Hormel Foods (NYSE:HRL) had its target price lowered by equities research analysts at Buckingham Research from $38.00 to $35.00 in a research note issued on Friday, BenzingaRatingsTable reports. The brokerage currently has a “neutral” rating on the stock. Buckingham Research’s price objective points to a potential downside of 12.46% from the company’s current price.
Several other equities research analysts have also recently commented on the stock. ValuEngine cut shares of Hormel Foods from a “buy” rating to a “hold” rating in a research report on Saturday, April 13th. Zacks Investment Research upgraded shares of Hormel Foods from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research report on Thursday, February 28th. Stephens assumed coverage on shares of Hormel Foods in a research report on Monday, March 4th. They set an “equal weight” rating for the company. Jefferies Financial Group reissued a “hold” rating and set a $44.00 price objective on shares of Hormel Foods in a research note on Thursday, February 21st. Finally, Credit Suisse Group reissued a “hold” rating and set a $39.00 price objective on shares of Hormel Foods in a research note on Thursday, February 21st. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $40.30.
Shares of Hormel Foods stock traded up $0.85 during mid-day trading on Friday, reaching $39.98. 1,236,933 shares of the stock were exchanged, compared to its average volume of 2,998,489. The stock has a market capitalization of $21.33 billion, a P/E ratio of 21.15, a price-to-earnings-growth ratio of 2.93 and a beta of 0.12. The company has a quick ratio of 0.77, a current ratio of 1.46 and a debt-to-equity ratio of 0.04. Hormel Foods has a fifty-two week low of $34.12 and a fifty-two week high of $46.26.
Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Thursday, May 23rd. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.01. The firm had revenue of $2.34 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Hormel Foods had a net margin of 9.93% and a return on equity of 17.58%. The company’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the company posted $0.44 EPS. On average, equities analysts anticipate that Hormel Foods will post 1.81 earnings per share for the current year.
In other Hormel Foods news, Chairman James P. Snee sold 27,752 shares of Hormel Foods stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $43.49, for a total value of $1,206,934.48. Following the transaction, the chairman now owns 75,464 shares of the company’s stock, valued at $3,281,929.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Gary Jamison sold 8,000 shares of Hormel Foods stock in a transaction that occurred on Tuesday, March 26th. The shares were sold at an average price of $44.37, for a total transaction of $354,960.00. Following the completion of the transaction, the vice president now directly owns 15,991 shares in the company, valued at approximately $709,520.67. The disclosure for this sale can be found here. Insiders have sold a total of 274,705 shares of company stock worth $12,116,336 in the last three months. 1.11% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in HRL. Vanguard Group Inc raised its holdings in shares of Hormel Foods by 1.3% in the third quarter. Vanguard Group Inc now owns 32,167,606 shares of the company’s stock valued at $1,267,403,000 after purchasing an additional 410,107 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Hormel Foods by 1.2% in the first quarter. BlackRock Inc. now owns 23,792,610 shares of the company’s stock valued at $1,064,957,000 after purchasing an additional 280,958 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of Hormel Foods by 6,440.9% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,355,366 shares of the company’s stock valued at $102,000 after purchasing an additional 4,288,779 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Hormel Foods by 16.4% in the fourth quarter. Geode Capital Management LLC now owns 4,248,495 shares of the company’s stock valued at $181,055,000 after purchasing an additional 598,442 shares during the last quarter. Finally, APG Asset Management N.V. raised its holdings in shares of Hormel Foods by 91.6% in the fourth quarter. APG Asset Management N.V. now owns 3,595,652 shares of the company’s stock valued at $134,245,000 after purchasing an additional 1,719,400 shares during the last quarter. 44.29% of the stock is currently owned by hedge funds and other institutional investors.
Hormel Foods Company Profile
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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