Smithfield Foods, Inc. (NASDAQ:SFD) Sees Large Decrease in Short Interest

Smithfield Foods, Inc. (NASDAQ:SFD) was the target of a significant decline in short interest during the month of April. As of April 15th, there was short interest totaling 3,666,333 shares, a decline of 15.2% from the March 31st total of 4,324,250 shares. Approximately 0.9% of the company’s stock are sold short. Based on an average daily trading volume, of 2,146,762 shares, the short-interest ratio is presently 1.7 days.

Smithfield Foods Stock Performance

Shares of SFD stock traded up $0.03 during trading hours on Friday, reaching $26.31. The company had a trading volume of 907,099 shares, compared to its average volume of 1,358,582. The business has a fifty day moving average price of $26.31 and a 200-day moving average price of $23.87. Smithfield Foods has a one year low of $21.08 and a one year high of $29.81. The firm has a market cap of $10.35 billion, a PE ratio of 10.28 and a beta of -0.33.

Smithfield Foods (NASDAQ:SFD) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.06. The company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter in the prior year, the firm earned $0.58 earnings per share. The business’s revenue was up .8% compared to the same quarter last year. Equities research analysts forecast that Smithfield Foods will post 2.72 EPS for the current year.

Smithfield Foods Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 28th. Stockholders of record on Thursday, May 14th will be paid a $0.3125 dividend. The ex-dividend date is Thursday, May 14th. This represents a $1.25 dividend on an annualized basis and a dividend yield of 4.8%. Smithfield Foods’s payout ratio is currently 48.83%.

Institutional Trading of Smithfield Foods

A number of large investors have recently made changes to their positions in SFD. Royal Bank of Canada bought a new stake in shares of Smithfield Foods in the first quarter worth approximately $1,456,000. Goldman Sachs Group Inc. bought a new stake in shares of Smithfield Foods in the first quarter worth approximately $3,195,000. Cetera Investment Advisers bought a new stake in shares of Smithfield Foods in the second quarter worth approximately $485,000. JPMorgan Chase & Co. grew its position in Smithfield Foods by 7,016.0% during the second quarter. JPMorgan Chase & Co. now owns 36,363 shares of the company’s stock valued at $856,000 after buying an additional 35,852 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in Smithfield Foods by 267.1% during the second quarter. Arrowstreet Capital Limited Partnership now owns 53,025 shares of the company’s stock valued at $1,248,000 after buying an additional 38,580 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SFD. Weiss Ratings raised shares of Smithfield Foods from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday. Wall Street Zen raised shares of Smithfield Foods from a “hold” rating to a “buy” rating in a report on Sunday, March 29th. Morgan Stanley lifted their target price on shares of Smithfield Foods from $29.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, March 25th. Zacks Research raised shares of Smithfield Foods from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 25th. Finally, Barclays lifted their target price on shares of Smithfield Foods from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to MarketBeat, Smithfield Foods has an average rating of “Buy” and an average price target of $29.88.

About Smithfield Foods

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.