Hormel Foods Corporation (NYSE:HRL) Given “Buy” Rating at BMO Capital Markets

BMO Capital Markets reaffirmed their buy rating on shares of Hormel Foods Corporation (NYSE:HRL) in a report published on Monday, November 6th. They currently have a $38.00 price objective on the stock.

Several other brokerages have also commented on HRL. Credit Suisse Group dropped coverage on shares of Hormel Foods Corporation in a research report on Saturday, August 26th. They issued an outperform rating on the stock. Morgan Stanley started coverage on shares of Hormel Foods Corporation in a research report on Friday, November 3rd. They issued an underweight rating and a $26.00 price target on the stock. KeyCorp started coverage on shares of Hormel Foods Corporation in a research report on Tuesday, October 31st. They issued a hold rating on the stock. Zacks Investment Research lowered shares of Hormel Foods Corporation from a hold rating to a sell rating in a research report on Monday, August 21st. Finally, BidaskClub raised shares of Hormel Foods Corporation from a sell rating to a hold rating in a research report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. The company has an average rating of Hold and an average target price of $34.44.

Hormel Foods Corporation (HRL) traded up $0.19 during trading on Monday, reaching $33.12. 1,986,583 shares of the company traded hands, compared to its average volume of 2,717,967. Hormel Foods Corporation has a 1-year low of $29.75 and a 1-year high of $37.97. The stock has a market capitalization of $17,481.66, a PE ratio of 20.44, a PEG ratio of 2.17 and a beta of 0.58. The company has a current ratio of 2.53, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05.

Hormel Foods Corporation (NYSE:HRL) last announced its quarterly earnings data on Thursday, August 24th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.03). The company had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.24 billion. Hormel Foods Corporation had a return on equity of 18.90% and a net margin of 9.38%. The business’s revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.36 EPS. equities analysts predict that Hormel Foods Corporation will post 1.56 EPS for the current fiscal year.

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The business also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Monday, October 23rd were paid a $0.17 dividend. The ex-dividend date of this dividend was Friday, October 20th. This represents a $0.68 dividend on an annualized basis and a yield of 2.05%. Hormel Foods Corporation’s dividend payout ratio is presently 41.98%.

In other news, insider Steven G. Binder sold 15,000 shares of the company’s stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $32.00, for a total value of $480,000.00. Following the completion of the sale, the insider now owns 26,838 shares of the company’s stock, valued at approximately $858,816. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John L. Morrison sold 24,814 shares of the company’s stock in a transaction on Friday, October 13th. The shares were sold at an average price of $31.81, for a total transaction of $789,333.34. The disclosure for this sale can be found here. In the last three months, insiders sold 194,518 shares of company stock valued at $6,132,366. Corporate insiders own 3.54% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Dupont Capital Management Corp purchased a new stake in shares of Hormel Foods Corporation in the 3rd quarter valued at $100,000. Acrospire Investment Management LLC purchased a new stake in shares of Hormel Foods Corporation in the 2nd quarter valued at $111,000. BB&T Investment Services Inc. purchased a new stake in shares of Hormel Foods Corporation in the 2nd quarter valued at $118,000. Bronfman E.L. Rothschild L.P. boosted its stake in shares of Hormel Foods Corporation by 0.4% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 4,766 shares of the company’s stock valued at $163,000 after purchasing an additional 19 shares in the last quarter. Finally, Penserra Capital Management LLC purchased a new stake in shares of Hormel Foods Corporation in the 2nd quarter valued at $189,000. 38.33% of the stock is owned by institutional investors.

About Hormel Foods Corporation

Analyst Recommendations for Hormel Foods Corporation (NYSE:HRL)

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