Zhongpin Inc Up 8.4% (HOGS)

Shares of meat and food products company Zhongpin Inc. HOGS are currently up 8.4% at $18.76 per share during Tuesday afternoon trading. The company announced on Monday that it will build a new production, R & D, testing, and training complex. Chairman and Chief Executive Officer Xianfu Zhu said, "This expansion will add capacity for our higher-margin downstream products and will serve our central China market and adjacent markets. It will substantially enhance our R&D and further support our expanding market share in the growth regions of China. This new facility proves that we remain committed to doing everything possible -- using the most advanced technologies and processes -- to continue delivering new product innovations that will be desired by China's citizens, delivering food at the highest standards of product quality and safety to every customer, and delivering strong long-term returns to our shareholders." Today's trading range for shares of Zhongpin Inc has been between $17.48 and $18.76 per share. The consensus price target of analysts covering the company's stock is $25.10 per share. Volume of 348,000 shares is still below the daily average volume of 471,000 shares. Zhongpin Inc. (HOGS) is a meat and food processing company that specializes in pork and pork products, vegetables, and fruits in China. Its distribution network in China covers 20 provinces plus Beijing, Shanghai, Tianjin, and Chongqing and includes more than 3,285 retail outlets. Zhongpin's export markets include the European Union, Russia, Hong Kong, South Africa, and Southeast Asia. Read more from Benzinga's Company news.