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Stock Investors Bid Up Shares of Sanderson Farms, Up 2.1%

Published on Fri, 02/01/2013 - 13:28
By Robert Cotter

Sanderson Farms (NASDAQ:SAFM) is one of today's biggest movers, up 2.1% to $51.52. The Dow is up 0.9% to 13,994 and the S&P is currently up 1.0% to 1,513.

Sanderson Farms (NASDAQ:SAFM) is currently priced 5.3% above its average consensus analyst price target of $48.80. The stock should discover initial support at its 50-day moving average (MA) of $49.06 and subsequent support at its 200-day MA of $46.86.

Sanderson Farms, Inc. produces, processes, markets, and distributes fresh and frozen chicken products. The Company also processes, markets, and distributes processed and prepared food items. Sanderson Farms sells its chicken, primarily under the Sanderson Farms brand name, to retailers, distributors, and fast food operators in the southeastern, southwestern, and western United States.

Over the past year, Sanderson Farms has traded in a range of $36.11 to $55.87 and is now at $51.52, 43% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.

By Robert Cotter
rcotter@fnno.com