Hormel Foods Corporation (HRL) Trading Down 0.1% on Disappointing Earnings

Hormel Foods Corporation (NYSE:HRL)’s share price dropped 0.1% on Friday following a weaker than expected earnings announcement. The stock traded as low as $32.94 and last traded at $33.17, with a volume of 1,842,957 shares trading hands. The stock had previously closed at $33.13.

The company reported $0.39 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by $0.01. Hormel Foods Corporation had a net margin of 9.42% and a return on equity of 19.57%. The company had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.22 billion. During the same period in the previous year, the business posted $0.40 earnings per share. The business’s revenue was down 4.9% on a year-over-year basis.

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 paid a $0.17 dividend. The ex-dividend date is Thursday, July 13th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.98%. Hormel Foods Corporation’s payout ratio is currently 41.46%.

HRL has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Hormel Foods Corporation from a “hold” rating to a “sell” rating in a research note on Monday, March 27th. Credit Suisse Group dropped their price objective on shares of Hormel Foods Corporation from $41.00 to $39.00 and set a “buy” rating for the company in a research note on Friday, May 26th. BMO Capital Markets reissued a “buy” rating and issued a $45.00 price objective on shares of Hormel Foods Corporation in a research note on Thursday, March 30th. Finally, Mizuho initiated coverage on shares of Hormel Foods Corporation in a research note on Wednesday, June 7th. They issued a “neutral” rating and a $35.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Hormel Foods Corporation has an average rating of “Buy” and an average price target of $40.27.

In related news, insider Donald H. Kremin sold 27,852 shares of Hormel Foods Corporation stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $34.66, for a total transaction of $965,350.32. Following the completion of the sale, the insider now owns 112,746 shares in the company, valued at approximately $3,907,776.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Luis G. Marconi sold 1,300 shares of Hormel Foods Corporation stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $34.81, for a total transaction of $45,253.00. Following the sale, 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. Insiders have sold a total of 87,087 shares of company stock valued at $3,000,806 in the last quarter. 3.54% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of the stock. SRS Capital Advisors Inc. acquired a new stake in Hormel Foods Corporation during the fourth quarter valued at approximately $125,000. Canada Pension Plan Investment Board raised its stake 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 valued at $132,000 after buying an additional 2,664 shares in the last quarter. Van ECK Associates Corp raised its stake in Hormel Foods Corporation by 9.4% in the fourth quarter. Van ECK Associates Corp now owns 4,092 shares of the company’s stock valued at $142,000 after buying an additional 352 shares in the last quarter. Pacer Advisors Inc. raised its stake in Hormel Foods Corporation by 3.3% in the first quarter. Pacer Advisors Inc. now owns 5,590 shares of the company’s stock valued at $194,000 after buying an additional 176 shares in the last quarter. Finally, Gulf International Bank UK Ltd raised its stake in Hormel Foods Corporation by 27.5% in the first quarter. Gulf International Bank UK Ltd now owns 6,026 shares of the company’s stock valued at $208,000 after buying an additional 1,300 shares in the last quarter. Institutional investors and hedge funds own 38.12% of the company’s stock.

The company’s 50 day moving average is $34.44 and its 200-day moving average is $35.03. The firm has a market capitalization of $18.16 billion, a price-to-earnings ratio of 20.95 and a beta of 0.55.

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