Brokerages predict that Sanderson Farms, Inc. (NASDAQ:SAFM) will announce $802.63 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Sanderson Farms’ earnings, with the lowest sales estimate coming in at $771.60 million and the highest estimate coming in at $833.65 million. Sanderson Farms reported sales of $919.94 million during the same quarter last year, which indicates a negative year over year growth rate of 12.8%. The firm is expected to report its next earnings report on Thursday, December 13th.
On average, analysts expect that Sanderson Farms will report full-year sales of $3.24 billion for the current fiscal year, with estimates ranging from $3.21 billion to $3.27 billion. For the next year, analysts expect that the business will report sales of $3.46 billion per share, with estimates ranging from $3.44 billion to $3.48 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that cover Sanderson Farms.
Sanderson Farms (NASDAQ:SAFM) last released its earnings results on Thursday, August 23rd. The company reported $0.50 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.67 by ($1.17). Sanderson Farms had a net margin of 5.29% and a return on equity of 9.41%. The business had revenue of $852.40 million during the quarter, compared to the consensus estimate of $871.06 million. During the same quarter in the prior year, the firm earned $5.09 EPS. The business’s revenue was down 8.5% on a year-over-year basis.
Sanderson Farms stock traded down $1.13 during midday trading on Wednesday, reaching $99.90. The company’s stock had a trading volume of 623,881 shares, compared to its average volume of 516,333. Sanderson Farms has a 52 week low of $95.97 and a 52 week high of $176.43. The stock has a market cap of $2.31 billion, a PE ratio of 8.12 and a beta of 0.28.
Sanderson Farms announced that its Board of Directors has approved a share buyback plan on Thursday, May 31st that permits the company to buyback 2,000,000 outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 16th. Stockholders of record on Tuesday, October 2nd will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date is Monday, October 1st. Sanderson Farms’s payout ratio is 10.41%.
In other news, Director John Bierbusse sold 875 shares of Sanderson Farms stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $109.94, for a total transaction of $96,197.50. Following the sale, the director now directly owns 12,086 shares of the company’s stock, valued at $1,328,734.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Phil K. Livingston sold 500 shares of Sanderson Farms stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $107.14, for a total value of $53,570.00. Following the sale, the director now directly owns 9,682 shares in the company, valued at $1,037,329.48. The disclosure for this sale can be found here. Company insiders own 5.30% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. lifted its stake in shares of Sanderson Farms by 3.3% in the second quarter. BlackRock Inc. now owns 2,316,791 shares of the company’s stock worth $243,611,000 after acquiring an additional 73,461 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Sanderson Farms by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,444,477 shares of the company’s stock worth $151,886,000 after acquiring an additional 56,871 shares during the period. Nuance Investments LLC lifted its stake in shares of Sanderson Farms by 130.0% in the second quarter. Nuance Investments LLC now owns 781,526 shares of the company’s stock worth $82,177,000 after acquiring an additional 441,770 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Sanderson Farms by 219.0% in the second quarter. Victory Capital Management Inc. now owns 685,358 shares of the company’s stock worth $72,065,000 after acquiring an additional 470,518 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Sanderson Farms by 5.6% in the second quarter. Northern Trust Corp now owns 521,516 shares of the company’s stock worth $54,837,000 after acquiring an additional 27,510 shares during the period.
Sanderson Farms Company Profile
Sanderson Farms, Inc, an integrated poultry processing company, produces, processes, markets, and distributes fresh, frozen, and prepared chicken products in the United States. The company sells ice pack, chill pack, bulk pack, and frozen chicken in whole, cut-up, and boneless form primarily under the Sanderson Farms brand name to retailers, distributors, and casual dining operators in the southeastern, southwestern, northeastern, and western United States, as well as to customers who resell frozen chicken in the export markets.
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