Hormel Foods Corp’s “Neutral” Rating Reiterated at Credit Suisse (HRL)
Hormel Foods Corp (NYSE:HRL)‘s stock had its “neutral” rating reaffirmed by equities research analysts at Credit Suisse in a research note issued to investors on Friday. They currently have a $52.00 target price on the stock, up from their previous target price of $50.00. Credit Suisse’s price objective points to a potential upside of 4.17% from the stock’s previous close.
Hormel Foods Corp (NYSE:HRL) traded up 0.80% on Friday, hitting $50.32. The stock had a trading volume of 579,692 shares. Hormel Foods Corp has a one year low of $40.60 and a one year high of $50.73. The stock’s 50-day moving average is $47.46 and its 200-day moving average is $47.57. The company has a market cap of $13.284 billion and a P/E ratio of 23.89.
Hormel Foods Corp (NYSE:HRL) last announced its earnings results on Thursday, August 21st. The company reported $0.51 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.42 earnings per share. Hormel Foods Corp’s revenue was up 5.8% compared to the same quarter last year. On average, analysts predict that Hormel Foods Corp will post $2.19 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Stephens upgraded shares of Hormel Foods Corp from an “equal weight” rating to an “overweight” rating in a research note on Friday. Separately, analysts at KeyCorp raised their price target on shares of Hormel Foods Corp from $55.00 to $57.00 in a research note on Friday. Finally, 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $49.75.
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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