Smithfield Foods (NASDAQ:SFD) Now Covered by Analysts at Morgan Stanley

Morgan Stanley assumed coverage on shares of Smithfield Foods (NASDAQ:SFD) in a report released on Monday, Marketbeat reports. The firm issued an overweight rating and a $28.00 target price on the stock.

Smithfield Foods Trading Up 1.1 %

SFD stock opened at $21.34 on Monday. Smithfield Foods has a 12 month low of $19.10 and a 12 month high of $22.03.

Insiders Place Their Bets

In related news, insider Tennille J. Checkovich bought 2,000 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was purchased at an average price of $20.00 per share, with a total value of $40,000.00. Following the completion of the transaction, the insider now directly owns 12,000 shares of the company’s stock, valued at $240,000. This trade represents a 20.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Charles Shane Smith purchased 30,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now 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. Insiders have acquired 59,000 shares of company stock valued at $1,180,000 over the last three months. 1.79% of the stock is currently owned by insiders.

About Smithfield Foods

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.