Hormel Foods Corp. (HRL) Upgraded to Buy by Edward Jones
A number of other equities analysts have also issued reports on HRL. Jefferies Group reaffirmed a hold rating on shares of Hormel Foods Corp. in a research report on Wednesday, August 3rd. Credit Suisse Group AG raised Hormel Foods Corp. from a neutral rating to an outperform rating and upped their target price for the company from $38.00 to $43.00 in a research report on Monday, August 22nd. Zacks Investment Research raised Hormel Foods Corp. from a hold rating to a buy rating and set a $44.00 target price on the stock in a research report on Tuesday, August 23rd. Deutsche Bank AG reaffirmed a hold rating and issued a $38.00 target price on shares of Hormel Foods Corp. in a research report on Tuesday, August 16th. Finally, BMO Capital Markets raised Hormel Foods Corp. from a market perform rating to an outperform rating and set a $44.00 target price on the stock in a research report on Friday, August 19th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $40.35.
Hormel Foods Corp. (NYSE:HRL) opened at 36.39 on Friday. The stock’s 50 day moving average is $37.32 and its 200-day moving average is $38.33. The stock has a market capitalization of $19.26 billion, a price-to-earnings ratio of 23.63 and a beta of 0.56. Hormel Foods Corp. has a 12 month low of $29.93 and a 12 month high of $45.72.
Hormel Foods Corp. (NYSE:HRL) last released its quarterly earnings results on Thursday, August 18th. The company reported $0.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.01. The firm earned $2.30 billion during the quarter, compared to analysts’ expectations of $2.26 billion. Hormel Foods Corp. had a return on equity of 20.06% and a net margin of 8.96%. Hormel Foods Corp.’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.28 EPS. On average, equities research analysts expect that Hormel Foods Corp. will post $1.63 earnings per share for the current year.
In related news, Director Dakota A. Pippins sold 5,000 shares of the company’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $36.74, for a total transaction of $183,700.00. Following the completion of the transaction, the director now directly owns 96,416 shares in the company, valued at approximately $3,542,323.84. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 3.54% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Boston Advisors LLC increased its position in shares of Hormel Foods Corp. by 54.3% in the first quarter. Boston Advisors LLC now owns 496,580 shares of the company’s stock worth $21,472,000 after buying an additional 174,830 shares during the last quarter. QUANTRES ASSET MANAGEMENT Ltd acquired a new position in Hormel Foods Corp. during the first quarter valued at about $303,000. Dividend Asset Capital LLC boosted its position in Hormel Foods Corp. by 32.1% in the first quarter. Dividend Asset Capital LLC now owns 2,237,519 shares of the company’s stock valued at $96,750,000 after buying an additional 543,959 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in Hormel Foods Corp. during the first quarter valued at about $264,000. Finally, CrestPoint Capital Management LLC boosted its position in Hormel Foods Corp. by 98.9% in the first quarter. CrestPoint Capital Management LLC now owns 18,700 shares of the company’s stock valued at $809,000 after buying an additional 9,300 shares during the last quarter. Hedge funds and other institutional investors own 34.05% of the company’s stock.
About Hormel Foods Corp.
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