Insider Selling: Fred L. Banks, Jr. Unloads 2,000 Shares of Sanderson Farms Stock (SAFM)
Sanderson Farms (NASDAQ:SAFM) Director Fred L. Banks, Jr. sold 2,000 shares of Sanderson Farms stock on the open market in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $93.74, for a total value of $187,480.00. Following the completion of the sale, the director now directly owns 20,651 shares in the company, valued at approximately $1,935,825. The sale was disclosed in a filing with the SEC, which is available at this link.
SAFM has been the subject of a number of recent research reports. Analysts at JPMorgan Chase & Co. raised their price target on shares of Sanderson Farms from $81.00 to $82.00 in a research note on Friday, May 30th. They now have a “neutral” rating on the stock. Separately, analysts at Zacks upgraded shares of Sanderson Farms from an “underperform” rating to an “outperform” rating in a research note on Thursday, May 29th. They now have a $89.70 price target on the stock. Finally, 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. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Sanderson Farms has a consensus rating of “Hold” and a consensus price target of $76.95.
Shares of Sanderson Farms (NASDAQ:SAFM) traded up 0.68% during mid-day trading on Tuesday, hitting $93.67. The stock had a trading volume of 566,988 shares. Sanderson Farms has a 1-year low of $59.77 and a 1-year high of $97.84. The stock’s 50-day moving average is $86.14 and its 200-day moving average is $76.87. The company has a market cap of $2.161 billion and a price-to-earnings ratio of 11.11.
Sanderson Farms (NASDAQ:SAFM) last posted its quarterly earnings results on Thursday, May 29th. The company reported $2.21 earnings per share for the quarter, beating the analysts’ 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 previous year, the company posted $1.06 earnings per share. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, analysts predict that Sanderson Farms will post $9.35 earnings per share for the current fiscal year.
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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