Edward Jones Upgrades Hormel Foods Corp. (HRL) to “Buy”
Other analysts also recently issued research reports about the stock. Jefferies Group restated a hold rating on shares of Hormel Foods Corp. in a report on Wednesday, August 3rd. Credit Suisse Group AG upgraded shares of Hormel Foods Corp. from a neutral rating to an outperform rating and raised their price target for the stock from $38.00 to $43.00 in a report on Monday, August 22nd. Zacks Investment Research upgraded shares of 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. Deutsche Bank AG reiterated a hold rating and issued a $38.00 target price on shares of Hormel Foods Corp. in a report on Tuesday, August 16th. Finally, BMO Capital Markets upgraded shares of Hormel Foods Corp. from a market perform rating to an outperform rating and set a $44.00 target price for the company in a report on Friday, August 19th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of Hold and an average target price of $40.35.
Shares of Hormel Foods Corp. (NYSE:HRL) opened at 37.37 on Friday. Hormel Foods Corp. has a one year low of $30.06 and a one year high of $45.72. The stock has a market cap of $19.78 billion, a price-to-earnings ratio of 24.27 and a beta of 0.56. The stock’s 50 day moving average price is $37.28 and its 200 day moving average price is $38.08.
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, topping the Zacks’ consensus estimate of $0.35 by $0.01. The business earned $2.30 billion during the quarter, compared to the consensus estimate of $2.26 billion. Hormel Foods Corp. had a net margin of 8.96% and a return on equity of 20.06%. The business’s revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.28 EPS. Analysts forecast that Hormel Foods Corp. will post $1.63 earnings per share for the current year.
In other Hormel Foods Corp. news, Director Dakota A. Pippins sold 5,000 shares of the business’s stock in a transaction on Friday, July 1st. The shares were sold at an average price of $36.74, for a total value of $183,700.00. Following the completion of the transaction, the director now owns 96,416 shares in the company, valued at $3,542,323.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.54% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of HRL. Nomura Asset Management Co. Ltd. increased its position 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 position in Hormel Foods Corp. during the fourth quarter valued at approximately $114,000,000. Chevy Chase Trust Holdings Inc. increased its position 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 position in Hormel Foods Corp. during the first quarter valued at approximately $1,221,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position 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. Institutional investors and hedge funds own 34.10% of the company’s stock.
About Hormel Foods Corp.
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