JPMorgan Chase & Co. Issues Positive Forecast for Hormel Foods (NYSE:HRL) Stock Price

Hormel Foods (NYSE:HRL) had its price target boosted by research analysts at JPMorgan Chase & Co. from $25.00 to $26.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 5.97% from the stock’s previous close.

A number of other research firms also recently weighed in on HRL. BNP Paribas Exane upped their price target on shares of Hormel Foods from $26.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. Stephens reissued an “equal weight” rating and set a $25.00 price objective on shares of Hormel Foods in a research report on Thursday, July 9th. Bank of America boosted their target price on Hormel Foods from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. The Goldman Sachs Group set a $25.00 target price on Hormel Foods in a research report on Thursday, May 21st. Finally, Weiss Ratings raised Hormel Foods from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday. Two investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $26.57.

Hormel Foods Stock Up 0.4%

NYSE:HRL traded up $0.10 on Friday, hitting $24.54. 670,222 shares of the company’s stock traded hands, compared to its average volume of 4,775,222. The company has a current ratio of 1.94, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30. Hormel Foods has a 1 year low of $19.70 and a 1 year high of $29.34. The firm has a 50-day moving average price of $24.90 and a 200-day moving average price of $23.46. The company has a market cap of $13.50 billion, a PE ratio of 28.86, a price-to-earnings-growth ratio of 2.81 and a beta of 0.34.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05. The business had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.96 billion. Hormel Foods had a net margin of 3.82% and a return on equity of 9.74%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.35 earnings per share. Equities analysts anticipate that Hormel Foods will post 1.5 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Gary C. Bhojwani sold 20,200 shares of Hormel Foods stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total value of $495,102.00. Following the transaction, the director owned 32,002 shares of the company’s stock, valued at $784,369.02. This trade represents a 38.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.58% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Hormel Foods during the second quarter valued at about $489,092,000. Invesco Ltd. increased its stake in shares of Hormel Foods by 66.5% in the third quarter. Invesco Ltd. now owns 11,331,941 shares of the company’s stock worth $280,352,000 after purchasing an additional 4,526,167 shares during the period. Norges Bank bought a new position in shares of Hormel Foods in the fourth quarter worth about $85,840,000. Epoch Investment Partners Inc. acquired a new position in shares of Hormel Foods during the 1st quarter worth about $44,733,000. Finally, Freestone Grove Partners LP bought a new stake in Hormel Foods during the 4th quarter valued at approximately $43,340,000. Institutional investors own 40.99% of the company’s stock.

Hormel Foods Company Profile

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.