Smithfield Foods (NASDAQ:SFD) Earns Buy Rating from Analysts at Citigroup

Investment analysts at Citigroup began coverage on shares of Smithfield Foods (NASDAQ:SFD - Get Free Report) in a research report issued on Monday, MarketBeat Ratings reports. The firm set a "buy" rating and a $27.00 price target on the stock. Citigroup's target price points to a potential upside of 28.51% from the stock's previous close.

Other equities analysts have also issued reports about the stock. Morgan Stanley began coverage on shares of Smithfield Foods in a research report on Monday. They issued an "overweight" rating and a $28.00 price target on the stock. The Goldman Sachs Group initiated coverage on Smithfield Foods in a research report on Monday. They set a "buy" rating and a $32.00 price target on the stock. Finally, Bank of America started coverage on Smithfield Foods in a research report on Monday. They issued a "buy" rating and a $28.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $27.67.

Smithfield Foods Price Performance

Shares of NASDAQ SFD traded up $0.41 during midday trading on Monday, reaching $21.01. 577,858 shares of the company traded hands, compared to its average volume of 969,317. Smithfield Foods has a 12 month low of $19.10 and a 12 month high of $22.03.

Insider Buying and Selling at Smithfield Foods

In other news, CEO Charles Shane Smith acquired 30,000 shares of the stock in a transaction that occurred on Wednesday, January 29th. The stock was purchased at an average cost of $20.00 per share, for a total transaction of $600,000.00. Following the completion of the transaction, the chief executive officer now directly owns 120,000 shares in the company, valued at $2,400,000. This trade represents a 33.33 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Tennille J. Checkovich acquired 2,000 shares of the company's stock in a transaction on Wednesday, January 29th. The shares were purchased at an average cost of $20.00 per share, with a total value of $40,000.00. Following the completion of the acquisition, the insider now directly owns 12,000 shares in the company, valued at approximately $240,000. The trade was a 20.00 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 59,000 shares of company stock worth $1,180,000. 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.