Sanderson Farms Stock Price Up 2.4% After Strong Earnings (SAFM)
Sanderson Farms (NASDAQ:SAFM) shares rose 2.4% during mid-day trading on Friday after the company announced better than expected quarterly earnings, Stock Ratings Network reports. The company traded as high as $92.61 and last traded at $92.54, with a volume of 315,241 shares. The stock had previously closed at $90.34.
The company reported $2.21 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.68 by $0.53. The company had revenue of $660.70 million for the quarter, compared to the consensus estimate of $620.99 million. During the same quarter in the prior year, the company posted $1.06 earnings per share. The company’s quarterly revenue was up 6.4% on a year-over-year basis.
SAFM has been the subject of a number of recent research reports. Analysts at Zacks upgraded shares of Sanderson Farms from an “underperform” rating to an “outperform” rating in a research note on Thursday. They now have a $89.70 price target on the stock. Separately, analysts at Goldman Sachs downgraded shares of Sanderson Farms from a “buy” rating to a “neutral” rating in a research note on Thursday, May 8th. They now have a $80.00 price target on the stock. They noted that the move was a valuation call. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $75.94.
The stock has a 50-day moving average of $83.06 and a 200-day moving average of $75.36. The company has a market cap of $2.137 billion and a P/E ratio of 12.49.
Sanderson Farms, Inc is a poultry processing company engaged in the production, processing, marketing and distribution of fresh and frozen chicken products.
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