately, Zacks Investment Research upgraded Sanderson Farms from a “hold” rating to a “buy” rating and set a $99.00 price target on the stock in a research note on Wednesday, July 27th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $81.71.
In other Sanderson Farms news, Director John Bierbusse sold 750 shares of the firm’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $97.00, for a total value of $72,750.00. Following the completion of the sale, the director now owns 14,296 shares of the company’s stock, valued at $1,386,712. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.45% of the stock is currently owned by company insiders.
Sanderson Farms Company Profile
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 the preparation, processing, marketing and distribution of processed and prepared chicken items. 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 principally in the southeastern, southwestern, northeastern and western United States, and to customers reselling frozen chicken into export markets.
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