Hormel Foods Corporation (HRL) Rating Increased to Buy at Zacks Investment Research
Hormel Foods Corporation (NYSE:HRL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm currently has a $39.00 price objective on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 13.34% from the company’s previous close.
According to Zacks, “In the last month, Hormel Foods shares have outperformed the industry. In fourth-quarter fiscal 2017, the company reported better-than-expected results, with adjusted earnings of 41 cents per share surpassing the Zacks Consensus Estimate by a penny. Revenues outpaced the estimate by 4.1%. In the quarters ahead, the company is poised to grow on the back of its stronger demand for products such as SKIPPY SPAM and Justin's as well as meaningful acquisitions made in fiscal 2017. Also, the company is committed toward its shareholders and expects to augment their returns through lucrative dividends. Recently, it declared a 10% hike in its annual dividend rate.”
Several other equities analysts have also weighed in on HRL. BidaskClub lowered shares of Hormel Foods Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. Buckingham Research lowered their target price on shares of Hormel Foods Corporation from $37.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, August 25th. BMO Capital Markets restated a “buy” rating and issued a $38.00 target price on shares of Hormel Foods Corporation in a report on Monday, November 6th. Mizuho restated a “hold” rating and issued a $33.00 target price on shares of Hormel Foods Corporation in a report on Wednesday, October 4th. Finally, KeyCorp initiated coverage on shares of Hormel Foods Corporation in a report on Tuesday, October 31st. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $34.90.
Hormel Foods Corporation (NYSE:HRL) opened at $34.41 on Thursday. Hormel Foods Corporation has a fifty-two week low of $29.75 and a fifty-two week high of $37.97. The firm has a market cap of $18,160.00, a PE ratio of 21.69, a PEG ratio of 2.22 and a beta of 0.59. The company has a current ratio of 1.91, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05.
Hormel Foods Corporation (NYSE:HRL) last announced its quarterly earnings data on Tuesday, November 21st. The company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.01. Hormel Foods Corporation had a net margin of 9.24% and a return on equity of 17.87%. The firm had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.41 billion. During the same quarter in the prior year, the business earned $0.45 earnings per share. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. sell-side analysts forecast that Hormel Foods Corporation will post 1.65 EPS for the current fiscal year.
In other Hormel Foods Corporation news, Director John L. Morrison sold 24,814 shares of the company’s stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $31.81, for a total value of $789,333.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Donald H. Kremin sold 100,000 shares of the company’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $31.66, for a total transaction of $3,166,000.00. Following the completion of the sale, the insider now directly owns 887 shares of the company’s stock, valued at $28,082.42. The disclosure for this sale can be found here. Insiders sold a total of 194,518 shares of company stock worth $6,132,366 in the last 90 days. 3.54% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of HRL. Oregon Public Employees Retirement Fund grew its position in Hormel Foods Corporation by 7.2% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 69,535 shares of the company’s stock worth $2,372,000 after purchasing an additional 4,700 shares in the last quarter. Louisiana State Employees Retirement System grew its position in Hormel Foods Corporation by 0.6% in the 2nd quarter. Louisiana State Employees Retirement System now owns 16,700 shares of the company’s stock worth $570,000 after purchasing an additional 100 shares in the last quarter. PGGM Investments bought a new stake in Hormel Foods Corporation in the 2nd quarter worth about $18,308,000. Riverbridge Partners LLC grew its position in Hormel Foods Corporation by 67.5% in the 2nd quarter. Riverbridge Partners LLC now owns 9,808 shares of the company’s stock worth $335,000 after purchasing an additional 3,953 shares in the last quarter. Finally, Raub Brock Capital Management LP grew its position in Hormel Foods Corporation by 7.6% in the 2nd quarter. Raub Brock Capital Management LP now owns 391,883 shares of the company’s stock worth $13,367,000 after purchasing an additional 27,844 shares in the last quarter. 38.17% of the stock is owned by institutional investors and hedge funds.
About Hormel Foods Corporation
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