Smithfield Foods (NASDAQ:SFD) Announces Quarterly Earnings Results

Smithfield Foods (NASDAQ:SFD) released its quarterly earnings results on Tuesday. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01), Zacks reports.

Smithfield Foods Price Performance

Shares of NASDAQ:SFD opened at $19.60 on Tuesday. Smithfield Foods has a 12-month low of $18.43 and a 12-month high of $22.03.

Insider Transactions at Smithfield Foods

In other Smithfield Foods news, insider Tennille J. Checkovich purchased 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were acquired at an average cost of $20.00 per share, for a total transaction of $40,000.00. Following the completion of the purchase, the insider now owns 12,000 shares of the company’s stock, valued at approximately $240,000. The trade was a 20.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Group Ltd/Adr Wh sold 13,043,479 shares of Smithfield Foods stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $20.00, for a total transaction of $260,869,580.00. Following the completion of the sale, the insider now owns 367,025,753 shares of the company’s stock, valued at $7,340,515,060. This trade represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 59,000 shares of company stock worth $1,180,000. Company insiders own 1.79% of the company’s stock.

Analyst Ratings Changes

SFD has been the subject of a number of recent research reports. Barclays assumed coverage on shares of Smithfield Foods in a research note on Monday, February 24th. They set an “overweight” rating and a $28.00 price objective for the company. BNP Paribas assumed coverage on shares of Smithfield Foods in a research note on Monday, February 24th. They issued a “neutral” rating and a $23.00 price target for the company. HSBC started coverage on shares of Smithfield Foods in a research report on Tuesday, March 18th. They issued a “buy” rating and a $29.00 price objective for the company. Bank of America assumed coverage on shares of Smithfield Foods in a research note on Monday, February 24th. They issued a “buy” rating and a $28.00 target price for the company. Finally, Hsbc Global Res raised Smithfield Foods to a “strong-buy” rating in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $27.86.

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.