Shares of Hormel Foods Corporation (NYSE:HRL – Get Free Report) have earned a consensus recommendation of “Hold” from the nine research firms that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $25.43.
Several research analysts recently commented on HRL shares. Barclays reaffirmed an “overweight” rating and issued a $28.00 price target (down from $30.00) on shares of Hormel Foods in a research note on Wednesday. Weiss Ratings cut shares of Hormel Foods from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, August 28th. Piper Sandler reissued a “neutral” rating on shares of Hormel Foods in a research report on Tuesday, October 6th. BNP Paribas Exane restated a “neutral” rating and issued a $23.00 target price (down from $26.00) on shares of Hormel Foods in a research note on Wednesday, October 7th. Finally, JPMorgan Chase & Co. raised their target price on shares of Hormel Foods from $25.00 to $26.00 and gave the stock a “neutral” rating in a research report on Friday, August 14th.
Hormel Foods Stock Performance
HRL stock opened at $20.39 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.88 and a debt-to-equity ratio of 0.30. The business’s fifty day simple moving average is $21.46 and its two-hundred day simple moving average is $22.56. Hormel Foods has a twelve month low of $18.96 and a twelve month high of $26.60. The firm has a market cap of $11.22 billion, a price-to-earnings ratio of 32.36, a PEG ratio of 2.38 and a beta of 0.30.
Hormel Foods (NYSE:HRL – Get Free Report) last issued its earnings results on Wednesday, August 26th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. The firm had revenue of $2.96 billion during the quarter, compared to analyst estimates of $3.03 billion. Hormel Foods had a net margin of 2.82% and a return on equity of 9.91%. The business’s revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.35 earnings per share. Analysts predict that Hormel Foods will post 1.48 earnings per share for the current year.
Hormel Foods Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Tuesday, October 13th will be issued a $0.2925 dividend. The ex-dividend date is Tuesday, October 13th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 5.7%. Hormel Foods’s payout ratio is presently 185.71%.
Insider Activity
In other news, Chairman William A. Newlands acquired 10,000 shares of the company’s stock in a transaction that occurred on Monday, October 5th. The shares were bought at an average price of $20.10 per share, with a total value of $201,000.00. Following the completion of the purchase, the chairman directly owned 76,375 shares in the company, valued at $1,535,137.50. This trade represents a 15.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.58% of the company’s stock.
Institutional Investors Weigh In On Hormel Foods
Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Hormel Foods in the 2nd quarter worth $489,092,000. Dimensional Fund Advisors LP grew its position in shares of Hormel Foods by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,849,174 shares of the company’s stock worth $155,152,000 after buying an additional 134,983 shares in the last quarter. Vest Financial LLC grew its position in shares of Hormel Foods by 7.8% during the 2nd quarter. Vest Financial LLC now owns 2,285,103 shares of the company’s stock worth $56,716,000 after buying an additional 165,403 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Hormel Foods by 3.4% during the first quarter. Bank of America Corp DE now owns 2,405,895 shares of the company’s stock valued at $54,494,000 after buying an additional 79,509 shares during the period. Finally, Epoch Investment Partners Inc. purchased a new position in shares of Hormel Foods during the first quarter valued at $44,733,000. 40.99% of the stock is owned by institutional investors.
About Hormel Foods
Hormel Foods Corporation is a global food company headquartered in Austin, Minnesota. Founded in 1891 by George A. Hormel, the company began as a meat processor and has expanded into a broad portfolio of branded food products sold through retail, foodservice and international channels.
Its products include refrigerated and shelf-stable meat, deli meats, bacon, pepperoni, sausages, canned foods, nut products and other prepared foods. Key brands include Hormel, SPAM, Jennie-O, Applegate, Columbus and Planters.
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