Sanderson Farms Inc. (SAFM) Increases Dividend to $1.00 Per Share
Sanderson Farms Inc. (NASDAQ:SAFM) declared a special dividend on Thursday, September 22nd. Stockholders of record on Tuesday, October 4th will be given a dividend of 1.00 per share on Tuesday, October 18th. This is a positive change from Sanderson Farms’s previous special dividend of $0.50.
In related news, Director John Bierbusse sold 750 shares of the firm’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $97.00, for a total transaction of $72,750.00. Following the completion of the transaction, the director now owns 14,296 shares of the company’s stock, valued at $1,386,712. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 5.45% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in SAFM. Fiera Capital Corp raised its position in Sanderson Farms by 0.9% in the second quarter. Fiera Capital Corp now owns 32,600 shares of the company’s stock worth $2,824,000 after buying an additional 300 shares during the period. Arizona State Retirement System raised its position in Sanderson Farms by 1.0% in the second quarter. Arizona State Retirement System now owns 10,284 shares of the company’s stock worth $891,000 after buying an additional 100 shares during the period. AQR Capital Management LLC raised its position in Sanderson Farms by 71.2% in the second quarter. AQR Capital Management LLC now owns 82,137 shares of the company’s stock worth $7,117,000 after buying an additional 34,162 shares during the period. Paloma Partners Management Co bought a new position in Sanderson Farms during the second quarter worth $668,000. Finally, Barclays PLC raised its position in Sanderson Farms by 18.1% in the second quarter. Barclays PLC now owns 11,015 shares of the company’s stock worth $954,000 after buying an additional 1,690 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.
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Shares of Sanderson Farms (NASDAQ:SAFM) traded up 0.89% during mid-day trading on Thursday, hitting $95.55. The stock had a trading volume of 370,116 shares. Sanderson Farms has a one year low of $64.54 and a one year high of $99.40. The firm has a market cap of $2.16 billion, a price-to-earnings ratio of 15.32 and a beta of 0.05. The company has a 50-day moving average of $93.37 and a 200 day moving average of $89.51.
Sanderson Farms (NASDAQ:SAFM) last announced its earnings results on Thursday, August 25th. The company reported $2.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.11 by $0.31. Sanderson Farms had a return on equity of 13.06% and a net margin of 5.19%. The business earned $728 million during the quarter, compared to analysts’ expectations of $749.76 million. During the same quarter last year, the business posted $2.27 earnings per share. The company’s quarterly revenue was down 1.6% on a year-over-year basis. On average, equities research analysts forecast that Sanderson Farms will post $7.39 earnings per share for the current year.
A number of research analysts have recently commented on the stock. Zacks Investment Research downgraded shares of Sanderson Farms from a “buy” rating to a “hold” rating in a research note on Thursday, July 28th. JPMorgan Chase & Co. downgraded shares of Sanderson Farms from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $96.00 to $95.00 in a research note on Friday, May 27th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $81.71.
Sanderson Farms Company Profile
Sanderson Farms, Inc is a poultry processing company. The Company is engaged in the production, processing, marketing and distribution of fresh and frozen chicken, and the preparation, processing, marketing and distribution of processed and prepared chicken items. The Company sells ice pack, chill pack, bulk pack and frozen chicken, in whole, cut-up and boneless form, primarily under the Sanderson Farms brand name to retailers, distributors and casual dining operators principally in the southeastern, southwestern, northeastern and western United States, and to customers reselling frozen chicken into export markets.
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