Sanderson Farms, Inc. (NASDAQ:SAFM) announced a quarterly dividend on Friday, September 21st, Wall Street Journal reports. Shareholders of record on Tuesday, October 2nd will be given a dividend of 0.32 per share on Tuesday, October 16th. This represents a $1.28 annualized dividend and a yield of 1.28%. The ex-dividend date is Monday, October 1st.

Sanderson Farms has increased its dividend payment by an average of 8.2% per year over the last three years and has raised its dividend annually for the last 5 consecutive years. Sanderson Farms has a dividend payout ratio of 46.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Sanderson Farms to earn $2.61 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 49.0%.

NASDAQ SAFM traded down $1.13 during midday trading on Friday, hitting $99.90. The company had a trading volume of 623,881 shares, compared to its average volume of 503,402. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of 8.11 and a beta of 0.28. Sanderson Farms has a fifty-two week low of $95.97 and a fifty-two week high of $176.43.

Sanderson Farms (NASDAQ:SAFM) last posted its quarterly earnings results on Thursday, August 23rd. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.67 by ($1.17). The company had revenue of $852.40 million during the quarter, compared to analyst estimates of $871.06 million. Sanderson Farms had a return on equity of 9.41% and a net margin of 5.29%. The business’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.09 earnings per share. sell-side analysts forecast that Sanderson Farms will post 2.76 earnings per share for the current year.

SAFM has been the topic of several recent research reports. BMO Capital Markets decreased their target price on shares of Sanderson Farms from $125.00 to $95.00 and set a “market perform” rating on the stock in a research report on Friday, May 25th. Buckingham Research decreased their target price on shares of Sanderson Farms from $104.00 to $97.00 and set a “hold” rating on the stock in a research report on Friday, May 25th. Barclays reiterated a “hold” rating and set a $110.00 target price on shares of Sanderson Farms in a research report on Friday, May 25th. Cfra set a $108.00 target price on shares of Sanderson Farms and gave the company a “hold” rating in a research report on Saturday, May 26th. Finally, Mizuho set a $110.00 target price on shares of Sanderson Farms and gave the company a “hold” rating in a research report on Tuesday, May 29th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $104.80.

Sanderson Farms announced that its board has initiated a stock repurchase program on Thursday, May 31st that authorizes the company to repurchase 2,000,000 outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

In related news, Director Phil K. Livingston sold 500 shares of Sanderson Farms stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $107.14, for a total transaction of $53,570.00. Following the completion of the transaction, the director now directly owns 9,682 shares of the company’s stock, valued at approximately $1,037,329.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Bierbusse sold 875 shares of Sanderson Farms stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $109.94, for a total transaction of $96,197.50. Following the transaction, the director now directly owns 12,086 shares of the company’s stock, valued at $1,328,734.84. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by insiders.

Sanderson Farms Company Profile

Sanderson Farms, Inc, an integrated poultry processing company, produces, processes, markets, and distributes fresh, frozen, and prepared chicken products in the United States. 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 in the southeastern, southwestern, northeastern, and western United States, as well as to customers who resell frozen chicken in the export markets.

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Dividend History for Sanderson Farms (NASDAQ:SAFM)

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