Brokerages expect Hormel Foods Corp (NYSE:HRL) to report $2.40 billion in sales for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Hormel Foods’ earnings, with estimates ranging from $2.36 billion to $2.43 billion. Hormel Foods posted sales of $2.33 billion during the same quarter last year, which would indicate a positive year over year growth rate of 3%. The company is scheduled to issue its next quarterly earnings report on Thursday, February 28th.
On average, analysts expect that Hormel Foods will report full-year sales of $9.90 billion for the current fiscal year, with estimates ranging from $9.78 billion to $9.95 billion. For the next year, analysts expect that the firm will post sales of $10.14 billion, with estimates ranging from $9.97 billion to $10.32 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that that provide coverage for Hormel Foods.
Hormel Foods (NYSE:HRL) last issued its earnings results on Tuesday, November 20th. The company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.02. Hormel Foods had a return on equity of 18.01% and a net margin of 10.60%. The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.57 billion. During the same quarter in the previous year, the company posted $0.41 earnings per share. The business’s quarterly revenue was up 1.3% compared to the same quarter last year.
HRL has been the topic of a number of recent research reports. JPMorgan Chase & Co. initiated coverage on Hormel Foods in a research note on Friday, September 28th. They issued a “neutral” rating and a $41.00 target price on the stock. Barclays downgraded Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 target price on the stock. in a research note on Friday, August 24th. Piper Jaffray Companies set a $50.00 price target on Hormel Foods and gave the stock a “buy” rating in a research note on Tuesday, November 6th. Zacks Investment Research reiterated a “sell” rating on shares of Hormel Foods in a research note on Tuesday, November 13th. Finally, Jefferies Financial Group downgraded Hormel Foods from a “buy” rating to a “hold” rating and set a $44.00 price target for the company. in a research note on Tuesday, November 27th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $40.56.
In other news, Director Dakota A. Pippins sold 1,750 shares of the company’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $39.59, for a total transaction of $69,282.50. Following the completion of the sale, the director now owns 91,797 shares in the company, valued at approximately $3,634,243.23. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Thomas R. Day sold 48,596 shares of the company’s stock in a transaction dated Tuesday, December 4th. The stock was sold at an average price of $45.54, for a total value of $2,213,061.84. Following the sale, the executive vice president now owns 93,132 shares of the company’s stock, valued at approximately $4,241,231.28. The disclosure for this sale can be found here. In the last quarter, insiders have sold 218,161 shares of company stock valued at $9,563,359. 3.54% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in HRL. Kovack Advisors Inc. acquired a new position in shares of Hormel Foods during the 2nd quarter worth about $243,000. SG Americas Securities LLC lifted its position in shares of Hormel Foods by 16.3% during the 3rd quarter. SG Americas Securities LLC now owns 117,151 shares of the company’s stock worth $4,616,000 after purchasing an additional 16,396 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Hormel Foods by 63.3% during the 3rd quarter. Parallel Advisors LLC now owns 9,453 shares of the company’s stock worth $372,000 after purchasing an additional 3,665 shares during the last quarter. Glenmede Trust Co. NA lifted its position in shares of Hormel Foods by 1,190.8% during the 2nd quarter. Glenmede Trust Co. NA now owns 338,397 shares of the company’s stock worth $12,591,000 after purchasing an additional 312,180 shares during the last quarter. Finally, Toth Financial Advisory Corp lifted its position in shares of Hormel Foods by 4.9% during the 3rd quarter. Toth Financial Advisory Corp now owns 71,816 shares of the company’s stock worth $2,830,000 after purchasing an additional 3,342 shares during the last quarter. Institutional investors own 42.28% of the company’s stock.
NYSE HRL traded down $0.60 on Wednesday, reaching $44.34. The stock had a trading volume of 2,353,248 shares, compared to its average volume of 3,355,598. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.80 and a quick ratio of 0.95. Hormel Foods has a 1 year low of $31.71 and a 1 year high of $46.26. The company has a market capitalization of $23.96 billion, a P/E ratio of 23.46, a price-to-earnings-growth ratio of 2.94 and a beta of 0.13.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Monday, January 14th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend is Friday, January 11th. This is an increase from Hormel Foods’s previous quarterly dividend of $0.19. Hormel Foods’s dividend payout ratio is 39.68%.
Hormel Foods Company Profile
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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