Morgan Stanley started coverage on shares of Smithfield Foods (NASDAQ:SFD - Free Report) in a report published on Monday morning, MarketBeat Ratings reports. The firm issued an overweight rating and a $28.00 price objective on the stock.
Smithfield Foods Stock Performance
Shares of SFD stock traded up $0.41 on Monday, hitting $21.01. 577,858 shares of the stock traded hands, compared to its average volume of 969,317. Smithfield Foods has a 52 week low of $19.10 and a 52 week high of $22.03.
Insider Activity
In related news, CEO Charles Shane Smith acquired 30,000 shares of the business's stock in a transaction on Wednesday, January 29th. The stock was acquired at an average cost 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 in the company, valued at $2,400,000. This represents a 33.33 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Hank Shenghua He acquired 17,000 shares of Smithfield Foods stock in a transaction dated Wednesday, January 29th. The shares were bought at an average price of $20.00 per share, for a total transaction of $340,000.00. Following the transaction, the director now owns 77,000 shares of the company's stock, valued at approximately $1,540,000. The trade was a 28.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 59,000 shares of company stock worth $1,180,000 over the last ninety days. Corporate insiders own 1.79% of the company's stock.
Smithfield Foods Company Profile
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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.
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