Smithfield Foods (NASDAQ:SFD) Cut to Hold (C+) at Weiss Ratings

Weiss Ratings downgraded shares of Smithfield Foods (NASDAQ:SFD) from a buy (b-) rating to a hold (c+) rating in a research note released on Saturday morning,Weiss Ratings reports.

A number of other research analysts have also commented on SFD. Barclays upped their price target on shares of Smithfield Foods from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Wednesday, August 13th. Bank of America decreased their target price on Smithfield Foods from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, October 8th. Morgan Stanley set a $29.00 price objective on Smithfield Foods and gave the company an “overweight” rating in a report on Thursday, October 16th. Zacks Research lowered Smithfield Foods from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 8th. Finally, UBS Group restated a “buy” rating and set a $28.50 target price (up previously from $25.00) on shares of Smithfield Foods in a research report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Smithfield Foods presently has an average rating of “Moderate Buy” and a consensus target price of $28.31.

Smithfield Foods Price Performance

Shares of NASDAQ SFD opened at $21.56 on Friday. Smithfield Foods has a twelve month low of $18.43 and a twelve month high of $26.07. The business’s 50 day moving average price is $23.57 and its two-hundred day moving average price is $23.28.

Smithfield Foods (NASDAQ:SFD) last posted its earnings results on Tuesday, August 12th. The company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.01). The company had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.62 billion. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year.

Smithfield Foods Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Thursday, August 14th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, August 14th. This represents a $1.00 annualized dividend and a dividend yield of 4.6%.

Insider Buying and Selling at Smithfield Foods

In other Smithfield Foods news, insider Doug Sutton bought 3,920 shares of Smithfield Foods stock in a transaction on Monday, September 8th. The shares were purchased at an average price of $23.25 per share, with a total value of $91,140.00. Following the acquisition, the insider owned 68,920 shares in the company, valued at $1,602,390. This trade represents a 6.03% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Keller D. Watts bought 3,833 shares of Smithfield Foods stock in a transaction on Monday, September 8th. The stock was acquired at an average cost of $23.25 per share, for a total transaction of $89,117.25. Following the acquisition, the insider owned 74,857 shares in the company, valued at approximately $1,740,425.25. This represents a 5.40% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,831,753 shares of company stock worth $42,588,257 in the last three months. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Smithfield Foods

A number of hedge funds have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. boosted its stake in shares of Smithfield Foods by 88.2% during the third quarter. Harbor Capital Advisors Inc. now owns 1,099 shares of the company’s stock valued at $26,000 after purchasing an additional 515 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Smithfield Foods during the 2nd quarter worth approximately $29,000. CWM LLC acquired a new stake in Smithfield Foods during the 2nd quarter worth approximately $30,000. PNC Financial Services Group Inc. acquired a new stake in Smithfield Foods during the 1st quarter worth approximately $27,000. Finally, Amalgamated Bank acquired a new stake in Smithfield Foods during the 1st quarter worth approximately $28,000.

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.