Morgan Stanley began coverage on shares of Smithfield Foods (NASDAQ:SFD – Get Free Report) in a research note issued to investors on Monday, Marketbeat.com reports. The firm set an “overweight” rating and a $28.00 price target on the stock. Morgan Stanley’s price objective would suggest a potential upside of 29.63% from the stock’s previous close.
Smithfield Foods Trading Up 1.2 %
Shares of SFD opened at $21.60 on Monday. Smithfield Foods has a 52-week low of $19.10 and a 52-week high of $22.03.
Insider Buying and Selling
In other news, CEO Charles Shane Smith bought 30,000 shares of the stock in a transaction dated Wednesday, January 29th. The stock was bought at an average cost of $20.00 per share, with a total value of $600,000.00. Following the purchase, the chief executive officer now owns 120,000 shares of the company’s stock, valued at approximately $2,400,000. This represents a 33.33 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Tennille J. Checkovich bought 2,000 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 12,000 shares of the company’s stock, valued at $240,000. The trade was a 20.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 59,000 shares of company stock worth $1,180,000 in the last 90 days. 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.
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