Van ECK Associates Corp Raises Stock Position in Sanderson Farms, Inc. (NASDAQ:SAFM)

Van ECK Associates Corp boosted its holdings in Sanderson Farms, Inc. (NASDAQ:SAFM) by 34.0% in the 2nd quarter, Holdings Channel reports. The firm owned 240,652 shares of the company’s stock after purchasing an additional 60,999 shares during the period. Van ECK Associates Corp’s holdings in Sanderson Farms were worth $45,235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in SAFM. Millennium Management LLC raised its position in Sanderson Farms by 2,384.5% in the 1st quarter. Millennium Management LLC now owns 170,360 shares of the company’s stock valued at $26,539,000 after purchasing an additional 163,503 shares during the last quarter. Nuveen Asset Management LLC raised its position in Sanderson Farms by 188.7% in the 1st quarter. Nuveen Asset Management LLC now owns 239,910 shares of the company’s stock valued at $37,374,000 after purchasing an additional 156,805 shares during the last quarter. BlackRock Inc. raised its position in Sanderson Farms by 5.7% in the 1st quarter. BlackRock Inc. now owns 2,319,289 shares of the company’s stock valued at $361,298,000 after purchasing an additional 124,846 shares during the last quarter. Nuance Investments LLC raised its position in Sanderson Farms by 3.7% in the 2nd quarter. Nuance Investments LLC now owns 1,806,704 shares of the company’s stock valued at $339,606,000 after purchasing an additional 64,058 shares during the last quarter. Finally, Panagora Asset Management Inc. raised its position in Sanderson Farms by 2,198.2% in the 1st quarter. Panagora Asset Management Inc. now owns 49,366 shares of the company’s stock valued at $7,690,000 after purchasing an additional 47,218 shares during the last quarter. Hedge funds and other institutional investors own 80.41% of the company’s stock.

Several analysts recently commented on SAFM shares. Stephens upped their price target on shares of Sanderson Farms from $190.00 to $203.00 and gave the company an “equal weight” rating in a research report on Friday, August 27th. BMO Capital Markets cut shares of Sanderson Farms from an “outperform” rating to a “market perform” rating and set a $203.00 price objective on the stock. in a research note on Tuesday, August 10th. Zacks Investment Research raised shares of Sanderson Farms from a “hold” rating to a “strong-buy” rating and set a $210.00 price objective on the stock in a research note on Wednesday, July 28th. Credit Suisse Group boosted their price objective on shares of Sanderson Farms from $180.00 to $203.00 and gave the company a “neutral” rating in a research note on Wednesday, August 18th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $203.00 price objective on shares of Sanderson Farms in a research note on Tuesday, August 10th. Six research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Sanderson Farms presently has an average rating of “Hold” and an average price target of $195.00.

NASDAQ:SAFM opened at $187.50 on Wednesday. Sanderson Farms, Inc. has a fifty-two week low of $112.73 and a fifty-two week high of $197.25. The stock has a market cap of $4.19 billion, a PE ratio of 13.99 and a beta of 0.69. The firm’s fifty day simple moving average is $188.78 and its 200-day simple moving average is $174.43.

Sanderson Farms (NASDAQ:SAFM) last posted its quarterly earnings results on Wednesday, August 25th. The company reported $7.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $6.73 by $0.65. Sanderson Farms had a net margin of 6.90% and a return on equity of 19.68%. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the prior year, the company posted $1.48 EPS. The business’s revenue for the quarter was up 41.4% on a year-over-year basis. On average, analysts forecast that Sanderson Farms, Inc. will post 17.66 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 17th. Investors of record on Tuesday, August 3rd were paid a $0.44 dividend. The ex-dividend date was Monday, August 2nd. This represents a $1.76 dividend on an annualized basis and a yield of 0.94%. Sanderson Farms’s payout ratio is -429.27%.

Sanderson Farms Company Profile

Sanderson Farms, Inc is a poultry processing company, which engages in the production, processing, marketing, and distribution of fresh, frozen, further processed, and partially cooked chicken products. It operates through the following divisions: Production, Processing, and Foods. The Production division refers to the production of chickens to the broiler stage.

See Also: What are the components of an earnings report?

Want to see what other hedge funds are holding SAFM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sanderson Farms, Inc. (NASDAQ:SAFM).

Institutional Ownership by Quarter for Sanderson Farms (NASDAQ:SAFM)

Receive News & Ratings for Sanderson Farms Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sanderson Farms and related companies with MarketBeat.com's FREE daily email newsletter.