Bank of New York Mellon Corp Takes Position in Smithfield Foods, Inc. $SFD

Key Points

• Bank of New York Mellon acquired 677,841 Smithfield Foods shares worth approximately $16.4 million, representing a 0.17% stake. Several other institutional investors also initiated or increased positions.
• Smithfield Foods reported quarterly EPS of $0.62, beating estimates of $0.60, while revenue fell 2.3% year over year to $3.70 billion. Shares opened at $21.91, near their one-year low of $21.08.
• The company pays a quarterly dividend of $0.3125 per share, equivalent to a 5.7% annualized yield. Analysts’ average rating is “Moderate Buy,” with a consensus price target of $31.50, although ratings range from “Strong Sell” to “Buy.”

Bank of New York Mellon Corp acquired a new stake in shares of Smithfield Foods, Inc. (NASDAQ:SFD - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 677,841 shares of the company's stock, valued at approximately $16,444,000. Bank of New York Mellon Corp owned 0.17% of Smithfield Foods as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Group One Trading LLC bought a new position in shares of Smithfield Foods during the 1st quarter valued at $31,000. Altshuler Shaham Ltd bought a new position in shares of Smithfield Foods during the 4th quarter valued at approximately $25,000. Raymond James Financial Inc. purchased a new stake in shares of Smithfield Foods in the second quarter worth $29,000. Parallel Advisors LLC purchased a new stake in Smithfield Foods in the 3rd quarter worth $37,000. Finally, EverSource Wealth Advisors LLC raised its stake in Smithfield Foods by 281.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,607 shares of the company's stock valued at $73,000 after purchasing an additional 1,923 shares during the period.

Smithfield Foods Stock Performance

Shares of Smithfield Foods stock opened at $21.91 on Tuesday. The company has a market capitalization of $8.63 billion, a PE ratio of 8.18 and a beta of -0.44. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.34 and a current ratio of 2.56. The company has a 50-day simple moving average of $24.49 and a two-hundred day simple moving average of $25.51. Smithfield Foods, Inc. has a one year low of $21.08 and a one year 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 (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.02. Smithfield Foods had a net margin of 6.84% and a return on equity of 15.55%. The firm had revenue of $3.70 billion for the quarter. During the same period in the previous year, the firm earned $0.55 EPS. The firm's quarterly revenue was down 2.3% on a year-over-year basis. Research analysts expect that Smithfield Foods, Inc. will post 2.45 EPS for the current fiscal year.

Smithfield Foods Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th were issued a dividend of $0.3125 per share. The ex-dividend date was Thursday, August 13th. This represents a $1.25 annualized dividend and a dividend yield of 5.7%. Smithfield Foods's dividend payout ratio is 46.64%.

Analyst Ratings Changes

SFD has been the topic of several research reports. Barclays reduced their target price on Smithfield Foods from $32.00 to $31.00 and set an "overweight" rating on the stock in a report on Wednesday, August 12th. The Goldman Sachs Group restated a "buy" rating and issued a $32.00 target price on shares of Smithfield Foods in a report on Wednesday, August 12th. Bank of America dropped their price objective on Smithfield Foods from $33.00 to $32.00 and set a "buy" rating for the company in a report on Thursday, July 2nd. Zacks Research cut shares of Smithfield Foods from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 13th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Smithfield Foods in a research report on Friday, July 24th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Smithfield Foods has an average rating of "Moderate Buy" and a consensus target price of $31.50.

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.

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