Hormel Foods (HRL) Sets New 1-Year High at $43.27

Hormel Foods Corp (NYSE:HRL)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $43.27 and last traded at $43.02, with a volume of 129388 shares changing hands. The stock had previously closed at $42.68.

Several equities analysts have weighed in on the company. ValuEngine raised Hormel Foods from a “hold” rating to a “buy” rating in a report on Thursday, September 6th. BMO Capital Markets cut Hormel Foods from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $38.00 to $44.00 in a report on Monday, September 17th. They noted that the move was a valuation call. Barclays cut Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 price objective for the company. in a report on Friday, August 24th. Stephens cut Hormel Foods from an “overweight” rating to an “equal weight” rating in a report on Tuesday, July 17th. They noted that the move was a valuation call. Finally, Zacks Investment Research cut Hormel Foods from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. Hormel Foods has an average rating of “Hold” and a consensus price target of $37.20.

The company has a quick ratio of 0.78, a current ratio of 1.69 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $21.95 billion, a P/E ratio of 27.40, a price-to-earnings-growth ratio of 2.82 and a beta of 0.34.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Thursday, August 23rd. The company reported $0.39 EPS for the quarter, hitting analysts’ consensus estimates of $0.39. Hormel Foods had a return on equity of 17.44% and a net margin of 10.18%. The company had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the previous year, the firm earned $0.34 EPS. Hormel Foods’s revenue was up 6.9% on a year-over-year basis. On average, equities research analysts anticipate that Hormel Foods Corp will post 1.75 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 22nd will be issued a dividend of $0.1875 per share. The ex-dividend date of this dividend is Friday, October 19th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 1.73%. Hormel Foods’s dividend payout ratio (DPR) is currently 47.77%.

In related news, Director Dakota A. Pippins sold 1,750 shares of the business’s stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $39.59, for a total transaction of $69,282.50. Following the sale, the director now owns 91,797 shares in the company, valued at approximately $3,634,243.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kevin L. Myers sold 2,734 shares of the business’s stock in a transaction on Friday, October 5th. The stock was sold at an average price of $39.90, for a total value of $109,086.60. Following the sale, the insider now owns 8,556 shares in the company, valued at approximately $341,384.40. The disclosure for this sale can be found here. Insiders have sold a total of 138,632 shares of company stock valued at $5,556,981 in the last three months. 1.48% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of HRL. Macquarie Group Ltd. grew its position in Hormel Foods by 45,760.7% during the 2nd quarter. Macquarie Group Ltd. now owns 6,191,200 shares of the company’s stock worth $230,375,000 after acquiring an additional 6,177,700 shares during the last quarter. Victory Capital Management Inc. grew its position in Hormel Foods by 25.4% during the 2nd quarter. Victory Capital Management Inc. now owns 3,817,032 shares of the company’s stock worth $142,031,000 after acquiring an additional 773,545 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Hormel Foods during the 3rd quarter worth $24,162,000. Morgan Stanley grew its position in Hormel Foods by 60.5% during the 2nd quarter. Morgan Stanley now owns 1,255,467 shares of the company’s stock worth $46,716,000 after acquiring an additional 473,239 shares during the last quarter. Finally, Virginia Retirement Systems ET AL grew its position in Hormel Foods by 308.5% during the 2nd quarter. Virginia Retirement Systems ET AL now owns 592,976 shares of the company’s stock worth $22,065,000 after acquiring an additional 447,800 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Hormel Foods Company Profile (NYSE:HRL)

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, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.

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