Bank of America Issues Pessimistic Forecast for Smithfield Foods (NASDAQ:SFD) Stock Price

Smithfield Foods (NASDAQ:SFD) had its price target cut by equities research analysts at Bank of America from $30.00 to $28.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price target indicates a potential upside of 28.50% from the company’s previous close.

A number of other equities analysts also recently commented on SFD. UBS Group reiterated a “buy” rating and issued a $28.50 target price (up from $25.00) on shares of Smithfield Foods in a report on Wednesday, August 13th. Morgan Stanley boosted their price objective on shares of Smithfield Foods from $29.00 to $30.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 13th. Weiss Ratings restated a “buy (b-)” rating on shares of Smithfield Foods in a research note on Wednesday. Barclays lifted their price target on shares of Smithfield Foods from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Wednesday, August 13th. Finally, Zacks Research upgraded Smithfield Foods from a “hold” rating to a “strong-buy” rating in a report on Friday, August 15th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Smithfield Foods has a consensus rating of “Buy” and a consensus target price of $28.44.

Smithfield Foods Stock Down 1.3%

Smithfield Foods stock opened at $21.79 on Wednesday. The firm has a market cap of $8.57 billion and a P/E ratio of 9.60. The business has a fifty day moving average of $24.43 and a two-hundred day moving average of $23.09. Smithfield Foods has a twelve month low of $18.43 and a twelve month high of $26.07.

Smithfield Foods (NASDAQ:SFD) last announced its quarterly earnings results on Tuesday, August 12th. The company reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.01). The firm had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.62 billion. The company’s quarterly revenue was up 11.0% compared to the same quarter last year.

Insiders Place Their Bets

In other news, insider Doug Sutton acquired 3,920 shares of Smithfield Foods stock in a transaction dated Monday, September 8th. The stock was purchased at an average cost of $23.25 per share, for a total transaction of $91,140.00. Following the completion of the purchase, the insider directly owned 68,920 shares in the company, valued at $1,602,390. This trade represents a 6.03% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Keller D. Watts bought 3,833 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The stock was purchased at an average price of $23.25 per share, for a total transaction of $89,117.25. Following the transaction, the insider owned 74,857 shares of the company’s stock, valued at $1,740,425.25. The trade was a 5.40% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 1,831,753 shares of company stock valued at $42,588,257. Insiders own 0.84% of the company’s stock.

Institutional Trading of Smithfield Foods

Hedge funds and other institutional investors have recently made changes to their positions in the business. Raymond James Financial Inc. purchased a new position in shares of Smithfield Foods during the second quarter worth $29,000. CWM LLC acquired a new stake in Smithfield Foods during the 2nd quarter worth about $30,000. PNC Financial Services Group Inc. purchased a new position in shares of Smithfield Foods during the 1st quarter valued at about $27,000. Amalgamated Bank acquired a new position in shares of Smithfield Foods in the 1st quarter valued at about $28,000. Finally, Pacer Advisors Inc. acquired a new position in shares of Smithfield Foods in the 1st quarter valued at about $34,000.

Smithfield Foods Company Profile

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.