Smithfield Foods (NASDAQ:SFD) Stock Price Up 6.3% After Strong Earnings

Smithfield Foods, Inc (NASDAQ:SFD - Get Free Report) was up 6.3% on Tuesday following a better than expected earnings announcement. The stock traded as high as $21.21 and last traded at $21.17. Approximately 473,330 shares were traded during trading, a decline of 42% from the average daily volume of 812,534 shares. The stock had previously closed at $19.91.

The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.47 by $0.11. The firm had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.56 billion. The business's revenue was up 9.5% compared to the same quarter last year.

Smithfield Foods Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 29th. Investors of record on Thursday, May 15th will be issued a $0.25 dividend. The ex-dividend date is Thursday, May 15th. This represents a $1.00 annualized dividend and a yield of 4.35%. Smithfield Foods's payout ratio is 44.05%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SFD. Hsbc Global Res raised shares of Smithfield Foods to a "strong-buy" rating in a research report on Tuesday, March 18th. Citigroup assumed coverage on Smithfield Foods in a research report on Monday, February 24th. They issued a "buy" rating and a $27.00 target price for the company. Bank of America started coverage on Smithfield Foods in a report on Monday, February 24th. They set a "buy" rating and a $28.00 target price on the stock. HSBC assumed coverage on Smithfield Foods in a report on Tuesday, March 18th. They issued a "buy" rating and a $29.00 price target for the company. Finally, UBS Group started coverage on shares of Smithfield Foods in a research note on Monday, February 24th. They set a "buy" rating on the stock. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $27.86.

Insider Buying and Selling at Smithfield Foods

In related news, major shareholder Group Ltd/Adr Wh sold 2,506,936 shares of the business's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $20.00, for a total value of $50,138,720.00. Following the completion of the sale, the insider now directly owns 364,518,817 shares of the company's stock, valued at $7,290,376,340. The trade was a 0.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.79% of the stock is currently owned by corporate insiders.

Institutional Trading of Smithfield Foods

Several institutional investors have recently added to or reduced their stakes in SFD. Amalgamated Bank acquired a new stake in Smithfield Foods during the first quarter worth about $28,000. American Capital Advisory LLC acquired a new position in Smithfield Foods during the 1st quarter valued at approximately $102,000. New York State Common Retirement Fund bought a new position in Smithfield Foods during the 1st quarter worth $110,000. Oppenheimer & Co. Inc. acquired a new stake in Smithfield Foods in the first quarter worth $213,000. Finally, Nisa Investment Advisors LLC bought a new stake in Smithfield Foods in the first quarter valued at $255,000.

Smithfield Foods Trading Up 4.5 %

The firm's fifty day simple moving average is $20.06. The stock has a market capitalization of $9.03 billion and a P/E ratio of 10.12.

About Smithfield Foods

Smithfield Foods, Inc produces and markets a variety of fresh meat and packaged meats products both domestically and internationally. The Company operates in four segments: Pork, Hog Production, International and Corporate, each of which consists of a number of subsidiaries, joint ventures and other investments.