Oppenheimer Holdings Inc. Initiates Coverage on Hormel Foods Corp. (HRL)
Oppenheimer Holdings Inc. began coverage on shares of Hormel Foods Corp. (NYSE:HRL) in a research note published on Friday morning. The firm issued a market perform rating and a $39.00 target price on the stock.
Several other equities analysts have also commented on the company. Edward Jones upgraded Hormel Foods Corp. from a hold rating to a buy rating in a research report on Friday, September 16th. Jefferies Group increased their price objective on Hormel Foods Corp. from $34.00 to $38.00 and gave the company a hold rating in a research report on Wednesday, July 27th. BMO Capital Markets upgraded Hormel Foods Corp. from a market perform rating to an outperform rating and set a $44.00 price objective on the stock in a research report on Friday, August 19th. Credit Suisse Group AG upgraded Hormel Foods Corp. from a neutral rating to an outperform rating and increased their price objective for the company from $38.00 to $43.00 in a research report on Monday, August 22nd. Finally, Deutsche Bank AG reiterated a hold rating and set a $38.00 price objective on shares of Hormel Foods Corp. in a research report on Tuesday, August 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Hormel Foods Corp. has an average rating of Hold and a consensus target price of $40.35.
Shares of Hormel Foods Corp. (NYSE:HRL) opened at 37.37 on Friday. The stock’s 50 day moving average price is $37.28 and its 200 day moving average price is $38.08. Hormel Foods Corp. has a 12-month low of $30.06 and a 12-month high of $45.72. The company has a market cap of $19.78 billion, a P/E ratio of 24.27 and a beta of 0.56.
Hormel Foods Corp. (NYSE:HRL) last announced its quarterly earnings data on Thursday, August 18th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.35 by $0.01. The firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.26 billion. Hormel Foods Corp. had a return on equity of 20.06% and a net margin of 8.96%. The company’s revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.28 EPS. On average, analysts forecast that Hormel Foods Corp. will post $1.63 EPS for the current year.
In other Hormel Foods Corp. news, Director Dakota A. Pippins sold 5,000 shares of the stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $36.74, for a total value of $183,700.00. Following the completion of the sale, the director now owns 96,416 shares in the company, valued at approximately $3,542,323.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. 3.54% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in HRL. Boston Advisors LLC boosted its stake in Hormel Foods Corp. by 54.3% in the first quarter. Boston Advisors LLC now owns 496,580 shares of the company’s stock valued at $21,472,000 after buying an additional 174,830 shares during the period. QUANTRES ASSET MANAGEMENT Ltd acquired a new stake in Hormel Foods Corp. during the first quarter valued at $303,000. Dividend Asset Capital LLC boosted its stake 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 period. Fox Run Management L.L.C. acquired a new stake in Hormel Foods Corp. during the first quarter valued at $264,000. Finally, CrestPoint Capital Management LLC boosted its stake 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 period. Institutional investors and hedge funds own 34.10% of the company’s stock.
Hormel Foods Corp. Company Profile
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