Stephens started coverage on shares of Hormel Foods (NYSE:HRL – Free Report) in a research note issued to investors on Thursday morning, MarketBeat.com reports. The brokerage issued an equal weight rating and a $31.00 target price on the stock.
Separately, Citigroup raised Hormel Foods from a neutral rating to a buy rating and raised their price objective for the company from $33.00 to $37.00 in a research report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $32.17.
Read Our Latest Stock Analysis on HRL
Hormel Foods Price Performance
Hormel Foods (NYSE:HRL – Get Free Report) last posted its earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. The firm had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.95 billion. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. The business’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.40 EPS. On average, sell-side analysts expect that Hormel Foods will post 1.58 earnings per share for the current year.
Hormel Foods Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $0.282 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $1.13 annualized dividend and a dividend yield of 3.60%. Hormel Foods’s payout ratio is currently 80.71%.
Insider Buying and Selling at Hormel Foods
In other news, EVP Deanna T. Brady sold 51,600 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $31.95, for a total value of $1,648,620.00. Following the sale, the executive vice president now directly owns 72,421 shares of the company’s stock, valued at approximately $2,313,850.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Deanna T. Brady sold 51,600 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $31.95, for a total transaction of $1,648,620.00. Following the sale, the executive vice president now directly owns 72,421 shares of the company’s stock, valued at approximately $2,313,850.95. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Steven J. Lykken sold 9,800 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $31.91, for a total transaction of $312,718.00. Following the sale, the vice president now owns 30,589 shares of the company’s stock, valued at approximately $976,094.99. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 71,400 shares of company stock worth $2,288,338. 0.69% of the stock is owned by insiders.
Hedge Funds Weigh In On Hormel Foods
A number of hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings in shares of Hormel Foods by 688.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock worth $26,000 after purchasing an additional 647 shares in the last quarter. CVA Family Office LLC purchased a new stake in shares of Hormel Foods during the first quarter valued at $31,000. International Assets Investment Management LLC bought a new stake in Hormel Foods in the 2nd quarter worth about $34,000. Central Valley Advisors LLC purchased a new position in Hormel Foods in the 2nd quarter worth about $37,000. Finally, Register Financial Advisors LLC bought a new position in Hormel Foods during the 1st quarter valued at about $42,000. 40.99% of the stock is currently owned by hedge funds and other institutional investors.
Hormel Foods Company Profile
Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.
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