Brokerages predict that Hormel Foods Corp (NYSE:HRL) will announce $2.54 billion in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Hormel Foods’ earnings, with the highest sales estimate coming in at $2.58 billion and the lowest estimate coming in at $2.52 billion. Hormel Foods posted sales of $2.49 billion in the same quarter last year, which would suggest a positive year over year growth rate of 2%. The company is expected to announce its next earnings results on Tuesday, November 20th.

According to Zacks, analysts expect that Hormel Foods will report full-year sales of $9.56 billion for the current financial year, with estimates ranging from $9.54 billion to $9.60 billion. For the next financial year, analysts expect that the business will post sales of $9.87 billion per share, with estimates ranging from $9.83 billion to $9.96 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Hormel Foods.

Hormel Foods (NYSE:HRL) last announced its earnings results on Thursday, August 23rd. The company reported $0.39 EPS for the quarter, meeting the consensus estimate 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 for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the prior year, the company earned $0.34 EPS. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year.

Several brokerages recently commented on HRL. BMO Capital Markets lowered Hormel Foods from an “outperform” rating to a “market perform” rating and upped their target price for the company from $38.00 to $44.00 in a research report on Monday. They noted that the move was a valuation call. Mizuho lowered Hormel Foods from a “neutral” rating to an “underperform” rating and set a $33.00 target price on the stock. in a research report on Wednesday, July 25th. Zacks Investment Research upgraded Hormel Foods from a “sell” rating to a “hold” rating in a research report on Tuesday, May 22nd. Jefferies Financial Group restated a “buy” rating and set a $44.00 target price on shares of Hormel Foods in a research report on Wednesday, August 29th. Finally, Buckingham Research upped their target price on Hormel Foods from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Thursday, August 16th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $36.90.

In related news, Director Robert Nakasone sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, July 6th. The shares were sold at an average price of $37.30, for a total transaction of $373,000.00. Following the sale, the director now directly owns 120,973 shares of the company’s stock, valued at approximately $4,512,292.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman James P. Snee sold 21,923 shares of the company’s stock in a transaction that occurred on Tuesday, August 28th. The stock was sold at an average price of $37.85, for a total transaction of $829,785.55. Following the sale, the chairman now directly owns 49,326 shares in the company, valued at $1,866,989.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 95,518 shares of company stock worth $3,727,288. Corporate insiders own 3.54% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Piedmont Investment Advisors LLC purchased a new stake in shares of Hormel Foods in the 2nd quarter valued at approximately $118,000. Fort L.P. acquired a new position in shares of Hormel Foods in the 2nd quarter valued at $125,000. IMS Capital Management acquired a new position in shares of Hormel Foods in the 2nd quarter valued at $130,000. Dupont Capital Management Corp acquired a new position in shares of Hormel Foods in the 2nd quarter valued at $135,000. Finally, IBM Retirement Fund acquired a new position in shares of Hormel Foods in the 1st quarter valued at $203,000. 42.03% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Hormel Foods stock traded down $0.88 on Friday, hitting $41.02. 128,332 shares of the company’s stock traded hands, compared to its average volume of 3,034,606. Hormel Foods has a one year low of $29.75 and a one year high of $42.29. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.69 and a quick ratio of 0.78. The firm has a market cap of $22.41 billion, a price-to-earnings ratio of 26.31, a PEG ratio of 2.87 and a beta of 0.34.

About Hormel Foods

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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