Sanderson Farms Inc.’s stock slumped 1.9% in afternoon trade Thursday, to put it on track to close at a 14-month low, even though the chicken processing company said it was doubling its stock repurchase program, and extending it by three years. The company said the buyback program was increased to 2.0 million shares, and extended to May 31, 2021. The new program could represent up to 8.8% of the shares outstanding. The previous program, which expired on April 23, 2018, was for the repurchase of 1 million shares. The company had bought back 5,860 shares during the fiscal second-quarter ended April 30 for about $754,400, and had repurchased 32,807 shares during the first quarter ended Jan 31 for about $4.85 million. Last week, the stock fell after the company reported second-quarter earnings and sales that missed expectations. Sanderson Farms stock has tumbled 29.3% year to date, while the S&P 500 has gained 1.1%.