Piper Jaffray Companies assumed coverage on shares of Hormel Foods (NYSE:HRL) in a research report sent to investors on Thursday, MarketBeat Ratings reports. The firm issued an overweight rating and a $42.00 price target on the stock.
Several other brokerages also recently commented on HRL. Morgan Stanley initiated coverage on Hormel Foods in a research note on Friday, November 3rd. They set an underweight rating and a $26.00 target price for the company. Barclays set a $40.00 target price on Hormel Foods and gave the stock an overweight rating in a research note on Friday, December 1st. KeyCorp initiated coverage on Hormel Foods in a research note on Tuesday, October 31st. They set a hold rating for the company. Mizuho set a $34.00 target price on Hormel Foods and gave the stock a hold rating in a research note on Saturday, November 25th. Finally, Zacks Investment Research upgraded Hormel Foods from a hold rating to a buy rating and set a $39.00 target price for the company in a research note on Thursday, November 23rd. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $35.70.
Hormel Foods (HRL) opened at $36.35 on Thursday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.04 and a current ratio of 1.91. Hormel Foods has a one year low of $29.75 and a one year high of $38.00. The company has a market capitalization of $19,250.00, a P/E ratio of 23.15, a PEG ratio of 2.34 and a beta of 0.65.
Hormel Foods (NYSE:HRL) last issued its earnings results on Tuesday, November 21st. The company reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.01. Hormel Foods had a return on equity of 17.87% and a net margin of 9.24%. The company had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.41 billion. During the same period in the previous year, the company posted $0.45 EPS. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. research analysts anticipate that Hormel Foods will post 1.67 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Tuesday, January 16th will be paid a $0.1875 dividend. The ex-dividend date is Friday, January 12th. This is an increase from Hormel Foods’s previous quarterly dividend of $0.17. This represents a $0.75 annualized dividend and a yield of 2.06%. Hormel Foods’s payout ratio is 43.31%.
In other Hormel Foods news, Director John L. Morrison sold 24,814 shares of Hormel Foods stock in a transaction on Friday, October 13th. The stock was sold at an average price of $31.81, for a total value of $789,333.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas R. Day sold 34,346 shares of Hormel Foods stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $36.47, for a total value of $1,252,598.62. Following the completion of the transaction, the insider now directly owns 73,770 shares of the company’s stock, valued at $2,690,391.90. The disclosure for this sale can be found here. Insiders sold a total of 155,815 shares of company stock valued at $5,402,159 over the last 90 days. 3.54% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. MML Investors Services LLC raised its holdings in Hormel Foods by 101.8% in the 2nd quarter. MML Investors Services LLC now owns 25,373 shares of the company’s stock valued at $865,000 after acquiring an additional 12,800 shares in the last quarter. Koch Industries Inc. acquired a new position in Hormel Foods in the 2nd quarter valued at $381,000. Cetera Investment Advisers acquired a new position in Hormel Foods in the 2nd quarter valued at $463,000. Financial Counselors Inc. acquired a new position in Hormel Foods in the 2nd quarter valued at $4,290,000. Finally, Nomura Holdings Inc. raised its holdings in Hormel Foods by 42.3% in the 2nd quarter. Nomura Holdings Inc. now owns 115,356 shares of the company’s stock valued at $3,934,000 after acquiring an additional 34,289 shares in the last quarter. 38.22% of the stock is owned by hedge funds and other institutional investors.
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Hormel Foods Company Profile
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