Hormel Foods Corp (NYSE:HRL)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $44.17 and last traded at $43.98, with a volume of 1155217 shares trading hands. The stock had previously closed at $43.20.
Several research firms have commented on HRL. Piper Jaffray Companies set a $50.00 target price on Hormel Foods and gave the company a “buy” rating in a research report on Tuesday. Vertical Group downgraded Hormel Foods from a “hold” rating to a “sell” rating in a research report on Tuesday. They noted that the move was a valuation call. ValuEngine upgraded Hormel Foods from a “hold” rating to a “buy” rating in a research report on Thursday, September 6th. BMO Capital Markets downgraded Hormel Foods from an “outperform” rating to a “market perform” rating and raised their price objective for the stock from $38.00 to $44.00 in a research report on Monday, September 17th. They noted that the move was a valuation call. Finally, Barclays downgraded Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 price objective for the company. in a research report on Friday, August 24th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. Hormel Foods presently has a consensus rating of “Hold” and an average price target of $39.67.
The company has a debt-to-equity ratio of 0.12, a current ratio of 1.69 and a quick ratio of 0.78. The stock has a market capitalization of $23.03 billion, a PE ratio of 28.08, a PEG ratio of 2.80 and a beta of 0.14.
Hormel Foods (NYSE:HRL) last issued its quarterly earnings data on Thursday, August 23rd. The company reported $0.39 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.39. Hormel Foods had a return on equity of 17.44% and a net margin of 10.18%. The company had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period last year, the company earned $0.34 earnings per share. The firm’s revenue was up 6.9% compared to the same quarter last year. On average, equities analysts forecast that Hormel Foods Corp will post 1.75 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 22nd will be issued a $0.1875 dividend. The ex-dividend date of this dividend is Friday, October 19th. This represents a $0.75 dividend on an annualized basis and a yield of 1.70%. Hormel Foods’s payout ratio is currently 47.77%.
In other Hormel Foods news, VP Thomas R. Day sold 11,856 shares of Hormel Foods stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $38.52, for a total value of $456,693.12. Following the completion of the sale, the vice president now directly owns 4,964 shares in the company, valued at $191,213.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman James P. Snee sold 21,923 shares of Hormel Foods stock in a transaction that occurred on Tuesday, August 28th. The stock was sold at an average price of $37.85, for a total value of $829,785.55. Following the completion of the sale, the chairman now owns 49,326 shares of the company’s stock, valued at $1,866,989.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 138,632 shares of company stock valued at $5,556,981. 1.48% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. Piedmont Investment Advisors LLC bought a new stake in Hormel Foods in the second quarter worth approximately $118,000. Fort L.P. bought a new stake in Hormel Foods in the second quarter worth approximately $125,000. IMS Capital Management acquired a new stake in Hormel Foods in the second quarter valued at approximately $130,000. Dupont Capital Management Corp acquired a new stake in Hormel Foods in the second quarter valued at approximately $135,000. Finally, Moody National Bank Trust Division acquired a new stake in Hormel Foods in the third quarter valued at approximately $142,000. Institutional investors and hedge funds own 41.95% of the company’s stock.
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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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