Brokerages expect Hormel Foods Corp (NYSE:HRL) to post $2.36 billion in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Hormel Foods’ earnings, with estimates ranging from $2.33 billion to $2.41 billion. Hormel Foods also reported sales of $2.36 billion in the same quarter last year. The business is expected to announce its next quarterly earnings results on Thursday, February 20th.
According to Zacks, analysts expect that Hormel Foods will report full year sales of $9.64 billion for the current financial year, with estimates ranging from $9.49 billion to $9.87 billion. For the next financial year, analysts anticipate that the business will report sales of $9.90 billion, with estimates ranging from $9.73 billion to $10.22 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Hormel Foods.
Hormel Foods (NYSE:HRL) last released its quarterly earnings data on Tuesday, November 26th. The company reported $0.47 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.47. The firm had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.51 billion. Hormel Foods had a return on equity of 16.14% and a net margin of 10.31%. The business’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.51 earnings per share.
HRL has been the topic of a number of recent research reports. Zacks Investment Research upgraded Hormel Foods from a “sell” rating to a “hold” rating and set a $47.00 price objective on the stock in a research report on Wednesday, November 27th. Bank of America initiated coverage on Hormel Foods in a research report on Friday, October 25th. They set an “underperform” rating and a $40.00 price objective on the stock. Stephens restated a “hold” rating and set a $43.00 price objective (up from $37.00) on shares of Hormel Foods in a research report on Wednesday, November 27th. Finally, ValuEngine downgraded Hormel Foods from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. Hormel Foods has an average rating of “Hold” and an average price target of $40.90.
HRL stock traded up $0.24 during midday trading on Tuesday, reaching $47.23. 1,667,231 shares of the company traded hands, compared to its average volume of 2,380,431. Hormel Foods has a 52-week low of $37.00 and a 52-week high of $47.37. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.19 and a current ratio of 2.14. The business has a 50 day moving average of $45.27 and a 200-day moving average of $42.91. The firm has a market capitalization of $24.90 billion, a price-to-earnings ratio of 26.24, a P/E/G ratio of 4.37 and a beta of 0.07.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Monday, January 13th will be issued a $0.2325 dividend. This represents a $0.93 annualized dividend and a dividend yield of 1.97%. This is an increase from Hormel Foods’s previous quarterly dividend of $0.21. The ex-dividend date is Friday, January 10th. Hormel Foods’s dividend payout ratio is presently 53.45%.
In related news, VP Lori J. Marco sold 11,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $45.08, for a total value of $495,880.00. Following the transaction, the vice president now owns 36,178 shares of the company’s stock, valued at $1,630,904.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Elsa A. Murano sold 4,519 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $44.70, for a total value of $201,999.30. Following the completion of the transaction, the director now directly owns 101,067 shares in the company, valued at approximately $4,517,694.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 118,460 shares of company stock worth $5,304,877. Company insiders own 1.15% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Northwestern Mutual Investment Management Company LLC grew its stake in Hormel Foods by 2.4% in the third quarter. Northwestern Mutual Investment Management Company LLC now owns 10,574 shares of the company’s stock worth $462,000 after purchasing an additional 247 shares in the last quarter. Albert D Mason Inc. grew its stake in Hormel Foods by 0.6% in the third quarter. Albert D Mason Inc. now owns 40,420 shares of the company’s stock worth $1,768,000 after purchasing an additional 255 shares in the last quarter. Huntington National Bank boosted its position in Hormel Foods by 9.9% during the 3rd quarter. Huntington National Bank now owns 2,967 shares of the company’s stock valued at $130,000 after acquiring an additional 267 shares in the last quarter. Moseley Investment Management Inc. boosted its position in Hormel Foods by 5.7% during the 4th quarter. Moseley Investment Management Inc. now owns 5,000 shares of the company’s stock valued at $226,000 after acquiring an additional 269 shares in the last quarter. Finally, G&S Capital LLC boosted its position in Hormel Foods by 9.9% during the 3rd quarter. G&S Capital LLC now owns 3,440 shares of the company’s stock valued at $150,000 after acquiring an additional 309 shares in the last quarter. 43.65% of the stock is currently owned by institutional investors.
About Hormel Foods
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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