Smithfield Foods (NASDAQ:SFD) Shares Gap Down After Earnings Miss

Smithfield Foods, Inc. (NASDAQ:SFD) gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $25.17, but opened at $24.19. Smithfield Foods shares last traded at $24.89, with a volume of 210,559 shares traded.

The company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.01). The firm’s revenue was up 11.0% compared to the same quarter last year.

Smithfield Foods Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Thursday, August 14th. Smithfield Foods’s payout ratio is presently 44.05%.

Wall Street Analyst Weigh In

SFD has been the subject of several analyst reports. Morgan Stanley set a $30.00 target price on Smithfield Foods and gave the stock an “overweight” rating in a research report on Wednesday. UBS Group restated a “buy” rating on shares of Smithfield Foods in a research report on Wednesday. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $28.14.

Hedge Funds Weigh In On Smithfield Foods

Institutional investors and hedge funds have recently modified their holdings of the business. CWM LLC acquired a new position in shares of Smithfield Foods in the 2nd quarter valued at approximately $30,000. PNC Financial Services Group Inc. acquired a new position in shares of Smithfield Foods in the 1st quarter valued at approximately $27,000. Amalgamated Bank acquired a new position in shares of Smithfield Foods in the 1st quarter valued at approximately $28,000. Pacer Advisors Inc. acquired a new position in shares of Smithfield Foods in the 1st quarter valued at approximately $34,000. Finally, New York State Teachers Retirement System acquired a new position in shares of Smithfield Foods in the 2nd quarter valued at approximately $55,000.

Smithfield Foods Price Performance

The firm’s 50-day moving average is $23.93. The firm has a market cap of $9.64 billion and a price-to-earnings ratio of 10.80.

Smithfield Foods Company Profile

Smithfield Foods, Inc produces and markets a variety of fresh meat and packaged meats products both domestically and internationally. The Company operates in four segments: Pork, Hog Production, International and Corporate, each of which consists of a number of subsidiaries, joint ventures and other investments.