Smithfield Foods' (NASDAQ:SFD - Get Free Report) quiet period will end on Monday, March 10th. Smithfield Foods had issued 26,086,958 shares in its IPO on January 28th. The total size of the offering was $521,739,160 based on an initial share price of $20.00. During Smithfield Foods' quiet period, insiders and any underwriters involved in the IPO are restricted from issuing any research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company's quiet period, it's expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.
A number of research firms recently issued reports on SFD. UBS Group began coverage on shares of Smithfield Foods in a report on Monday, February 24th. They set a "buy" rating for the company. BNP Paribas started coverage on shares of Smithfield Foods in a report on Monday, February 24th. They issued a "neutral" rating and a $23.00 price target on the stock. Citigroup initiated coverage on Smithfield Foods in a research report on Monday, February 24th. They issued a "buy" rating and a $27.00 target price for the company. Morgan Stanley assumed coverage on Smithfield Foods in a research note on Monday, February 24th. They set an "overweight" rating and a $28.00 price target for the company. Finally, Bank of America assumed coverage on Smithfield Foods in a research note on Monday, February 24th. They issued a "buy" rating and a $28.00 price objective on the stock. One analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, Smithfield Foods currently has a consensus rating of "Moderate Buy" and a consensus price target of $27.67.
Check Out Our Latest Analysis on SFD
SFD stock opened at $20.84 on Monday. Smithfield Foods has a 12 month low of $19.10 and a 12 month high of $22.03.
In other news, insider Tennille J. Checkovich bought 2,000 shares of the business's stock in a transaction on Wednesday, January 29th. The stock was acquired 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 directly owns 12,000 shares in the company, valued at $240,000. This represents a 20.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Group Ltd/Adr Wh sold 13,043,479 shares of Smithfield Foods stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $20.00, for a total transaction of $260,869,580.00. Following the transaction, the insider now directly owns 367,025,753 shares in the company, valued at $7,340,515,060. This trade represents a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 59,000 shares of company stock valued at $1,180,000. Company insiders own 1.79% of the company's stock.
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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