Hormel Foods (NYSE:HRL) Posts Quarterly Earnings Results

Hormel Foods (NYSE:HRL) issued its quarterly earnings data on Wednesday. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01, Briefing.com reports. The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.95 billion. Hormel Foods had a return on equity of 11.31% and a net margin of 6.37%. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.40 EPS. Hormel Foods updated its FY 2024 guidance to 1.570-1.630 EPS and its FY24 guidance to $1.57-1.63 EPS.

Hormel Foods Trading Up 3.5 %

Hormel Foods stock opened at $32.11 on Friday. The company has a 50 day moving average price of $31.67 and a 200 day moving average price of $32.87. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.73. Hormel Foods has a 52 week low of $28.51 and a 52 week high of $39.58. The firm has a market capitalization of $17.61 billion, a price-to-earnings ratio of 22.94, a P/E/G ratio of 3.12 and a beta of 0.25.

Institutional Investors Weigh In On Hormel Foods

Institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC purchased a new position in shares of Hormel Foods during the 2nd quarter valued at $272,000. Advisory Alpha LLC acquired a new position in Hormel Foods in the 2nd quarter worth about $219,000. Truist Financial Corp raised its stake in shares of Hormel Foods by 110.8% during the 2nd quarter. Truist Financial Corp now owns 37,228 shares of the company’s stock worth $1,135,000 after purchasing an additional 19,571 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Hormel Foods during the 2nd quarter valued at about $4,129,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Hormel Foods by 10.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 32,573 shares of the company’s stock worth $993,000 after buying an additional 3,121 shares during the last quarter. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

HRL has been the subject of a number of recent analyst reports. Citigroup upgraded shares of Hormel Foods from a “neutral” rating to a “buy” rating and increased their target price for the company from $33.00 to $37.00 in a research report on Tuesday, August 13th. Stephens restated an “equal weight” rating and set a $32.00 target price on shares of Hormel Foods in a report on Friday, May 31st. Finally, JPMorgan Chase & Co. upgraded shares of Hormel Foods from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $28.00 to $29.00 in a research report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $32.33.

About Hormel Foods

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.