$2.39 Billion in Sales Expected for Hormel Foods Corporation (HRL) This Quarter
Brokerages forecast that Hormel Foods Corporation (NYSE:HRL) will announce $2.39 billion in sales for the current quarter, according to Zacks. Three analysts have issued estimates for Hormel Foods Corporation’s earnings. The lowest sales estimate is $2.33 billion and the highest is $2.44 billion. Hormel Foods Corporation posted sales of $2.63 billion during the same quarter last year, which suggests a negative year-over-year growth rate of 9.1%. The company is scheduled to report its next quarterly earnings report before the market opens on Tuesday, November 21st.
On average, analysts expect that Hormel Foods Corporation will report full year sales of $2.39 billion for the current year, with estimates ranging from $9.01 billion to $9.11 billion. For the next year, analysts forecast that the business will report sales of $9.44 billion per share, with estimates ranging from $9.18 billion to $9.59 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that follow Hormel Foods Corporation.
Hormel Foods Corporation (NYSE:HRL) last posted its quarterly earnings results on Thursday, August 24th. The company reported $0.34 EPS for the quarter, missing the Zacks’ 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 firm had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the previous year, the company earned $0.36 EPS. The company’s quarterly revenue was down 4.1% compared to the same quarter last year.
A number of research firms have recently commented on HRL. BidaskClub upgraded shares of Hormel Foods Corporation from a “sell” rating to a “hold” rating in a report on Monday, August 14th. Zacks Investment Research cut shares of Hormel Foods Corporation from a “hold” rating to a “sell” rating in a report on Monday, August 21st. Barclays PLC cut their price target on shares of Hormel Foods Corporation from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Friday, August 25th. BMO Capital Markets restated an “outperform” rating and set a $38.00 price objective (down previously from $45.00) on shares of Hormel Foods Corporation in a research report on Friday, August 25th. Finally, Buckingham Research lowered their price objective on shares of Hormel Foods Corporation from $37.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, August 25th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $34.44.
Shares of Hormel Foods Corporation (NYSE:HRL) opened at $30.77 on Tuesday. Hormel Foods Corporation has a fifty-two week low of $29.75 and a fifty-two week high of $38.35. The company has a current ratio of 2.53, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05. The company has a market cap of $16,531.58, a P/E ratio of 19.33, a PEG ratio of 2.04 and a beta of 0.58.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Monday, October 23rd will be given a $0.17 dividend. The ex-dividend date is Friday, October 20th. This represents a $0.68 annualized dividend and a yield of 2.21%. Hormel Foods Corporation’s payout ratio is presently 41.98%.
In other Hormel Foods Corporation news, Director John L. Morrison sold 24,814 shares of the stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $31.81, for a total value of $789,333.34. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Dakota A. Pippins sold 4,000 shares of the stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $31.60, for a total transaction of $126,400.00. Following the completion of the transaction, the director now owns 92,377 shares in the company, valued at $2,919,113.20. The disclosure for this sale can be found here. Insiders sold 194,518 shares of company stock worth $6,132,366 over the last quarter. Insiders own 3.54% of the company’s stock.
Several hedge funds have recently made changes to their positions in HRL. Fairpointe Capital LLC bought a new stake in shares of Hormel Foods Corporation during the 2nd quarter valued at $113,723,000. Capital International Investors raised its position in shares of Hormel Foods Corporation by 16.8% during the 2nd quarter. Capital International Investors now owns 8,284,975 shares of the company’s stock valued at $282,600,000 after purchasing an additional 1,191,000 shares during the period. Principal Financial Group Inc. raised its position in shares of Hormel Foods Corporation by 264.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,505,505 shares of the company’s stock valued at $48,387,000 after purchasing an additional 1,092,714 shares during the period. American Century Companies Inc. raised its position in shares of Hormel Foods Corporation by 44.2% during the 3rd quarter. American Century Companies Inc. now owns 3,051,908 shares of the company’s stock valued at $98,088,000 after purchasing an additional 936,053 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Hormel Foods Corporation by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 31,046,698 shares of the company’s stock valued at $1,059,004,000 after purchasing an additional 777,942 shares during the period. Hedge funds and other institutional investors own 38.02% of the company’s stock.
About Hormel Foods Corporation
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