Sanderson Farms, Inc. (NASDAQ:SAFM) Position Increased by Convergence Investment Partners LLC

Convergence Investment Partners LLC increased its position in shares of Sanderson Farms, Inc. (NASDAQ:SAFM) by 18.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,748 shares of the company’s stock after buying an additional 6,172 shares during the period. Sanderson Farms comprises about 0.7% of Convergence Investment Partners LLC’s portfolio, making the stock its 18th largest position. Convergence Investment Partners LLC owned 0.17% of Sanderson Farms worth $4,597,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. 1st Global Advisors Inc. increased its stake in Sanderson Farms by 1.4% in the first quarter. 1st Global Advisors Inc. now owns 3,007 shares of the company’s stock worth $312,000 after buying an additional 42 shares during the last quarter. State of Alaska Department of Revenue increased its stake in Sanderson Farms by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 2,210 shares of the company’s stock worth $229,000 after buying an additional 60 shares during the last quarter. Municipal Employees Retirement System of Michigan increased its stake in Sanderson Farms by 0.9% in the first quarter. Municipal Employees Retirement System of Michigan now owns 7,640 shares of the company’s stock worth $793,000 after buying an additional 70 shares during the last quarter. Biltmore Wealth Management LLC increased its stake in Sanderson Farms by 1.4% in the second quarter. Biltmore Wealth Management LLC now owns 5,986 shares of the company’s stock worth $692,000 after buying an additional 85 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in Sanderson Farms by 1.0% in the second quarter. Arizona State Retirement System now owns 10,484 shares of the company’s stock worth $1,212,000 after buying an additional 100 shares during the last quarter.

Shares of Sanderson Farms, Inc. (NASDAQ:SAFM) opened at 139.90 on Friday. The firm has a market capitalization of $3.18 billion, a PE ratio of 14.36 and a beta of 0.62. The company has a 50-day moving average of $123.49 and a 200 day moving average of $110.46. Sanderson Farms, Inc. has a 12-month low of $74.07 and a 12-month high of $141.00.

Sanderson Farms (NASDAQ:SAFM) last posted its quarterly earnings data on Thursday, May 25th. The company reported $2.94 earnings per share for the quarter, beating the consensus estimate of $2.72 by $0.22. Sanderson Farms had a return on equity of 18.30% and a net margin of 7.34%. The company had revenue of $802 million during the quarter, compared to analysts’ expectations of $769.47 million. During the same period in the prior year, the business earned $2.11 earnings per share. Sanderson Farms’s revenue for the quarter was up 15.9% compared to the same quarter last year. On average, analysts predict that Sanderson Farms, Inc. will post $10.94 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, July 28th. This represents a $0.96 annualized dividend and a dividend yield of 0.69%. Sanderson Farms’s dividend payout ratio is 9.86%.

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A number of research analysts have weighed in on SAFM shares. Zacks Investment Research cut shares of Sanderson Farms from a “buy” rating to a “hold” rating in a research report on Friday. Mizuho started coverage on shares of Sanderson Farms in a research report on Wednesday, June 7th. They set a “buy” rating and a $142.00 price target on the stock. BidaskClub cut shares of Sanderson Farms from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Pacific Crest reaffirmed an “overweight” rating and set a $125.00 price target (up from $120.00) on shares of Sanderson Farms in a research report on Sunday, April 23rd. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $130.00 price target (up from $105.00) on shares of Sanderson Farms in a research report on Friday, May 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Sanderson Farms has an average rating of “Buy” and an average price target of $119.44.

In other news, Director Phil K. Livingston sold 500 shares of the stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $121.50, for a total value of $60,750.00. Following the completion of the sale, the director now directly owns 9,673 shares of the company’s stock, valued at $1,175,269.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dianne Mooney sold 1,103 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $117.69, for a total value of $129,812.07. Following the completion of the sale, the director now directly owns 13,072 shares of the company’s stock, valued at $1,538,443.68. The disclosure for this sale can be found here. 5.66% of the stock is currently owned by corporate insiders.

Sanderson Farms Company Profile

Sanderson Farms, Inc is a poultry processing company. The Company is engaged in the production, processing, marketing and distribution of fresh and frozen chicken, and also preparation, processing, marketing and distribution of processed and minimally prepared chicken. It sells ice pack, chill pack, bulk pack and frozen chicken, in whole, cut-up and boneless form, under the Sanderson Farms brand name to retailers, distributors, casual dining operators, customers reselling frozen chicken into export markets.

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

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