Wall Street brokerages predict that Hormel Foods Corp (NYSE:HRL) will report sales of $2.32 billion for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Hormel Foods’ earnings. The highest sales estimate is $2.38 billion and the lowest is $2.26 billion. Hormel Foods posted sales of $2.36 billion during the same quarter last year, which would indicate a negative year over year growth rate of 1.7%. The company is scheduled to report its next earnings results on Thursday, August 22nd.

According to Zacks, analysts expect that Hormel Foods will report full-year sales of $9.59 billion for the current fiscal year, with estimates ranging from $9.50 billion to $9.73 billion. For the next financial year, analysts anticipate that the firm will post sales of $9.84 billion, with estimates ranging from $9.61 billion to $10.20 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Hormel Foods.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Thursday, May 23rd. The company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.01. The business had revenue of $2.34 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Hormel Foods had a net margin of 10.38% and a return on equity of 17.31%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the company posted $0.44 earnings per share.

A number of research firms have issued reports on HRL. ValuEngine raised shares of Hormel Foods from a “hold” rating to a “buy” rating in a report on Monday, June 3rd. Piper Jaffray Companies set a $46.00 target price on shares of Hormel Foods and gave the stock a “buy” rating in a report on Thursday, May 23rd. Buckingham Research reduced their target price on shares of Hormel Foods from $38.00 to $35.00 and set a “neutral” rating for the company in a report on Friday, May 24th. Goldman Sachs Group cut shares of Hormel Foods from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $37.00 to $35.00 in a report on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. cut shares of Hormel Foods from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $40.00 to $36.00 in a report on Tuesday, April 23rd. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $39.90.

Shares of NYSE HRL traded up $0.37 during midday trading on Thursday, reaching $41.84. The company had a trading volume of 2,546,207 shares, compared to its average volume of 2,972,186. The stock has a market cap of $22.53 billion, a P/E ratio of 22.06, a P/E/G ratio of 3.25 and a beta of 0.14. Hormel Foods has a 1 year low of $35.35 and a 1 year high of $46.26. The company has a current ratio of 2.14, a quick ratio of 1.16 and a debt-to-equity ratio of 0.04.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a dividend of $0.21 per share. The ex-dividend date is Friday, July 12th. This represents a $0.84 annualized dividend and a dividend yield of 2.01%. Hormel Foods’s dividend payout ratio (DPR) is presently 44.44%.

In other Hormel Foods news, Director Elsa A. Murano sold 4,500 shares of Hormel Foods stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $42.13, for a total value of $189,585.00. Following the completion of the transaction, the director now owns 101,067 shares of the company’s stock, valued at $4,257,952.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert Nakasone sold 18,000 shares of Hormel Foods stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $39.89, for a total transaction of $718,020.00. Following the completion of the sale, the director now owns 98,457 shares in the company, valued at approximately $3,927,449.73. The disclosure for this sale can be found here. In the last three months, insiders have sold 302,705 shares of company stock valued at $13,230,704. 1.11% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Advisor Partners LLC grew its position in shares of Hormel Foods by 1.8% in the first quarter. Advisor Partners LLC now owns 15,072 shares of the company’s stock valued at $675,000 after purchasing an additional 271 shares during the period. Northwestern Mutual Investment Management Company LLC boosted its position in Hormel Foods by 0.9% during the first quarter. Northwestern Mutual Investment Management Company LLC now owns 41,430 shares of the company’s stock worth $1,854,000 after acquiring an additional 371 shares during the last quarter. Pittenger & Anderson Inc. boosted its position in Hormel Foods by 0.7% during the first quarter. Pittenger & Anderson Inc. now owns 51,835 shares of the company’s stock worth $2,320,000 after acquiring an additional 380 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in Hormel Foods by 4.0% during the fourth quarter. Daiwa Securities Group Inc. now owns 10,483 shares of the company’s stock worth $447,000 after acquiring an additional 400 shares during the last quarter. Finally, Legacy Financial Strategies LLC boosted its position in Hormel Foods by 2.8% during the fourth quarter. Legacy Financial Strategies LLC now owns 15,059 shares of the company’s stock worth $643,000 after acquiring an additional 415 shares during the last quarter. Institutional investors and hedge funds own 43.84% of the company’s stock.

About Hormel Foods

Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.

Recommended Story: Forex

Get a free copy of the Zacks research report on Hormel Foods (HRL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Hormel Foods (NYSE:HRL)

Receive News & Ratings for Hormel Foods Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hormel Foods and related companies with MarketBeat.com's FREE daily email newsletter.