Shares of Hormel Foods Co. (NYSE:HRL – Get Free Report) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $28.76 and last traded at $28.88, with a volume of 1303494 shares. The stock had previously closed at $29.60.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on HRL shares. Piper Sandler upped their price target on shares of Hormel Foods from $31.00 to $33.00 and gave the company a “neutral” rating in a research report on Friday, January 12th. JPMorgan Chase & Co. decreased their price target on shares of Hormel Foods from $36.00 to $31.00 and set an “underweight” rating for the company in a research note on Monday, October 16th. Citigroup started coverage on shares of Hormel Foods in a research note on Thursday, February 1st. They issued a “neutral” rating and a $31.00 price target for the company. Finally, The Goldman Sachs Group cut their price target on shares of Hormel Foods from $29.00 to $26.00 and set a “sell” rating on the stock in a report on Thursday, November 30th. Two research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $36.50.
Hormel Foods Stock Down 2.6 %
The stock has a market capitalization of $15.77 billion, a P/E ratio of 19.77, a P/E/G ratio of 3.94 and a beta of 0.24. The company’s 50-day moving average price is $31.29 and its 200 day moving average price is $34.40. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.70 and a current ratio of 1.43.
Hormel Foods (NYSE:HRL – Get Free Report) last released its quarterly earnings results on Wednesday, November 29th. The company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.26 billion. Hormel Foods had a return on equity of 11.47% and a net margin of 6.55%. Hormel Foods’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.51 earnings per share. As a group, equities analysts expect that Hormel Foods Co. will post 1.57 earnings per share for the current year.
Hormel Foods Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Tuesday, January 16th will be issued a $0.2825 dividend. The ex-dividend date of this dividend is Friday, January 12th. This represents a $1.13 annualized dividend and a dividend yield of 3.92%. This is a positive change from Hormel Foods’s previous quarterly dividend of $0.28. Hormel Foods’s payout ratio is currently 77.40%.
Insider Activity
In other news, Director Susan K. Nestegard sold 8,105 shares of the business’s stock in a transaction dated Wednesday, December 27th. The shares were sold at an average price of $31.78, for a total value of $257,576.90. Following the completion of the sale, the director now owns 92,615 shares in the company, valued at approximately $2,943,304.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Elsa A. Murano sold 9,000 shares of the stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $31.70, for a total transaction of $285,300.00. Following the sale, the director now directly owns 93,698 shares of the company’s stock, valued at $2,970,226.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Susan K. Nestegard sold 8,105 shares of the company’s stock in a transaction on Wednesday, December 27th. The stock was sold at an average price of $31.78, for a total transaction of $257,576.90. Following the transaction, the director now owns 92,615 shares of the company’s stock, valued at $2,943,304.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,021 shares of company stock worth $886,454. 0.69% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Hormel Foods
A number of large investors have recently added to or reduced their stakes in the stock. Janiczek Wealth Management LLC increased its holdings in shares of Hormel Foods by 62.9% during the 3rd quarter. Janiczek Wealth Management LLC now owns 1,028 shares of the company’s stock worth $39,000 after buying an additional 397 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in Hormel Foods in the first quarter valued at approximately $41,000. Massmutual Trust Co. FSB ADV raised its position in Hormel Foods by 43.9% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,276 shares of the company’s stock valued at $51,000 after purchasing an additional 389 shares during the last quarter. Iron Horse Wealth Management LLC increased its stake in Hormel Foods by 219.8% in the 2nd quarter. Iron Horse Wealth Management LLC now owns 1,420 shares of the company’s stock valued at $57,000 after buying an additional 976 shares during the period. Finally, Federated Hermes Inc. increased its stake in Hormel Foods by 21.1% in the 4th quarter. Federated Hermes Inc. now owns 2,069 shares of the company’s stock valued at $66,000 after buying an additional 361 shares during the period. 41.15% of the stock is currently owned by institutional investors and hedge funds.
About Hormel Foods
Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.