Smithfield Foods (NASDAQ:SFD) Reaches New 52-Week Low – Here’s Why

Smithfield Foods, Inc (NASDAQ:SFD)’s stock price hit a new 52-week low on Monday . The stock traded as low as $19.01 and last traded at $19.09, with a volume of 35384 shares traded. The stock had previously closed at $19.30.

Wall Street Analysts Forecast Growth

SFD has been the topic of several recent research reports. The Goldman Sachs Group began coverage on shares of Smithfield Foods in a research note on Monday, February 24th. They issued a “buy” rating and a $32.00 target price on the stock. Citigroup initiated coverage on shares of Smithfield Foods in a research note on Monday, February 24th. They issued a “buy” rating and a $27.00 price objective on the stock. Bank of America began coverage on shares of Smithfield Foods in a research report on Monday, February 24th. They set a “buy” rating and a $28.00 target price for the company. UBS Group started coverage on Smithfield Foods in a research report on Monday, February 24th. They issued a “buy” rating on the stock. Finally, Morgan Stanley started coverage on Smithfield Foods in a research note on Monday, February 24th. They set an “overweight” rating and a $28.00 price objective for the company. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Smithfield Foods presently has an average rating of “Moderate Buy” and an average target price of $27.67.

Smithfield Foods Trading Down 1.9 %

Insiders Place Their Bets

In related news, insider Tennille J. Checkovich purchased 2,000 shares of the business’s stock in a transaction on Wednesday, January 29th. The shares were purchased at an average price of $20.00 per share, with a total value of $40,000.00. Following the completion of the purchase, the insider now owns 12,000 shares in the company, valued at $240,000. This represents a 20.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Charles Shane Smith purchased 30,000 shares of Smithfield Foods stock in a transaction dated Wednesday, January 29th. The stock was bought at an average price of $20.00 per share, with a total value of $600,000.00. Following the acquisition, the chief executive officer now directly owns 120,000 shares of the company’s stock, valued at approximately $2,400,000. This trade represents a 33.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 59,000 shares of company stock worth $1,180,000. Corporate insiders own 1.79% of the company’s stock.

Smithfield Foods Company Profile

Smithfield Foods, Inc produces and markets a variety of fresh meat and packaged meats products both domestically and internationally. The Company operates in four segments: Pork, Hog Production, International and Corporate, each of which consists of a number of subsidiaries, joint ventures and other investments.