Hormel Foods (NYSE:HRL) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Hormel Foods (NYSE:HRL) posted its quarterly earnings data on Wednesday. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.05, FiscalAI reports. The company had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.96 billion. Hormel Foods had a net margin of 4.03% and a return on equity of 9.38%.

Hormel Foods Price Performance

HRL opened at $21.00 on Thursday. The company has a fifty day moving average price of $21.39 and a two-hundred day moving average price of $22.96. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.37 and a current ratio of 2.66. Hormel Foods has a 52 week low of $19.70 and a 52 week high of $31.86. The firm has a market capitalization of $11.56 billion, a PE ratio of 23.60, a P/E/G ratio of 2.87 and a beta of 0.33.

Hormel Foods Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, July 13th will be issued a dividend of $0.2925 per share. The ex-dividend date of this dividend is Monday, July 13th. This represents a $1.17 annualized dividend and a yield of 5.6%. Hormel Foods’s dividend payout ratio is currently 131.46%.

Institutional Trading of Hormel Foods

Institutional investors have recently bought and sold shares of the business. MUFG Securities EMEA plc acquired a new stake in Hormel Foods during the 2nd quarter worth $26,000. Strive Financial Group LLC acquired a new stake in Hormel Foods during the 4th quarter worth $27,000. Motiv8 Investments LLC acquired a new stake in Hormel Foods during the 4th quarter worth $28,000. Parkside Financial Bank & Trust grew its holdings in Hormel Foods by 354.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company’s stock worth $31,000 after acquiring an additional 1,025 shares during the period. Finally, Ankerstar Wealth LLC acquired a new stake in Hormel Foods during the 4th quarter worth $35,000. Institutional investors and hedge funds own 40.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Stephens set a $22.00 price objective on shares of Hormel Foods and gave the stock an “equal weight” rating in a report on Thursday, May 21st. The Goldman Sachs Group set a $25.00 price target on shares of Hormel Foods in a report on Thursday, May 21st. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $23.00 price objective (down from $28.00) on shares of Hormel Foods in a report on Thursday, April 9th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Hormel Foods in a report on Tuesday, April 21st. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $25.33.

About Hormel Foods

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.