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Hormel Foods Corp (NYSE:HRL)‘s stock had its “neutral” rating reiterated by Zacks in a report issued on Friday. They currently have a $53.00 price target on the stock. Zacks‘s price objective would indicate a potential upside of 4.64% from the company’s current price.

Zacks’ analyst wrote, “Hormel Foods reported strong results for the third-quarter fiscal 2014, with earnings increasing 21.4% year over year to $0.51 per share. Revenues increased 5.8% to $2.3 billion as some segments recorded impressive growth. Inorganic growth from the acquisition of Skippy peanut butter line continues to be a significant aid. Further, the company has been involved in a lot of advertising campaigns, leading to increased brand awareness and thus, boosting sales. It has also acquired CytoSport Holdings recently, which will boost growth prospects for the company’s Specialty Foods segment. However, raw material prices for beef, pork, turkey and avocado are expected to increase in the quarters ahead due to shortage of supply, impacting earnings per share negatively. Therefore, we prefer to remain on the sidelines and maintain a Neutral stance on the company.”

Hormel Foods Corp (NYSE:HRL) traded up 0.17% during mid-day trading on Friday, hitting $50.7372. 194,335 shares of the company’s stock traded hands. Hormel Foods Corp has a 1-year low of $40.60 and a 1-year high of $50.75. The stock has a 50-day moving average of $47.73 and a 200-day moving average of $47.82. The company has a market cap of $13.394 billion and a P/E ratio of 23.23.

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 $2.23 earnings per share for the current fiscal year.

In other Hormel Foods Corp news, VP Brian Dean Johnson sold 3,000 shares of Hormel Foods Corp stock on the open market in a transaction dated Thursday, August 28th. The stock was sold at an average price of $50.63, for a total value of $151,890.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Several other analysts have also recently commented on the stock. Analysts at Credit Suisse reiterated a “neutral” rating on shares of Hormel Foods Corp in a research note on Friday, August 22nd. They now have a $52.00 price target on the stock, up previously from $50.00. Separately, analysts at Stephens upgraded shares of Hormel Foods Corp from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 22nd. Finally, 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, August 22nd. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $53.75.

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.

To view Zacks’ full report, visit Zacks’ official website.

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