Hormel Foods Corp. (HRL) Trading Down 1.9%
Shares of Hormel Foods Corp. (NYSE:HRL) fell 1.9% during mid-day trading on Wednesday . The company traded as low as $36.20 and last traded at $36.21, with a volume of 1,255,849 shares changing hands. The stock had previously closed at $36.91.
HRL has been the topic of several recent research reports. Jefferies Group reissued a “hold” rating and set a $40.00 price objective (down previously from $43.00) on shares of Hormel Foods Corp. in a report on Thursday, May 19th. Vetr raised Hormel Foods Corp. from a “buy” rating to a “strong-buy” rating and set a $44.45 price objective on the stock in a report on Thursday, April 14th. Zacks Investment Research lowered Hormel Foods Corp. from a “strong-buy” rating to a “hold” rating in a report on Friday, May 6th. Finally, Credit Agricole SA initiated coverage on Hormel Foods Corp. in a report on Wednesday, April 13th. They set an “underperform” rating on the stock. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Hormel Foods Corp. presently has a consensus rating of “Hold” and an average target price of $39.83.
The company has a 50-day moving average of $36.17 and a 200-day moving average of $39.00. The company has a market capitalization of $19.31 billion and a price-to-earnings ratio of 25.14.
Hormel Foods Corp. (NYSE:HRL) last released its quarterly earnings data on Wednesday, May 18th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.01. The business earned $2.30 billion during the quarter, compared to analyst estimates of $2.30 billion. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the business earned $0.34 earnings per share. Analysts forecast that Hormel Foods Corp. will post $1.59 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 15th. Stockholders of record on Monday, July 18th will be given a $0.145 dividend. The ex-dividend date is Thursday, July 14th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 1.60%.
In other news, Director Dakota A. Pippins sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $36.74, for a total value of $183,700.00. Following the completion of the sale, the director now directly owns 96,416 shares of the company’s stock, valued at $3,542,323.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
Other hedge funds have added to or reduced their stakes in the company. US Bancorp DE boosted its stake in Hormel Foods Corp. by 32.6% in the fourth quarter. US Bancorp DE now owns 343,844 shares of the company’s stock worth $27,191,000 after buying an additional 84,467 shares during the last quarter. State of Tennessee Treasury Department boosted its stake in Hormel Foods Corp. by 305.1% in the fourth quarter. State of Tennessee Treasury Department now owns 83,046 shares of the company’s stock worth $6,567,000 after buying an additional 62,546 shares during the last quarter. I.G. Investment Management LTD. boosted its stake in Hormel Foods Corp. by 42.6% in the fourth quarter. I.G. Investment Management LTD. now owns 83,400 shares of the company’s stock worth $6,595,000 after buying an additional 24,900 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Hormel Foods Corp. by 168.4% in the fourth quarter. Advisors Asset Management Inc. now owns 30,797 shares of the company’s stock worth $2,435,000 after buying an additional 19,322 shares during the last quarter. Finally, Stephens Inc. AR acquired a new stake in Hormel Foods Corp. during the fourth quarter worth about $1,525,000.
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