Norges Bank Takes Position in Smithfield Foods, Inc. $SFD

Norges Bank acquired a new stake in shares of Smithfield Foods, Inc. (NASDAQ:SFD) during the fourth quarter, HoldingsChannel reports. The fund acquired 1,401,313 shares of the company’s stock, valued at approximately $31,291,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Royal Palms Capital LLC bought a new position in shares of Smithfield Foods during the fourth quarter valued at approximately $1,293,000. Jackson Creek Investment Advisors LLC acquired a new stake in Smithfield Foods in the fourth quarter valued at approximately $1,487,000. Covestor Ltd boosted its stake in Smithfield Foods by 54.6% in the fourth quarter. Covestor Ltd now owns 7,548 shares of the company’s stock valued at $169,000 after acquiring an additional 2,667 shares in the last quarter. Stephens Inc. AR acquired a new stake in Smithfield Foods in the fourth quarter valued at approximately $423,000. Finally, American Capital Advisory LLC boosted its stake in Smithfield Foods by 38.0% in the fourth quarter. American Capital Advisory LLC now owns 6,900 shares of the company’s stock valued at $154,000 after acquiring an additional 1,900 shares in the last quarter.

Smithfield Foods Trading Up 1.6%

NASDAQ:SFD opened at $26.67 on Wednesday. Smithfield Foods, Inc. has a 12 month low of $21.08 and a 12 month high of $29.81. The firm has a fifty day simple moving average of $27.17 and a 200-day simple moving average of $24.67. The company has a current ratio of 2.41, a quick ratio of 1.29 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $10.49 billion, a P/E ratio of 10.42 and a beta of -0.49.

Smithfield Foods (NASDAQ:SFD) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.58 by $0.06. Smithfield Foods had a net margin of 6.48% and a return on equity of 15.54%. The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same period in the previous year, the firm posted $0.58 earnings per share. The business’s revenue for the quarter was up .8% compared to the same quarter last year. On average, equities research analysts anticipate that Smithfield Foods, Inc. will post 2.74 earnings per share for the current year.

Smithfield Foods Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Thursday, May 14th were issued a dividend of $0.3125 per share. This represents a $1.25 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend was Thursday, May 14th. Smithfield Foods’s dividend payout ratio (DPR) is 48.83%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Weiss Ratings upgraded shares of Smithfield Foods from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, April 29th. Morgan Stanley raised their target price on shares of Smithfield Foods from $29.00 to $31.00 and gave the company an “overweight” rating in a research note on Wednesday, March 25th. Barclays raised their target price on shares of Smithfield Foods from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th. Zacks Research downgraded shares of Smithfield Foods from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. Finally, Wall Street Zen downgraded shares of Smithfield Foods from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $29.88.

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.