Hormel Foods Corporation (HRL) Lowered to “Sell” at BidaskClub

BidaskClub downgraded shares of Hormel Foods Corporation (NYSE:HRL) from a hold rating to a sell rating in a research note released on Tuesday, July 11th.

Several other brokerages have also issued reports on HRL. BMO Capital Markets reaffirmed a buy rating and set a $45.00 target price on shares of Hormel Foods Corporation in a research report on Thursday, March 30th. Zacks Investment Research upgraded Hormel Foods Corporation from a sell rating to a hold rating in a research note on Monday, March 20th. Credit Suisse Group reduced their target price on 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. Stephens reiterated an overweight rating and set a $50.00 price target on shares of Hormel Foods Corporation in a research note on Friday, June 16th. Finally, Jefferies Group LLC reiterated a hold rating and set a $34.00 price target on shares of Hormel Foods Corporation in a research note on Monday, June 12th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. Hormel Foods Corporation presently has a consensus rating of Hold and an average price target of $40.27.

Shares of Hormel Foods Corporation (HRL) opened at 33.66 on Tuesday. Hormel Foods Corporation has a 52-week low of $32.26 and a 52-week high of $40.00. The company’s 50 day moving average price is $33.69 and its 200 day moving average price is $34.75. The firm has a market capitalization of $17.79 billion, a price-to-earnings ratio of 20.52 and a beta of 0.56.

Hormel Foods Corporation (NYSE:HRL) last announced its earnings results on Thursday, May 25th. The company reported $0.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by $0.01. The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.22 billion. Hormel Foods Corporation had a return on equity of 19.57% and a net margin of 9.42%. The firm’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.40 earnings per share. Analysts forecast that Hormel Foods Corporation will post $1.66 earnings per share for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 17th will be given a dividend of $0.17 per share. The ex-dividend date is Thursday, July 13th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.02%. Hormel Foods Corporation’s dividend payout ratio (DPR) is currently 41.46%.

In related news, insider Thomas R. Day sold 11,139 shares of the company’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $33.43, for a total value of $372,376.77. Following the completion of the transaction, the insider now directly owns 24,838 shares in the company, valued at $830,334.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Luis G. Marconi sold 1,300 shares of the company’s 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 $784,338.92. The disclosure for this sale can be found here. 3.54% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Hormel Foods Corporation by 1,105.9% in the first quarter. BlackRock Inc. now owns 18,991,436 shares of the company’s stock valued at $657,673,000 after buying an additional 17,416,591 shares during the period. State Street Corp increased its position in shares of Hormel Foods Corporation by 93.3% in the first quarter. State Street Corp now owns 30,094,045 shares of the company’s stock valued at $1,042,171,000 after buying an additional 14,529,149 shares during the period. Westwood Holdings Group Inc. increased its position in shares of Hormel Foods Corporation by 738.9% in the first quarter. Westwood Holdings Group Inc. now owns 2,532,454 shares of the company’s stock valued at $87,700,000 after buying an additional 2,230,574 shares during the period. Vanguard Group Inc. increased its position in shares of Hormel Foods Corporation by 5.6% in the first quarter. Vanguard Group Inc. now owns 30,268,756 shares of the company’s stock valued at $1,048,207,000 after buying an additional 1,608,528 shares during the period. Finally, Champlain Investment Partners LLC purchased a new position in shares of Hormel Foods Corporation during the first quarter valued at approximately $50,220,000. 38.35% of the stock is owned by hedge funds and other institutional investors.

About Hormel Foods Corporation

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