Hormel Foods Corporation (NYSE:HRL)’s share price dropped 1.8% during mid-day trading on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $30.86 and last traded at $31.51, with a volume of 3,055,186 shares. The stock had previously closed at $32.09.

The company reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by $0.03. The business had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.24 billion. Hormel Foods Corporation had a net margin of 9.42% and a return on equity of 19.57%. Hormel Foods Corporation’s revenue was down 4.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.36 earnings per share.

Several equities research analysts have recently issued reports on HRL shares. Zacks Investment Research raised Hormel Foods Corporation from a “sell” rating to a “hold” rating in a report on Monday, May 1st. Credit Suisse Group reduced their target price on Hormel Foods Corporation from $41.00 to $39.00 and set a “buy” rating on the stock in a report on Friday, May 26th. BidaskClub cut Hormel Foods Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Stephens reaffirmed an “overweight” rating and issued a $50.00 target price on shares of Hormel Foods Corporation in a report on Friday, June 16th. Finally, Mizuho started coverage on Hormel Foods Corporation in a report on Wednesday, June 7th. They issued a “neutral” rating and a $35.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. Hormel Foods Corporation currently has an average rating of “Hold” and a consensus target price of $38.36.

In related news, insider Thomas R. Day sold 11,139 shares of Hormel Foods Corporation stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $33.43, for a total value of $372,376.77. Following the completion of the transaction, the insider now owns 24,838 shares in the company, valued at $830,334.34. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Luis G. Marconi sold 1,300 shares of Hormel Foods Corporation stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $34.81, for a total value of $45,253.00. Following the completion of the transaction, the insider now owns 22,532 shares of the company’s stock, valued at approximately $784,338.92. The disclosure for this sale can be found here. Company 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. Vanguard Group Inc. raised its position in Hormel Foods Corporation by 2.6% in the second quarter. Vanguard Group Inc. now owns 31,046,698 shares of the company’s stock valued at $1,059,004,000 after buying an additional 777,942 shares in the last quarter. State Street Corp raised its position in Hormel Foods Corporation by 0.4% in the second quarter. State Street Corp now owns 30,226,307 shares of the company’s stock valued at $1,031,019,000 after buying an additional 132,262 shares in the last quarter. BlackRock Inc. raised its position in Hormel Foods Corporation by 2.3% in the second quarter. BlackRock Inc. now owns 19,429,152 shares of the company’s stock valued at $662,728,000 after buying an additional 437,716 shares in the last quarter. Capital International Investors raised its position in Hormel Foods Corporation by 16.8% in the second quarter. Capital International Investors now owns 8,284,975 shares of the company’s stock valued at $282,600,000 after buying an additional 1,191,000 shares in the last quarter. Finally, APG Asset Management N.V. raised its position in Hormel Foods Corporation by 3.3% in the second quarter. APG Asset Management N.V. now owns 5,165,938 shares of the company’s stock valued at $176,210,000 after buying an additional 162,900 shares in the last quarter. Institutional investors own 38.40% of the company’s stock.

The company has a 50-day moving average of $33.58 and a 200-day moving average of $34.51. The company has a market capitalization of $16.60 billion, a P/E ratio of 19.15 and a beta of 0.56.

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About Hormel Foods Corporation

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