Hormel Foods Corporation (NYSE:HRL) Upgraded to Hold by Zacks Investment Research

Hormel Foods Corporation (NYSE:HRL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday, September 11th.

According to Zacks, “Over the last three months, Hormel Foods’ shares have underperformed and look overvalued compared to the industry. The company reported lackluster third-quarter fiscal 2017 results.  Hormel Foods noted that price inflation of major inputs like pork bellies and beef trim, as well as the ongoing Jennie-O Turkey Store segment issues stemmed the downside. However, company is poised to grow on the back of its diversified product portfolio. Higher demand for major brands such as Skippy and Justin’s, lucrative marketing programs are expected to boost near term revenues. Moreover, meaningful acquisitions and strategic growth oriented investment programs are also anticipated to underpin near term results. Over the last 7 days, Zacks Consensus Estimate for the stock remained unchanged for both fiscal 2017 and 2018.”

A number of other equities analysts also recently weighed in on the company. Credit Suisse Group dropped coverage on Hormel Foods Corporation in a research note on Saturday, August 26th. They issued an “outperform” rating on the stock. BidaskClub downgraded Hormel Foods Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Barclays PLC dropped their price objective on Hormel Foods Corporation from $38.00 to $35.00 and set an “overweight” rating on the stock in a research note on Friday, August 25th. Stephens reissued an “overweight” rating and set a $50.00 target price on shares of Hormel Foods Corporation in a report on Friday, June 16th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $38.00 target price (down previously from $45.00) on shares of Hormel Foods Corporation in a report on Friday, August 25th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $38.30.

Hormel Foods Corporation (HRL) opened at 31.19 on Monday. The stock’s 50 day moving average price is $32.60 and its 200-day moving average price is $33.86. The firm has a market capitalization of $16.46 billion, a price-to-earnings ratio of 19.25 and a beta of 0.58. Hormel Foods Corporation has a one year low of $30.50 and a one year high of $38.84.

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

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In other Hormel Foods Corporation news, 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 transaction of $3,166,000.00. Following the completion of the transaction, the insider now owns 887 shares of the company’s stock, valued at $28,082.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven G. Binder sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $32.00, for a total transaction of $480,000.00. Following the transaction, the insider now directly owns 26,838 shares of the company’s stock, valued at approximately $858,816. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 180,843 shares of company stock valued at $5,715,409. 3.54% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. CLS Investments LLC increased its position in shares of Hormel Foods Corporation by 4.7% during the second quarter. CLS Investments LLC now owns 38,530 shares of the company’s stock valued at $1,314,000 after acquiring an additional 1,723 shares in the last quarter. Financial Counselors Inc. bought a new stake in shares of Hormel Foods Corporation during the second quarter valued at approximately $4,290,000. Swiss National Bank increased its position in shares of Hormel Foods Corporation by 20.2% during the first quarter. Swiss National Bank now owns 1,413,994 shares of the company’s stock valued at $48,967,000 after acquiring an additional 237,500 shares in the last quarter. Jacobi Capital Management LLC increased its position in shares of Hormel Foods Corporation by 24.1% during the first quarter. Jacobi Capital Management LLC now owns 10,300 shares of the company’s stock valued at $355,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Hills Bank & Trust Co. purchased a new stake in Hormel Foods Corporation in the second quarter worth approximately $210,000. 38.95% of the stock is owned by institutional investors.

Hormel Foods Corporation Company Profile

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