Smithfield Foods (NASDAQ:SFD) Stock Passes Above Two Hundred Day Moving Average – Time to Sell?

Smithfield Foods, Inc. (NASDAQ:SFD)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $23.14 and traded as high as $23.44. Smithfield Foods shares last traded at $23.37, with a volume of 521,434 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Morgan Stanley set a $29.00 price target on Smithfield Foods and gave the company an “overweight” rating in a research report on Thursday, October 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Smithfield Foods in a research note on Monday, December 29th. Zacks Research lowered shares of Smithfield Foods from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 8th. Finally, Bank of America cut their price target on shares of Smithfield Foods from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Smithfield Foods has a consensus rating of “Moderate Buy” and a consensus target price of $28.31.

Smithfield Foods Price Performance

The firm has a market cap of $9.19 billion and a PE ratio of 10.53. The business’s fifty day moving average is $22.17 and its 200-day moving average is $23.14.

Smithfield Foods (NASDAQ:SFD) last released its earnings results on Tuesday, October 28th. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.07. The company had revenue of $3.75 billion for the quarter, compared to the consensus estimate of $3.58 billion. Smithfield Foods’s quarterly revenue was up 12.4% on a year-over-year basis.

Smithfield Foods Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 26th. Shareholders of record on Thursday, November 13th were paid a $0.25 dividend. The ex-dividend date was Thursday, November 13th. This represents a $1.00 annualized dividend and a dividend yield of 4.3%. Smithfield Foods’s payout ratio is presently 45.05%.

Institutional Investors Weigh In On Smithfield Foods

Hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC raised its stake in shares of Smithfield Foods by 94.0% during the 3rd quarter. Millennium Management LLC now owns 3,634,709 shares of the company’s stock valued at $85,343,000 after purchasing an additional 1,760,713 shares during the period. Balyasny Asset Management L.P. grew its position in shares of Smithfield Foods by 653.3% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,664,585 shares of the company’s stock valued at $39,084,000 after purchasing an additional 1,443,605 shares in the last quarter. Norges Bank bought a new position in shares of Smithfield Foods in the second quarter worth $31,295,000. Jacobs Levy Equity Management Inc. raised its holdings in shares of Smithfield Foods by 583.6% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,212,144 shares of the company’s stock valued at $28,461,000 after acquiring an additional 1,034,814 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its stake in Smithfield Foods by 553.2% in the third quarter. Qube Research & Technologies Ltd now owns 1,061,740 shares of the company’s stock valued at $24,930,000 after purchasing an additional 899,200 shares in the last quarter.

Smithfield Foods Company Profile

Smithfield Foods, Inc (NASDAQ: SFD) is one of the world’s largest pork processors and hog producers. Founded in 1936 in Smithfield, Virginia, the company has grown from a regional ham producer into a fully integrated food company offering a broad range of fresh pork, value-added meats and prepared foods. Its product portfolio includes bacon, ham, sausage, ribs and deli meats marketed under well-known brands such as Smithfield®, Nathan’s Famous® and Eckrich®.

Smithfield operates a network of hog production facilities, processing plants and distribution centers across the United States, Europe and Latin America.