Hormel Foods Corp. (HRL) Stock Price Up 0.7%
Hormel Foods Corp. (NYSE:HRL)’s share price rose 0.7% during trading on Wednesday . The stock traded as high as $38.20 and last traded at $38.16, with a volume of 683,575 shares trading hands. The stock had previously closed at $37.88.
A number of equities analysts have recently issued reports on HRL shares. Edward Jones upgraded shares of Hormel Foods Corp. from a “hold” rating to a “buy” rating in a research report on Wednesday, August 24th. Zacks Investment Research upgraded shares of Hormel Foods Corp. from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Tuesday, August 23rd. Deutsche Bank AG restated a “hold” rating and set a $38.00 target price on shares of Hormel Foods Corp. in a research report on Tuesday, August 16th. Jefferies Group restated a “hold” rating on shares of Hormel Foods Corp. in a research report on Wednesday, August 3rd. Finally, Credit Suisse Group AG upgraded shares of Hormel Foods Corp. from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $38.00 to $43.00 in a research report on Monday, August 22nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $40.49.
The firm has a market capitalization of $20.34 billion and a P/E ratio of 24.94. The company’s 50 day moving average price is $37.17 and its 200-day moving average price is $38.71.
Hormel Foods Corp. (NYSE:HRL) last announced its earnings results on Thursday, August 18th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.01. The business earned $2.30 billion during the quarter, compared to analyst estimates of $2.26 billion. During the same period in the previous year, the company earned $0.28 earnings per share. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, analysts expect that Hormel Foods Corp. will post $1.63 EPS for the current year.
In other Hormel Foods Corp. news, Director Dakota A. Pippins sold 5,000 shares of the company’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 transaction, the director now directly owns 96,416 shares of the company’s stock, valued at approximately $3,542,323.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.
Several large investors have recently bought and sold shares of HRL. BNP Paribas Arbitrage SA raised its stake in Hormel Foods Corp. by 2.5% in the fourth quarter. BNP Paribas Arbitrage SA now owns 64,206 shares of the company’s stock valued at $5,077,000 after buying an additional 1,569 shares in the last quarter. State of Tennessee Treasury Department increased its position in shares of 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. Finally, US Bancorp DE increased its position in shares of 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.
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