Hormel Foods Corp (NYSE:HRL) Director Glenn S. Forbes sold 3,128 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $43.65, for a total value of $136,537.20. Following the completion of the sale, the director now owns 46,402 shares of the company’s stock, valued at $2,025,447.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
NYSE HRL traded down $0.24 on Wednesday, hitting $42.84. 100,020 shares of the company’s stock were exchanged, compared to its average volume of 2,738,596. The stock has a 50-day moving average of $42.84 and a 200-day moving average of $41.52. The company has a current ratio of 2.09, a quick ratio of 1.06 and a debt-to-equity ratio of 0.04. Hormel Foods Corp has a 52 week low of $37.00 and a 52 week high of $46.26. The stock has a market cap of $23.33 billion, a price-to-earnings ratio of 22.67, a P/E/G ratio of 2.96 and a beta of 0.06.
Hormel Foods (NYSE:HRL) last released its earnings results on Thursday, August 22nd. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.02. Hormel Foods had a return on equity of 16.75% and a net margin of 10.34%. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same period in the prior year, the company earned $0.39 earnings per share. The company’s quarterly revenue was down 2.9% on a year-over-year basis. As a group, analysts predict that Hormel Foods Corp will post 1.74 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HRL. CIBC World Markets Inc. bought a new stake in Hormel Foods during the first quarter worth $221,000. Wells Fargo & Company MN lifted its stake in Hormel Foods by 25.7% during the first quarter. Wells Fargo & Company MN now owns 665,200 shares of the company’s stock worth $29,775,000 after purchasing an additional 135,871 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in Hormel Foods by 3.3% during the first quarter. Commonwealth Equity Services LLC now owns 108,499 shares of the company’s stock worth $4,856,000 after purchasing an additional 3,457 shares during the last quarter. Northern Trust Corp lifted its stake in Hormel Foods by 3.0% during the first quarter. Northern Trust Corp now owns 3,563,532 shares of the company’s stock worth $159,504,000 after purchasing an additional 104,170 shares during the last quarter. Finally, Wealthfront Advisers LLC lifted its stake in Hormel Foods by 99.4% during the first quarter. Wealthfront Advisers LLC now owns 14,248 shares of the company’s stock worth $638,000 after purchasing an additional 7,102 shares during the last quarter. Hedge funds and other institutional investors own 44.34% of the company’s stock.
Several equities research analysts recently issued reports on the company. BMO Capital Markets set a $44.00 price target on Hormel Foods and gave the company a “hold” rating in a research note on Friday, August 23rd. Edward Jones cut Hormel Foods from a “buy” rating to a “hold” rating in a research note on Wednesday, June 12th. ValuEngine cut Hormel Foods from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Stephens set a $37.00 price target on Hormel Foods and gave the company a “hold” rating in a research note on Monday, August 12th. Finally, Zacks Investment Research upgraded Hormel Foods from a “sell” rating to a “hold” rating and set a $45.00 price target for the company in a research note on Tuesday, August 27th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $40.10.
Hormel Foods Company Profile
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.
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