Hormel Foods Corp. (HRL) Coverage Initiated at Oppenheimer Holdings Inc.
Oppenheimer Holdings Inc. began coverage on shares of Hormel Foods Corp. (NYSE:HRL) in a report issued on Friday. The brokerage set a “market perform” rating and a $39.00 price target on the stock. Oppenheimer Holdings Inc.’s target price indicates a potential upside of 6.62% from the company’s previous close.
Other analysts also recently issued reports about the company. Edward Jones upgraded Hormel Foods Corp. from a “hold” rating to a “buy” rating in a report on Friday. Jefferies Group reiterated a “hold” rating on shares of Hormel Foods Corp. in a report on Wednesday, August 3rd. Credit Suisse Group AG upgraded Hormel Foods Corp. from a “neutral” rating to an “outperform” rating and increased their price target for the company from $38.00 to $43.00 in a report on Monday, August 22nd. Zacks Investment Research upgraded Hormel Foods Corp. from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a report on Tuesday, August 23rd. Finally, Deutsche Bank AG reissued a “hold” rating and issued a $38.00 price objective on shares of Hormel Foods Corp. in a research report on Tuesday, August 16th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $40.35.
Hormel Foods Corp. (NYSE:HRL) opened at 36.58 on Friday. Hormel Foods Corp. has a 12 month low of $29.93 and a 12 month high of $45.72. The firm has a market cap of $19.36 billion, a PE ratio of 23.75 and a beta of 0.56. The company has a 50-day moving average price of $37.30 and a 200 day moving average price of $38.14.
Hormel Foods Corp. (NYSE:HRL) last announced its quarterly earnings results on Thursday, August 18th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.01. Hormel Foods Corp. had a return on equity of 20.06% and a net margin of 8.96%. The firm earned $2.30 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same period in the prior year, the firm earned $0.28 EPS. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. Equities research analysts anticipate that Hormel Foods Corp. will post $1.63 EPS for the current year.
In related news, Director Dakota A. Pippins sold 5,000 shares of the stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $36.74, for a total transaction of $183,700.00. Following the sale, the director now owns 96,416 shares in the company, valued at $3,542,323.84. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 3.54% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. raised its stake in Hormel Foods Corp. by 5.8% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 30,986 shares of the company’s stock valued at $1,225,000 after buying an additional 1,710 shares during the period. Norges Bank acquired a new stake in Hormel Foods Corp. during the fourth quarter valued at $114,000,000. Chevy Chase Trust Holdings Inc. raised its stake in Hormel Foods Corp. by 109.3% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 228,126 shares of the company’s stock valued at $9,864,000 after buying an additional 119,140 shares during the period. DnB Asset Management AS acquired a new stake in Hormel Foods Corp. during the first quarter valued at $1,221,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in Hormel Foods Corp. by 126.5% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 64,774 shares of the company’s stock valued at $2,801,000 after buying an additional 36,176 shares during the period. Hedge funds and other institutional investors own 34.05% of the company’s stock.
About Hormel Foods Corp.
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