State Treasurer State of Michigan purchased a new stake in shares of Sanderson Farms, Inc. (NASDAQ:SAFM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 7,400 shares of the company’s stock, valued at approximately $1,195,000.

A number of other large investors also recently added to or reduced their stakes in the business. BlackRock Inc. boosted its stake in shares of Sanderson Farms by 38,073.7% in the first quarter. BlackRock Inc. now owns 2,700,788 shares of the company’s stock worth $280,451,000 after acquiring an additional 2,693,713 shares during the period. Vanguard Group Inc. boosted its stake in shares of Sanderson Farms by 5.4% in the second quarter. Vanguard Group Inc. now owns 1,903,103 shares of the company’s stock worth $220,094,000 after acquiring an additional 98,236 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Sanderson Farms by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,493,586 shares of the company’s stock worth $172,735,000 after acquiring an additional 119,111 shares during the period. LSV Asset Management boosted its stake in shares of Sanderson Farms by 4.9% in the second quarter. LSV Asset Management now owns 1,130,321 shares of the company’s stock worth $130,721,000 after acquiring an additional 53,200 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of Sanderson Farms by 4.6% in the second quarter. Renaissance Technologies LLC now owns 1,057,600 shares of the company’s stock worth $122,311,000 after acquiring an additional 46,600 shares during the period. 99.95% of the stock is owned by institutional investors and hedge funds.

SAFM has been the subject of a number of recent analyst reports. BidaskClub raised Sanderson Farms from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. Zacks Investment Research raised Sanderson Farms from a “hold” rating to a “buy” rating and set a $138.00 price objective for the company in a research note on Thursday, July 27th. Stephens reaffirmed an “equal weight” rating and issued a $170.00 price objective (up previously from $145.00) on shares of Sanderson Farms in a research note on Monday, September 25th. Morgan Stanley initiated coverage on Sanderson Farms in a research note on Friday, November 3rd. They issued an “equal weight” rating and a $140.00 price objective for the company. Finally, Barclays PLC set a $136.00 price objective on Sanderson Farms and gave the stock a “hold” rating in a research note on Friday, August 25th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $132.00.

In other Sanderson Farms news, Director Fred L. Banks, Jr. sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $144.11, for a total transaction of $432,330.00. Following the sale, the director now directly owns 24,948 shares in the company, valued at $3,595,256.28. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert C. Khayat sold 1,775 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $142.31, for a total value of $252,600.25. Following the sale, the director now owns 12,043 shares in the company, valued at $1,713,839.33. The disclosure for this sale can be found here. Insiders sold 5,400 shares of company stock worth $771,199 over the last quarter. 5.66% of the stock is owned by company insiders.

Shares of Sanderson Farms, Inc. (SAFM) opened at $145.57 on Wednesday. The company has a market capitalization of $3,302.26, a PE ratio of 11.70 and a beta of 0.56. Sanderson Farms, Inc. has a 52-week low of $74.07 and a 52-week high of $166.65.

Sanderson Farms (NASDAQ:SAFM) last posted its earnings results on Thursday, August 24th. The company reported $5.09 EPS for the quarter, topping analysts’ consensus estimates of $3.47 by $1.62. The company had revenue of $931.90 million for the quarter, compared to the consensus estimate of $921.40 million. Sanderson Farms had a return on equity of 22.21% and a net margin of 8.77%. The firm’s revenue for the quarter was up 28.0% on a year-over-year basis. During the same period in the previous year, the business earned $2.42 earnings per share. analysts expect that Sanderson Farms, Inc. will post 12.76 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 17th. Investors of record on Tuesday, October 3rd were given a $0.32 dividend. This is an increase from Sanderson Farms’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date was Monday, October 2nd. Sanderson Farms’s payout ratio is currently 10.31%.

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About Sanderson Farms

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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