Maple Leaf Foods (TSE:MFI) Trading Down 11.5% - Here's What Happened

Key Points

• Maple Leaf Foods saw its share price decline by 11.5%, trading as low as C$30.48 amidst a drop in trading volume.
• Analysts have mixed ratings on the stock, with a consensus Buy rating and targets ranging up to C$47.00 from various brokerages.
• The company recently declared a quarterly dividend of $0.24 per share, representing an annualized yield of 3.1% with a payout ratio of 63.89%.

Maple Leaf Foods Inc. (TSE:MFI - Get Free Report)'s share price dropped 11.5% during mid-day trading on Thursday . The company traded as low as C$30.48 and last traded at C$30.90. Approximately 117,181 shares traded hands during trading, a decline of 47% from the average daily volume of 219,858 shares. The stock had previously closed at C$34.90.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MFI. National Bankshares boosted their target price on Maple Leaf Foods from C$36.00 to C$39.00 and gave the company an "outperform" rating in a research report on Friday, September 12th. CIBC raised their price objective on Maple Leaf Foods from C$32.00 to C$38.00 in a research report on Wednesday, July 16th. TD Securities raised their price target on Maple Leaf Foods from C$42.00 to C$47.00 and gave the stock a "buy" rating in a report on Tuesday, September 9th. Scotiabank lifted their target price on Maple Leaf Foods from C$30.00 to C$35.00 and gave the stock a "sector perform" rating in a report on Friday, August 8th. Finally, Stifel Nicolaus boosted their price target on Maple Leaf Foods from C$36.50 to C$40.50 and gave the company a "buy" rating in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of C$38.50.

Maple Leaf Foods Price Performance

The firm has a market cap of C$3.89 billion, a PE ratio of 21.79, a PEG ratio of 18.07 and a beta of 0.82. The company has a debt-to-equity ratio of 130.19, a current ratio of 1.26 and a quick ratio of 0.54. The company has a 50 day moving average price of C$34.00 and a 200 day moving average price of C$29.16.

Maple Leaf Foods Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 29th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. Maple Leaf Foods's payout ratio is currently 63.89%.

Insider Transactions at Maple Leaf Foods

In other news, insider Olajumoke Fagbemi purchased 2,651 shares of the stock in a transaction on Wednesday, August 27th. The stock was purchased at an average price of C$35.71 per share, with a total value of C$94,665.62. Following the completion of the transaction, the insider owned 2,679 shares in the company, valued at approximately C$95,665.48. The trade was a 9,467.86% increase in their ownership of the stock. Also, insider Andreas Liris sold 1,000 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of C$34.77, for a total transaction of C$34,770.00. Following the completion of the sale, the insider directly owned 14,001 shares of the company's stock, valued at C$486,814.77. This trade represents a 6.67% decrease in their position. 39.87% of the stock is currently owned by insiders.

About Maple Leaf Foods

Maple Leaf Foods Inc is a consumer-packaged meats company. It produces prepared meats and meals, fresh pork, and poultry and turkey products. The company also has agribusiness operations. These operations supply livestock to the meat products business operations. Its main markets are Canada, the United States, Japan, and China.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.