Garner Asset Management Corp Invests $2 Million in Tyson Foods, Inc. (TSN) Stock
Garner Asset Management Corp acquired a new position in Tyson Foods, Inc. (NYSE:TSN) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 31,939 shares of the company’s stock, valued at approximately $2,000,000. Tyson Foods accounts for 1.9% of Garner Asset Management Corp’s holdings, making the stock its 8th biggest position.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TSN. Washington Trust Bank lifted its holdings in Tyson Foods by 60.0% in the 2nd quarter. Washington Trust Bank now owns 2,240 shares of the company’s stock worth $140,000 after buying an additional 840 shares during the period. Independent Portfolio Consultants Inc. lifted its holdings in Tyson Foods by 146.7% in the 2nd quarter. Independent Portfolio Consultants Inc. now owns 2,282 shares of the company’s stock worth $143,000 after buying an additional 1,357 shares during the period. IFP Advisors Inc lifted its holdings in Tyson Foods by 17.0% in the 2nd quarter. IFP Advisors Inc now owns 2,470 shares of the company’s stock worth $155,000 after buying an additional 359 shares during the period. IHT Wealth Management LLC lifted its holdings in Tyson Foods by 62.9% in the 1st quarter. IHT Wealth Management LLC now owns 2,850 shares of the company’s stock worth $177,000 after buying an additional 1,100 shares during the period. Finally, Harbour Capital Advisors LLC purchased a new stake in Tyson Foods in the 1st quarter worth approximately $196,000. Institutional investors and hedge funds own 70.83% of the company’s stock.
Tyson Foods, Inc. (TSN) traded up 7.64% on Friday, hitting $70.45. The stock had a trading volume of 6,400,952 shares. The stock’s 50-day moving average is $64.80 and its 200 day moving average is $62.35. Tyson Foods, Inc. has a 1-year low of $55.72 and a 1-year high of $76.93. The firm has a market capitalization of $25.85 billion, a price-to-earnings ratio of 14.85 and a beta of 0.26.
Tyson Foods (NYSE:TSN) last announced its quarterly earnings data on Monday, August 7th. The company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.10. Tyson Foods had a return on equity of 18.44% and a net margin of 4.75%. The company had revenue of $9.85 billion for the quarter, compared to analysts’ expectations of $9.49 billion. During the same quarter in the prior year, the firm earned $1.21 earnings per share. Tyson Foods’s revenue was up 4.8% compared to the same quarter last year. On average, equities research analysts predict that Tyson Foods, Inc. will post $5.06 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a $0.225 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.90 annualized dividend and a yield of 1.28%. Tyson Foods’s dividend payout ratio (DPR) is currently 18.95%.
In related news, CFO Dennis Leatherby sold 145,100 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $65.97, for a total value of $9,572,247.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Mikel A. Durham acquired 2,809 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was purchased at an average cost of $65.77 per share, for a total transaction of $184,747.93. The disclosure for this purchase can be found here. 2.65% of the stock is owned by corporate insiders.
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Several equities research analysts have weighed in on TSN shares. Zacks Investment Research upgraded Tyson Foods from a “hold” rating to a “buy” rating and set a $66.00 price objective for the company in a report on Thursday, July 13th. BidaskClub upgraded Tyson Foods from a “hold” rating to a “buy” rating in a report on Friday, June 16th. BMO Capital Markets reiterated a “buy” rating and issued a $75.00 price objective on shares of Tyson Foods in a report on Thursday, June 15th. Vertical Research upgraded Tyson Foods from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Finally, Mizuho started coverage on Tyson Foods in a report on Wednesday, June 7th. They issued a “buy” rating and a $71.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Tyson Foods presently has a consensus rating of “Buy” and an average target price of $69.79.
Tyson Foods Company Profile
Tyson Foods, Inc is a food company, which is engaged in offering chicken, beef and pork, as well as prepared foods. The Company offers food products under Tyson, Jimmy Dean, Hillshire Farm, Sara Lee, Ball Park, Wright, Aidells and State Fair brands. The Company operates through four segments: Chicken, Beef, Pork and Prepared Foods.
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