Convergence Investment Partners LLC Has $4.60 Million Position in Sanderson Farms, Inc. (SAFM)
Convergence Investment Partners LLC increased its position in shares of Sanderson Farms, Inc. (NASDAQ:SAFM) by 18.4% during the second quarter, Holdings Channel reports. The fund owned 39,748 shares of the company’s stock after buying an additional 6,172 shares during the period. Sanderson Farms accounts for 0.7% of Convergence Investment Partners LLC’s investment portfolio, making the stock its 18th largest position. Convergence Investment Partners LLC’s holdings in Sanderson Farms were worth $4,597,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of SAFM. 1st Global Advisors Inc. boosted its position in shares of Sanderson Farms by 1.4% in the first quarter. 1st Global Advisors Inc. now owns 3,007 shares of the company’s stock worth $312,000 after buying an additional 42 shares during the last quarter. State of Alaska Department of Revenue boosted its position in shares of Sanderson Farms by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 2,210 shares of the company’s stock worth $229,000 after buying an additional 60 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its position in shares of Sanderson Farms by 0.9% in the first quarter. Municipal Employees Retirement System of Michigan now owns 7,640 shares of the company’s stock worth $793,000 after buying an additional 70 shares during the last quarter. Biltmore Wealth Management LLC boosted its position in shares of Sanderson Farms by 1.4% in the second quarter. Biltmore Wealth Management LLC now owns 5,986 shares of the company’s stock worth $692,000 after buying an additional 85 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in shares of Sanderson Farms by 1.0% in the second quarter. Arizona State Retirement System now owns 10,484 shares of the company’s stock worth $1,212,000 after buying an additional 100 shares during the last quarter.
Shares of Sanderson Farms, Inc. (NASDAQ SAFM) opened at 139.90 on Friday. Sanderson Farms, Inc. has a 12 month low of $74.07 and a 12 month high of $141.00. The company has a 50-day moving average price of $123.49 and a 200-day moving average price of $110.46. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of 14.36 and a beta of 0.62.
Sanderson Farms (NASDAQ:SAFM) last issued its earnings results on Thursday, May 25th. The company reported $2.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.72 by $0.22. Sanderson Farms had a return on equity of 18.30% and a net margin of 7.34%. The business had revenue of $802 million during the quarter, compared to analysts’ expectations of $769.47 million. During the same quarter in the prior year, the firm earned $2.11 EPS. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year. Equities analysts forecast that Sanderson Farms, Inc. will post $10.94 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st will be issued a $0.24 dividend. The ex-dividend date is Friday, July 28th. This represents a $0.96 dividend on an annualized basis and a yield of 0.69%. Sanderson Farms’s payout ratio is presently 9.86%.
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A number of research analysts have issued reports on the company. Zacks Investment Research cut Sanderson Farms from a “buy” rating to a “hold” rating in a report on Friday. Mizuho assumed coverage on Sanderson Farms in a report on Wednesday, June 7th. They set a “buy” rating and a $142.00 price objective for the company. BidaskClub cut Sanderson Farms from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Pacific Crest reissued an “overweight” rating and set a $125.00 price objective (up from $120.00) on shares of Sanderson Farms in a report on Sunday, April 23rd. Finally, BMO Capital Markets reissued a “hold” rating and set a $130.00 price objective (up from $105.00) on shares of Sanderson Farms in a report on Friday, May 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $119.44.
In other Sanderson Farms news, Director Dianne Mooney sold 1,103 shares of the company’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $117.69, for a total value of $129,812.07. Following the completion of the transaction, the director now owns 13,072 shares of the company’s stock, valued at approximately $1,538,443.68. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Phil K. Livingston sold 500 shares of the company’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $121.50, for a total value of $60,750.00. Following the completion of the transaction, the director now directly owns 9,673 shares of the company’s stock, valued at approximately $1,175,269.50. The disclosure for this sale can be found here. 5.66% of the stock is owned by corporate insiders.
About Sanderson Farms
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 also preparation, processing, marketing and distribution of processed and minimally prepared chicken. It sells ice pack, chill pack, bulk pack and frozen chicken, in whole, cut-up and boneless form, under the Sanderson Farms brand name to retailers, distributors, casual dining operators, customers reselling frozen chicken into export markets.
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