Hormel Foods Corp (NYSE:HRL) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $39.15 and last traded at $38.55, with a volume of 248205 shares changing hands. The stock had previously closed at $39.12.
A number of research analysts have commented on the stock. Zacks Investment Research raised shares of Hormel Foods from a “sell” rating to a “hold” rating in a research report on Tuesday. Buckingham Research upped their target price on shares of Hormel Foods from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Thursday, August 16th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $42.00 target price on shares of Hormel Foods in a research report on Thursday, May 31st. Stephens cut shares of Hormel Foods from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, July 17th. They noted that the move was a valuation call. Finally, Mizuho cut shares of Hormel Foods from a “neutral” rating to an “underperform” rating and set a $33.00 target price on the stock. in a research report on Wednesday, July 25th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $36.10.
The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.73 and a current ratio of 1.61. The company has a market capitalization of $20.50 billion, a PE ratio of 24.55, a PEG ratio of 2.34 and a beta of 0.33.
Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Thursday, May 24th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.01). The business had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Hormel Foods had a return on equity of 17.44% and a net margin of 10.05%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the company earned $0.39 earnings per share. analysts expect that Hormel Foods Corp will post 1.77 EPS for the current fiscal year.
In other news, insider Thomas R. Day sold 43,023 shares of the stock in a transaction that occurred on Wednesday, May 30th. The stock was sold at an average price of $37.02, for a total value of $1,592,711.46. Following the completion of the sale, the insider now directly owns 59,453 shares of the company’s stock, valued at $2,200,950.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert Nakasone sold 6,000 shares of the stock in a transaction that occurred on Wednesday, May 30th. The shares were sold at an average price of $36.57, for a total value of $219,420.00. Following the completion of the sale, the director now directly owns 116,792 shares of the company’s stock, valued at $4,271,083.44. The disclosure for this sale can be found here. Insiders sold 85,023 shares of company stock valued at $3,152,731 over the last three months. Corporate insiders own 1.48% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of HRL. Macquarie Group Ltd. lifted its holdings in shares of Hormel Foods by 45,760.7% during the second quarter. Macquarie Group Ltd. now owns 6,191,200 shares of the company’s stock worth $230,375,000 after purchasing an additional 6,177,700 shares during the period. Ceredex Value Advisors LLC acquired a new stake in shares of Hormel Foods during the first quarter worth $60,964,000. WBI Investments Inc. acquired a new stake in shares of Hormel Foods during the first quarter worth $27,077,000. Victory Capital Management Inc. lifted its holdings in shares of Hormel Foods by 25.4% during the second quarter. Victory Capital Management Inc. now owns 3,817,032 shares of the company’s stock worth $142,031,000 after purchasing an additional 773,545 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its holdings in shares of Hormel Foods by 77.0% during the first quarter. Schwab Charles Investment Management Inc. now owns 1,669,639 shares of the company’s stock worth $57,303,000 after purchasing an additional 726,269 shares during the period. 40.15% of the stock is owned by hedge funds and other institutional investors.
About Hormel Foods (NYSE:HRL)
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, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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