Wall Street analysts predict that Hormel Foods Corporation (NYSE:HRL) will announce $2.24 billion in sales for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Hormel Foods Corporation’s earnings. The highest sales estimate is $2.25 billion and the lowest is $2.22 billion. Hormel Foods Corporation reported sales of $2.30 billion in the same quarter last year, which would suggest a negative year over year growth rate of 2.6%. The firm is expected to announce its next earnings report before the market opens on Thursday, August 24th.
On average, analysts expect that Hormel Foods Corporation will report full-year sales of $2.24 billion for the current fiscal year, with estimates ranging from $9.08 billion to $9.10 billion. For the next year, analysts forecast that the business will post sales of $9.44 billion per share, with estimates ranging from $9.42 billion to $9.46 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Hormel Foods Corporation.
Hormel Foods Corporation (NYSE:HRL) last issued its earnings results on Thursday, May 25th. The company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by $0.01. Hormel Foods Corporation had a return on equity of 19.57% and a net margin of 9.42%. The firm had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter in the prior year, the business posted $0.40 EPS. The firm’s revenue for the quarter was down 4.9% on a year-over-year basis.
Several equities analysts have recently weighed in on the company. BidaskClub downgraded Hormel Foods Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday. Barclays PLC started coverage on Hormel Foods Corporation in a research report on Tuesday, June 6th. They issued an “overweight” rating and a $38.00 price objective on the stock. Jefferies Group LLC reaffirmed a “hold” rating and issued a $34.00 price objective on shares of Hormel Foods Corporation in a research report on Monday, June 12th. Mizuho started coverage on Hormel Foods Corporation in a research report on Wednesday, June 7th. They issued a “neutral” rating and a $35.00 price objective on the stock. Finally, Zacks Investment Research raised Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, June 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $40.27.
Shares of Hormel Foods Corporation (NYSE HRL) traded down 1.58% on Friday, hitting $33.66. 1,826,523 shares of the stock traded hands. The firm has a 50 day moving average price of $33.69 and a 200 day moving average price of $34.75. The firm has a market cap of $17.79 billion, a PE ratio of 20.52 and a beta of 0.56. Hormel Foods Corporation has a 52-week low of $32.26 and a 52-week high of $40.00.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, July 17th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.02%. The ex-dividend date is Thursday, July 13th. Hormel Foods Corporation’s dividend payout ratio (DPR) is presently 41.46%.
In other news, insider Luis G. Marconi sold 1,300 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $34.81, for a total transaction of $45,253.00. Following the transaction, the insider now owns 22,532 shares of the company’s stock, valued at approximately $784,338.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas R. Day sold 11,139 shares of the stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $33.43, for a total value of $372,376.77. Following the transaction, the insider now directly owns 24,838 shares in the company, valued at approximately $830,334.34. The disclosure for this sale can be found here. 3.54% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. Canada Pension Plan Investment Board increased its position in Hormel Foods Corporation by 230.1% in the first quarter. Canada Pension Plan Investment Board now owns 3,822 shares of the company’s stock worth $132,000 after buying an additional 2,664 shares during the last quarter. SRS Capital Advisors Inc. increased its position in Hormel Foods Corporation by 20.1% in the first quarter. SRS Capital Advisors Inc. now owns 4,299 shares of the company’s stock worth $148,000 after buying an additional 718 shares during the last quarter. Van ECK Associates Corp increased its position in Hormel Foods Corporation by 7.2% in the first quarter. Van ECK Associates Corp now owns 4,387 shares of the company’s stock worth $152,000 after buying an additional 295 shares during the last quarter. Independence Advisors LLC purchased a new position in Hormel Foods Corporation during the second quarter worth about $289,000. Finally, Penserra Capital Management LLC purchased a new position in Hormel Foods Corporation during the second quarter worth about $189,000. 38.35% of the stock is currently owned by institutional investors and hedge funds.
Hormel Foods Corporation Company Profile
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