BNP Paribas Exane Forecasts Strong Price Appreciation for Hormel Foods (NYSE:HRL) Stock

Hormel Foods (NYSE:HRL) had its price objective increased by equities research analysts at BNP Paribas Exane from $26.00 to $27.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. BNP Paribas Exane’s price target would indicate a potential upside of 10.10% from the stock’s previous close.

Other research analysts have also issued reports about the company. Stephens reaffirmed an “equal weight” rating and issued a $25.00 target price on shares of Hormel Foods in a research report on Thursday, July 9th. Bank of America boosted their price target on Hormel Foods from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Tuesday, June 30th. The Goldman Sachs Group set a $25.00 price target on Hormel Foods in a research note on Thursday, May 21st. JPMorgan Chase & Co. restated a “neutral” rating and issued a $23.00 price objective (down from $28.00) on shares of Hormel Foods in a report on Thursday, April 9th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Hormel Foods in a research note on Tuesday, April 21st. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Hormel Foods currently has a consensus rating of “Hold” and an average target price of $26.14.

Hormel Foods Trading Up 0.3%

Shares of NYSE HRL traded up $0.06 on Tuesday, reaching $24.52. 1,053,739 shares of the company traded hands, compared to its average volume of 5,020,752. Hormel Foods has a fifty-two week low of $19.70 and a fifty-two week high of $30.09. The company has a 50 day moving average of $23.13 and a 200 day moving average of $23.24. The company has a current ratio of 1.94, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $13.50 billion, a PE ratio of 28.85, a P/E/G ratio of 2.84 and a beta of 0.34.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05. Hormel Foods had a net margin of 3.82% and a return on equity of 9.74%. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter last year, the firm posted $0.35 earnings per share. Hormel Foods’s revenue was up 2.6% on a year-over-year basis. On average, equities research analysts forecast that Hormel Foods will post 1.5 earnings per share for the current fiscal year.

Insider Transactions at Hormel Foods

In other Hormel Foods news, Director Gary C. Bhojwani sold 20,200 shares of the business’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total value of $495,102.00. Following the transaction, the director owned 32,002 shares in the company, valued at $784,369.02. The trade was a 38.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.58% of the stock is owned by company insiders.

Hedge Funds Weigh In On Hormel Foods

A number of institutional investors have recently made changes to their positions in HRL. Vest Financial LLC lifted its position in shares of Hormel Foods by 9.1% during the fourth quarter. Vest Financial LLC now owns 2,042,541 shares of the company’s stock worth $48,408,000 after purchasing an additional 171,137 shares during the last quarter. Sound Income Strategies LLC grew its stake in Hormel Foods by 38,341.8% during the 4th quarter. Sound Income Strategies LLC now owns 124,167 shares of the company’s stock worth $3,007,000 after buying an additional 123,844 shares during the last quarter. Fidelity National Financial Inc. bought a new position in Hormel Foods during the 4th quarter worth $15,642,000. BNP Paribas Financial Markets increased its position in Hormel Foods by 21.2% in the fourth quarter. BNP Paribas Financial Markets now owns 465,204 shares of the company’s stock worth $11,025,000 after buying an additional 81,420 shares during the period. Finally, Advocate Group LLC acquired a new stake in Hormel Foods in the fourth quarter worth $2,319,000. 40.99% of the stock is owned by institutional investors and hedge funds.

Hormel Foods Company Profile

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.