Hormel Foods Corp Reaches New 1-Year High After Earnings Beat (HRL)
Hormel Foods Corp (NYSE:HRL) shares reached a new 52-week high during trading on Thursday following a stronger than expected earnings report, AR Network reports. The company traded as high as $50.73 and last traded at $50.20, with a volume of 1,573,740 shares traded. The stock had previously closed at $47.86.
The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.02. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.23 billion. During the same quarter in the previous year, the company posted $0.42 earnings per share. The company’s revenue for the quarter was up 5.8% on a year-over-year basis.
A number of analysts have recently weighed in on HRL shares. Analysts at Credit Agricole downgraded shares of Hormel Foods Corp from an “outperform” rating to a “neutral” rating in a research note on Wednesday, July 2nd. Analysts at Credit Suisse downgraded shares of Hormel Foods Corp from an “outperform” rating to a “neutral” rating in a research note on Wednesday, July 2nd. They now have a $50.00 price target on the stock, up previously from $49.00. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $48.20.
The stock’s 50-day moving average is $47.42 and its 200-day moving average is $47.. The company has a market cap of $13.250 billion and a price-to-earnings ratio of 22.90.
Hormel Foods Corporation is primarily engaged in the production of a variety of meat and food products and the marketing of those products throughout the United States and internationally.
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