Hormel Foods Corporation (HRL) Issues FY17 Earnings Guidance
Hormel Foods Corporation (NYSE:HRL) issued an update on its FY17 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.65-1.71 for the period, compared to the Thomson Reuters consensus estimate of $1.66.
Hormel Foods Corporation (HRL) traded down 1.88% on Friday, reaching $33.95. The company’s stock had a trading volume of 4,102,211 shares. The stock has a 50-day moving average of $34.44 and a 200-day moving average of $35.03. Hormel Foods Corporation has a one year low of $32.90 and a one year high of $40.00. The stock has a market cap of $17.94 billion, a P/E ratio of 20.70 and a beta of 0.55.
Hormel Foods Corporation (NYSE:HRL) last posted its quarterly earnings results on Thursday, May 25th. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.40 by $0.01. Hormel Foods Corporation had a net margin of 9.42% and a return on equity of 19.57%. The company had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same period in the prior year, the business posted $0.40 EPS. Hormel Foods Corporation’s revenue for the quarter was down 4.9% compared to the same quarter last year. On average, analysts predict that Hormel Foods Corporation will post $1.65 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, July 17th will be issued a $0.17 dividend. The ex-dividend date is Thursday, July 13th. This represents a $0.68 annualized dividend and a dividend yield of 2.00%. Hormel Foods Corporation’s dividend payout ratio is presently 41.46%.
Several research analysts recently weighed in on HRL shares. Zacks Investment Research upgraded Hormel Foods Corporation from a sell rating to a hold rating in a research report on Monday, March 20th. BMO Capital Markets reiterated a buy rating and issued a $45.00 price objective on shares of Hormel Foods Corporation in a research report on Thursday, March 30th. Credit Suisse Group lowered their price target on Hormel Foods Corporation from $41.00 to $39.00 and set a buy rating for the company in a research report on Friday, May 26th. Jefferies Group LLC reiterated a hold rating and issued a $34.00 price objective on shares of Hormel Foods Corporation in a research note on Monday. Finally, Mizuho initiated coverage on Hormel Foods Corporation in a research note on Wednesday, June 7th. They issued a neutral rating and a $35.00 price objective on the stock. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Hormel Foods Corporation has an average rating of Buy and an average target price of $40.27.
In other Hormel Foods Corporation news, insider Thomas R. Day sold 11,650 shares of Hormel Foods Corporation stock in a transaction that occurred on Tuesday, April 11th. The stock was sold at an average price of $34.25, for a total value of $399,012.50. Following the sale, the insider now owns 4,836 shares of the company’s stock, valued at approximately $165,633. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Luis G. Marconi sold 1,300 shares of Hormel Foods Corporation stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $34.81, for a total value of $45,253.00. Following the completion of the sale, the insider now directly owns 22,532 shares in the company, valued at approximately $784,338.92. The disclosure for this sale can be found here. In the last three months, insiders have sold 87,087 shares of company stock worth $3,000,806. Corporate insiders own 3.54% of the company’s stock.
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About Hormel Foods Corporation
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