Smithfield Foods (NASDAQ:SFD) Issues Earnings Results

Key Points

• Smithfield beat expectations: the company reported Q results of $0.83 EPS versus the $0.67 consensus and posted roughly 7% year-over-year revenue growth.
• The stock trades near $23.48 with a market cap of $9.23 billion and a P/E of 10.58, and analysts have a consensus rating of Moderate Buy with a $28.88 target price.
• Multiple institutional investors are increasing or initiating positions — including new buys from Goldman Sachs and RBC and large stake increases by JPMorgan and Arrowstreet — indicating notable institutional buying interest.

Smithfield Foods (NASDAQ:SFD - Get Free Report) released its quarterly earnings results on Tuesday. The company reported $0.83 earnings per share for the quarter, beating analysts' consensus estimates of $0.67 by $0.16, Briefing.com reports. The business's revenue for the quarter was up 7.0% on a year-over-year basis.

Smithfield Foods Price Performance

NASDAQ SFD opened at $23.48 on Tuesday. The firm has a market cap of $9.23 billion, a P/E ratio of 10.58, a P/E/G ratio of 1.22 and a beta of 0.12. Smithfield Foods has a one year low of $18.55 and a one year high of $26.07. The stock's 50-day moving average is $24.07 and its 200-day moving average is $22.98.

Hedge Funds Weigh In On Smithfield Foods

Large investors have recently modified their holdings of the business. Royal Bank of Canada bought a new position in shares of Smithfield Foods in the first quarter valued at $1,456,000. Goldman Sachs Group Inc. bought a new position in shares of Smithfield Foods in the 1st quarter valued at about $3,195,000. Cetera Investment Advisers acquired a new position in shares of Smithfield Foods during the 2nd quarter worth about $485,000. JPMorgan Chase & Co. increased its stake in shares of Smithfield Foods by 7,016.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 36,363 shares of the company's stock worth $856,000 after purchasing an additional 35,852 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Smithfield Foods by 267.1% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 53,025 shares of the company's stock valued at $1,248,000 after purchasing an additional 38,580 shares during the last quarter.

Wall Street Analyst Weigh In

SFD has been the subject of a number of analyst reports. Wall Street Zen cut Smithfield Foods from a "buy" rating to a "hold" rating in a report on Saturday. Weiss Ratings reiterated a "hold (c)" rating on shares of Smithfield Foods in a research report on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $28.88.

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.

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