Short Interest in Smithfield Foods, Inc. (NASDAQ:SFD) Expands By 29.2%

Smithfield Foods, Inc. (NASDAQ:SFD) was the target of a significant growth in short interest in March. As of March 31st, there was short interest totaling 4,324,250 shares, a growth of 29.2% from the March 15th total of 3,346,284 shares. Based on an average daily trading volume, of 2,466,897 shares, the days-to-cover ratio is currently 1.8 days. Approximately 1.1% of the company’s stock are short sold.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Morgan Stanley lifted their price objective on shares of Smithfield Foods from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 25th. Weiss Ratings raised Smithfield Foods from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 25th. Wall Street Zen raised shares of Smithfield Foods from a “hold” rating to a “buy” rating in a research report on Sunday, March 29th. Finally, Zacks Research raised shares of Smithfield Foods from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 25th. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $29.38.

Smithfield Foods Trading Up 1.3%

NASDAQ SFD traded up $0.39 during trading on Friday, hitting $29.03. 699,450 shares of the company’s stock were exchanged, compared to its average volume of 1,306,506. The company has a market cap of $11.42 billion, a PE ratio of 11.56 and a beta of -0.33. Smithfield Foods has a fifty-two week low of $19.31 and a fifty-two week high of $29.81. The stock’s 50 day moving average price is $25.60 and its two-hundred day moving average price is $23.48.

Smithfield Foods (NASDAQ:SFD) last issued its earnings results on Tuesday, March 24th. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.67 by $0.16. The business had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.19 billion. The firm’s revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.52 EPS.

Smithfield Foods Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 21st. Investors of record on Tuesday, April 7th will be given a dividend of $0.3125 per share. The ex-dividend date is Tuesday, April 7th. This represents a $1.25 annualized dividend and a yield of 4.3%. This is a boost from Smithfield Foods’s previous quarterly dividend of $0.25. Smithfield Foods’s dividend payout ratio is 29.88%.

Institutional Investors Weigh In On Smithfield Foods

A number of institutional investors have recently added to or reduced their stakes in SFD. Royal Bank of Canada bought a new stake in Smithfield Foods during the 1st quarter worth approximately $1,456,000. Goldman Sachs Group Inc. bought a new stake in Smithfield Foods during the 1st quarter worth approximately $3,195,000. Cetera Investment Advisers bought a new stake in Smithfield Foods during the 2nd quarter worth approximately $485,000. JPMorgan Chase & Co. grew its holdings in Smithfield Foods by 7,016.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 36,363 shares of the company’s stock worth $856,000 after acquiring an additional 35,852 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Smithfield Foods by 267.1% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 53,025 shares of the company’s stock worth $1,248,000 after acquiring an additional 38,580 shares during the last quarter.

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.