Hormel Foods (HRL) Rating Lowered to Market Perform at BMO Capital Markets
Hormel Foods (NYSE:HRL) was downgraded by investment analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research note issued on Monday, The Fly reports. They presently have a $44.00 price objective on the stock, up from their prior price objective of $38.00. BMO Capital Markets’ price objective suggests a potential upside of 8.43% from the stock’s current price. The analysts noted that the move was a valuation call.
Other analysts have also recently issued reports about the stock. Zacks Investment Research cut shares of Hormel Foods from a “hold” rating to a “sell” rating in a research note on Thursday, August 9th. ValuEngine upgraded shares of Hormel Foods from a “hold” rating to a “buy” rating in a research note on Thursday, September 6th. Buckingham Research lowered their target price on shares of Hormel Foods from $34.00 to $32.00 and set a “neutral” rating for the company in a research note on Friday, May 25th. Barclays cut shares of Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 target price for the company. in a research note on Friday, August 24th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $42.00 target price on shares of Hormel Foods in a research note on Thursday, May 31st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $36.90.
Shares of Hormel Foods stock opened at $40.58 on Monday. The company has a current ratio of 1.69, a quick ratio of 0.78 and a debt-to-equity ratio of 0.12. Hormel Foods has a 52-week low of $29.75 and a 52-week high of $42.29. The company has a market capitalization of $22.34 billion, a PE ratio of 25.85, a PEG ratio of 2.87 and a beta of 0.34.
In other Hormel Foods news, Director Robert Nakasone sold 10,000 shares of Hormel Foods 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 completion of the sale, the director now directly owns 120,973 shares in the company, valued at approximately $4,512,292.90. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steven J. Lykken sold 3,614 shares of Hormel Foods stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $38.93, for a total transaction of $140,693.02. Following the sale, the insider now owns 14,337 shares of the company’s stock, valued at $558,139.41. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 150,148 shares of company stock valued at $5,976,612. Company insiders own 1.48% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Piedmont Investment Advisors LLC acquired a new stake in Hormel Foods during the 2nd quarter valued at approximately $118,000. Fort L.P. purchased a new position in shares of Hormel Foods during the 2nd quarter valued at approximately $125,000. IMS Capital Management purchased a new position in shares of Hormel Foods during the 2nd quarter valued at approximately $130,000. Dupont Capital Management Corp purchased a new position in shares of Hormel Foods during the 2nd quarter valued at approximately $135,000. Finally, IBM Retirement Fund purchased a new position in shares of Hormel Foods during the 1st quarter valued at approximately $203,000. Institutional investors and hedge funds own 41.82% of the company’s stock.
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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