Hormel Foods Corporation (NYSE:HRL) Receives Buy Rating from BMO Capital Markets

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

Several other research firms also recently weighed in on HRL. Credit Suisse Group dropped coverage on Hormel Foods in a research note on Saturday, August 26th. They issued an outperform rating for the company. Morgan Stanley assumed coverage on Hormel Foods in a report on Friday, November 3rd. They set an underweight rating and a $26.00 price target on the stock. KeyCorp assumed coverage on Hormel Foods in a research note on Tuesday, October 31st. They issued a hold rating on the stock. Zacks Investment Research lowered Hormel Foods from a hold rating to a sell rating in a research note on Monday, August 21st. Finally, BidaskClub raised Hormel Foods from a sell rating to a hold rating in a research report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $34.90.

Hormel Foods (NYSE HRL) traded up $0.14 on Monday, hitting $34.41. The stock had a trading volume of 1,035,377 shares, compared to its average volume of 2,841,912. Hormel Foods has a 12-month low of $29.75 and a 12-month high of $37.97. The company has a current ratio of 1.91, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05. The stock has a market cap of $18,088.67, a price-to-earnings ratio of 21.69, a PEG ratio of 2.22 and a beta of 0.58.

Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Tuesday, November 21st. The company reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.01. The firm had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.41 billion. Hormel Foods had a net margin of 9.24% and a return on equity of 17.87%. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.45 EPS. equities analysts anticipate that Hormel Foods will post 1.65 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Tuesday, January 16th will be paid a $0.1875 dividend. This represents a $0.75 annualized dividend and a dividend yield of 2.18%. This is a boost from Hormel Foods’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Friday, January 12th. Hormel Foods’s dividend payout ratio (DPR) is presently 43.04%.

In related news, Director Dakota A. Pippins sold 4,000 shares of Hormel Foods stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $31.60, for a total transaction of $126,400.00. Following the completion of the transaction, the director now directly owns 92,377 shares in the company, valued at $2,919,113.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Donald H. Kremin sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $31.66, for a total value of $3,166,000.00. Following the completion of the sale, the insider now directly owns 887 shares in the company, valued at $28,082.42. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 194,518 shares of company stock valued at $6,132,366. Company insiders own 3.54% of the company’s stock.

Several large investors have recently modified their holdings of the company. Smith Shellnut Wilson LLC ADV boosted its stake in Hormel Foods by 88.3% during the third quarter. Smith Shellnut Wilson LLC ADV now owns 11,985 shares of the company’s stock worth $385,000 after buying an additional 5,621 shares during the last quarter. Americafirst Capital Management LLC purchased a new stake in shares of Hormel Foods in the 3rd quarter valued at $649,000. Belpointe Asset Management LLC purchased a new stake in shares of Hormel Foods in the 3rd quarter valued at $383,000. IFM Investors Pty Ltd purchased a new stake in shares of Hormel Foods in the 3rd quarter valued at $271,000. Finally, Independent Advisor Alliance raised its holdings in shares of Hormel Foods by 12.4% in the 3rd quarter. Independent Advisor Alliance now owns 20,737 shares of the company’s stock valued at $648,000 after buying an additional 2,281 shares during the period. 38.17% of the stock is currently owned by hedge funds and other institutional investors.

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Hormel Foods Company Profile

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