Hormel Foods Corp. (HRL) Downgraded to Buy at Vetr Inc.
Hormel Foods Corp. (NYSE:HRL) was downgraded by Vetr from a “strong-buy” rating to a “buy” rating in a research report issued on Monday. They presently have a $42.00 price objective on the stock. Vetr‘s target price would suggest a potential upside of 11.08% from the company’s current price.
Several other equities research analysts also recently weighed in on HRL. Jefferies Group upped their price target on Hormel Foods Corp. from $34.00 to $38.00 and gave the stock a “hold” rating in a report on Wednesday, July 27th. Deutsche Bank AG restated a “hold” rating and set a $38.00 price target on shares of Hormel Foods Corp. in a report on Tuesday, August 16th. BMO Capital Markets upgraded Hormel Foods Corp. from a “market perform” rating to an “outperform” rating and set a $44.00 price target on the stock in a report on Friday, August 19th. Credit Suisse Group AG upgraded Hormel Foods Corp. from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $38.00 to $43.00 in a report on Monday, August 22nd. Finally, Zacks Investment Research upgraded Hormel Foods Corp. from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Tuesday, August 23rd. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $40.10.
Hormel Foods Corp. (NYSE:HRL) traded up 0.96% during trading on Monday, reaching $37.81. The company’s stock had a trading volume of 2,509,081 shares. Hormel Foods Corp. has a 1-year low of $32.05 and a 1-year high of $45.72. The stock has a 50 day moving average price of $37.65 and a 200 day moving average price of $37.47. The stock has a market capitalization of $20.01 billion, a PE ratio of 24.55 and a beta of 0.57.
Hormel Foods Corp. (NYSE:HRL) last posted its earnings results on Thursday, August 18th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.01. Hormel Foods Corp. had a return on equity of 20.06% and a net margin of 8.96%. The firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same quarter in the prior year, the company earned $0.28 EPS. Hormel Foods Corp.’s revenue was up 5.2% on a year-over-year basis. Analysts anticipate that Hormel Foods Corp. will post $1.63 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Monday, October 24th will be paid a dividend of $0.145 per share. The ex-dividend date of this dividend is Thursday, October 20th. This represents a $0.58 dividend on an annualized basis and a yield of 1.53%. Hormel Foods Corp.’s dividend payout ratio is presently 37.79%.
In related news, VP Brian Dean Johnson sold 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 27th. The stock was sold at an average price of $38.00, for a total transaction of $133,000.00. Following the transaction, the vice president now owns 26,119 shares in the company, valued at approximately $992,522. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.54% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HRL. Van ECK Associates Corp increased its position in Hormel Foods Corp. by 32.8% in the second quarter. Van ECK Associates Corp now owns 2,734 shares of the company’s stock worth $100,000 after buying an additional 676 shares in the last quarter. Checchi Capital Advisers LLC boosted its stake in Hormel Foods Corp. by 3.8% in the second quarter. Checchi Capital Advisers LLC now owns 2,762 shares of the company’s stock worth $101,000 after buying an additional 100 shares during the last quarter. Global X Management Co. LLC boosted its stake in Hormel Foods Corp. by 192.9% in the second quarter. Global X Management Co. LLC now owns 2,794 shares of the company’s stock worth $102,000 after buying an additional 1,840 shares during the last quarter. Mizuho Asset Management Co. Ltd. boosted its stake in Hormel Foods Corp. by 285.8% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,380 shares of the company’s stock worth $124,000 after buying an additional 2,504 shares during the last quarter. Finally, Huntington National Bank boosted its stake in Hormel Foods Corp. by 40.0% in the second quarter. Huntington National Bank now owns 3,500 shares of the company’s stock worth $128,000 after buying an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 34.09% of the company’s stock.
About Hormel Foods Corp.
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