Hormel Foods Corporation (NYSE:HRL) had its target price trimmed by Stephens from $50.00 to $38.00 in a research report sent to investors on Thursday morning. The firm currently has an overweight rating on the stock.
Several other equities research analysts also recently issued reports on the company. Mizuho reaffirmed a hold rating and set a $33.00 price target on shares of Hormel Foods Corporation in a report on Wednesday, October 4th. Zacks Investment Research raised Hormel Foods Corporation from a sell rating to a hold rating in a report on Monday, September 11th. Credit Suisse Group dropped coverage on Hormel Foods Corporation in a report on Saturday, August 26th. They set an outperform rating for the company. Barclays PLC cut their price target on Hormel Foods Corporation from $38.00 to $35.00 and set an overweight rating for the company in a report on Friday, August 25th. Finally, BMO Capital Markets reaffirmed an outperform rating and set a $38.00 price target (down previously from $45.00) on shares of Hormel Foods Corporation in a report on Friday, August 25th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Hormel Foods Corporation has an average rating of Hold and an average target price of $35.50.
Hormel Foods Corporation (NYSE:HRL) traded up 0.95% during trading on Thursday, reaching $30.74. 3,071,942 shares of the company traded hands. Hormel Foods Corporation has a 12 month low of $30.29 and a 12 month high of $38.84. The company has a market cap of $16.23 billion, a PE ratio of 18.98 and a beta of 0.58. The company’s 50-day moving average is $31.45 and its 200 day moving average is $33.35.
Hormel Foods Corporation (NYSE:HRL) last announced its quarterly earnings results on Thursday, August 24th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.03). Hormel Foods Corporation had a net margin of 9.38% and a return on equity of 18.90%. The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same period in the prior year, the business earned $0.36 EPS. The company’s revenue for the quarter was down 4.1% compared to the same quarter last year. On average, analysts anticipate that Hormel Foods Corporation will post $1.56 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Monday, October 23rd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Friday, October 20th. Hormel Foods Corporation’s dividend payout ratio is currently 41.98%.
In other news, Director John L. Morrison sold 24,814 shares of Hormel Foods Corporation stock in a transaction on Friday, October 13th. The stock was sold at an average price of $31.81, for a total transaction of $789,333.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Donald H. Kremin sold 100,000 shares of Hormel Foods Corporation stock in a transaction on Monday, September 11th. The stock was sold at an average price of $31.66, for a total value of $3,166,000.00. Following the sale, the insider now directly owns 887 shares of the company’s stock, valued at approximately $28,082.42. The disclosure for this sale can be found here. Insiders have sold 194,518 shares of company stock valued at $6,132,366 in the last three months. Insiders own 3.54% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. LS Investment Advisors LLC lifted its holdings in shares of Hormel Foods Corporation by 5.4% during the third quarter. LS Investment Advisors LLC now owns 85,405 shares of the company’s stock worth $2,745,000 after buying an additional 4,385 shares in the last quarter. Shell Asset Management Co. increased its position in shares of Hormel Foods Corporation by 391.1% in the third quarter. Shell Asset Management Co. now owns 197,652 shares of the company’s stock worth $10,157,000 after purchasing an additional 157,403 shares during the period. Curbstone Financial Management Corp increased its position in shares of Hormel Foods Corporation by 98.1% in the third quarter. Curbstone Financial Management Corp now owns 42,501 shares of the company’s stock worth $1,366,000 after purchasing an additional 21,050 shares during the period. Sentry Investment Management LLC increased its position in shares of Hormel Foods Corporation by 1.1% in the second quarter. Sentry Investment Management LLC now owns 20,869 shares of the company’s stock worth $712,000 after purchasing an additional 218 shares during the period. Finally, Toronto Dominion Bank increased its position in shares of Hormel Foods Corporation by 25.5% in the second quarter. Toronto Dominion Bank now owns 91,638 shares of the company’s stock worth $3,126,000 after purchasing an additional 18,624 shares during the period. 38.92% of the stock is owned by institutional investors.
About Hormel Foods Corporation
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