Pinnacle Associates Ltd. Makes New Investment in Smithfield Foods, Inc. $SFD

Pinnacle Associates Ltd. bought a new stake in Smithfield Foods, Inc. (NASDAQ:SFD) during the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 23,130 shares of the company’s stock, valued at approximately $543,000.

A number of other hedge funds have also made changes to their positions in the company. Royal Bank of Canada acquired a new position in shares of Smithfield Foods during the 1st quarter worth $1,456,000. Goldman Sachs Group Inc. acquired a new stake in Smithfield Foods in the 1st quarter valued at about $3,195,000. Acadian Asset Management LLC increased its holdings in Smithfield Foods by 42,317.8% during the 2nd quarter. Acadian Asset Management LLC now owns 117,073 shares of the company’s stock valued at $2,752,000 after acquiring an additional 116,797 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Smithfield Foods by 329.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 5,582 shares of the company’s stock valued at $131,000 after acquiring an additional 4,282 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in Smithfield Foods during the second quarter worth about $2,345,000.

Analyst Upgrades and Downgrades

SFD has been the topic of several recent research reports. Wall Street Zen raised shares of Smithfield Foods from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Smithfield Foods in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $28.90.

Smithfield Foods Price Performance

NASDAQ:SFD opened at $23.37 on Friday. The firm has a market cap of $9.19 billion, a PE ratio of 10.53, a P/E/G ratio of 1.24 and a beta of 0.12. The firm has a 50 day simple moving average of $23.89 and a 200-day simple moving average of $23.10. Smithfield Foods, Inc. has a 1-year low of $18.55 and a 1-year high of $26.07.

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.