213,200 Smithfield Foods, Inc. $SFD Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management reduced its Smithfield Foods stake by 27.3%, selling 213,200 shares during the third quarter and retaining 568,948 shares worth approximately $10.65 million.
• Smithfield Foods shares were trading at $18.27, near their 52-week low, with a market capitalization of $7.19 billion. The company recently beat quarterly earnings estimates, reporting $0.62 EPS and $3.70 billion in revenue.
• The company declared a quarterly dividend of $0.3125, equivalent to an annualized $1.25 payout and a 6.8% yield. Analysts’ average rating was “Hold,” with an average price target of $26.00.

Assenagon Asset Management S.A. cut its stake in shares of Smithfield Foods, Inc. (NASDAQ:SFD - Free Report) by 27.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 568,948 shares of the company's stock after selling 213,200 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.14% of Smithfield Foods worth $10,651,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Bank of America Corp DE acquired a new position in shares of Smithfield Foods during the second quarter worth $19,855,000. BlackRock Inc. purchased a new position in Smithfield Foods in the second quarter valued at $33,145,000. Core Capital Management & Research inc. purchased a new position in Smithfield Foods in the second quarter valued at $6,656,000. Squarepoint Ops LLC raised its stake in Smithfield Foods by 144.9% in the second quarter. Squarepoint Ops LLC now owns 112,413 shares of the company's stock valued at $2,727,000 after buying an additional 66,519 shares in the last quarter. Finally, Global Retirement Partners LLC acquired a new stake in Smithfield Foods in the second quarter valued at $1,815,000.

Smithfield Foods Trading Down 2.0%

NASDAQ:SFD opened at $18.27 on Tuesday. The stock's 50 day moving average price is $20.50 and its 200 day moving average price is $24.28. The company has a market capitalization of $7.19 billion, a PE ratio of 6.98 and a beta of -0.41. The company has a quick ratio of 1.34, a current ratio of 2.56 and a debt-to-equity ratio of 0.20. Smithfield Foods, Inc. has a 52-week low of $18.17 and a 52-week high of $29.81.

Smithfield Foods (NASDAQ:SFD - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.62 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.02. The company had revenue of $3.70 billion during the quarter. Smithfield Foods had a return on equity of 15.55% and a net margin of 6.84%. Smithfield Foods's quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.55 EPS. On average, research analysts anticipate that Smithfield Foods, Inc. will post 2.03 EPS for the current year.

Smithfield Foods Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Thursday, August 13th were given a $0.3125 dividend. The ex-dividend date was Thursday, August 13th. This represents a $1.25 annualized dividend and a yield of 6.8%. Smithfield Foods's dividend payout ratio is 46.64%.

Analyst Ratings Changes

A number of research analysts have recently commented on SFD shares. Deutsche Bank Aktiengesellschaft set a $21.00 price objective on Smithfield Foods in a report on Friday, October 9th. Zacks Research lowered Smithfield Foods from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 13th. The Goldman Sachs Group restated a "buy" rating and set a $32.00 target price on shares of Smithfield Foods in a research note on Wednesday, August 12th. Barclays lowered their price target on Smithfield Foods from $31.00 to $29.00 and set an "overweight" rating for the company in a report on Wednesday, September 9th. Finally, Stephens started coverage on Smithfield Foods in a report on Wednesday, September 30th. They issued an "equal weight" rating and a $22.00 price target for the company. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $26.00.

About Smithfield Foods

Smithfield Foods, Inc is a food company engaged in pork production and the manufacture and sale of packaged meats. Its operations include hog production, fresh pork processing, and the preparation of bacon, ham, sausage, hot dogs, deli meats and other ready-to-cook or ready-to-eat products.

The company sells products under brands that include Smithfield, Eckrich, Nathan's Famous and Farmland, as well as through private-label and foodservice channels. Its products are distributed through grocery retailers, restaurants, foodservice operators and other commercial customers in the United States and international markets.

Founded in Smithfield, Virginia, in 1936, Smithfield Foods expanded through acquisitions and became one of the world's largest pork processors and hog producers.

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