$2.24 Billion in Sales Expected for Hormel Foods Corporation (HRL) This Quarter
Equities research analysts forecast that Hormel Foods Corporation (NYSE:HRL) will post $2.24 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Hormel Foods Corporation’s earnings. The highest sales estimate is $2.25 billion and the lowest is $2.22 billion. Hormel Foods Corporation posted sales of $2.30 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 2.6%. The company is scheduled to issue its next quarterly earnings results on Thursday, August 17th.
On average, analysts expect that Hormel Foods Corporation will report full-year sales of $2.24 billion for the current year, with estimates ranging from $9.08 billion to $9.10 billion. For the next year, analysts expect that the company will post sales of $9.44 billion per share, with estimates ranging from $9.42 billion to $9.46 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Hormel Foods Corporation.
Hormel Foods Corporation (NYSE:HRL) last released its earnings results on Thursday, May 25th. The company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by $0.01. The company had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.22 billion. Hormel Foods Corporation had a return on equity of 19.57% and a net margin of 9.42%. The firm’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same quarter last year, the business earned $0.40 earnings per share.
A number of equities analysts have recently issued reports on HRL shares. Zacks Investment Research upgraded shares of Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research report on Monday, March 20th. BMO Capital Markets restated a “buy” rating and set a $45.00 target price on shares of Hormel Foods Corporation in a research report on Thursday, March 30th. Mizuho initiated coverage on shares of Hormel Foods Corporation in a research report on Wednesday, June 7th. They set a “neutral” rating and a $35.00 target price on the stock. Jefferies Group LLC reaffirmed a “hold” rating and set a $34.00 price target on shares of Hormel Foods Corporation in a report on Monday, June 12th. Finally, Credit Suisse Group decreased their price target on Hormel Foods Corporation from $41.00 to $39.00 and set a “buy” rating for the company in a report on Friday, May 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $40.27.
Hormel Foods Corporation (NYSE HRL) traded up 0.015% during mid-day trading on Friday, reaching $32.715. 567,784 shares of the company were exchanged. The firm has a market capitalization of $17.29 billion, a P/E ratio of 19.948 and a beta of 0.56. The stock has a 50-day moving average of $34.34 and a 200 day moving average of $35.05. Hormel Foods Corporation has a 1-year low of $32.68 and a 1-year high of $40.00.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 17th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend is Thursday, July 13th. Hormel Foods Corporation’s dividend payout ratio is currently 41.46%.
In other Hormel Foods Corporation news, insider Luis G. Marconi sold 1,300 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $34.81, for a total value of $45,253.00. Following the transaction, the insider now directly owns 22,532 shares of the company’s stock, valued at approximately $784,338.92. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Thomas R. Day sold 11,139 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $33.43, for a total value of $372,376.77. Following the completion of the transaction, the insider now directly owns 24,838 shares in the company, valued at $830,334.34. The disclosure for this sale can be found here. Insiders own 3.54% of the company’s stock.
Several institutional investors have recently made changes to their positions in HRL. Canada Pension Plan Investment Board increased its stake in shares of Hormel Foods Corporation by 230.1% in the first quarter. Canada Pension Plan Investment Board now owns 3,822 shares of the company’s stock worth $132,000 after buying an additional 2,664 shares during the period. SRS Capital Advisors Inc. increased its stake in shares of Hormel Foods Corporation by 20.1% in the first quarter. SRS Capital Advisors Inc. now owns 4,299 shares of the company’s stock worth $148,000 after buying an additional 718 shares during the period. Van ECK Associates Corp increased its stake in shares of Hormel Foods Corporation by 7.2% in the first quarter. Van ECK Associates Corp now owns 4,387 shares of the company’s stock worth $152,000 after buying an additional 295 shares during the period. Pacer Advisors Inc. increased its stake in shares of Hormel Foods Corporation by 3.3% in the first quarter. Pacer Advisors Inc. now owns 5,590 shares of the company’s stock worth $194,000 after buying an additional 176 shares during the period. Finally, Gulf International Bank UK Ltd increased its stake in shares of Hormel Foods Corporation by 27.5% in the first quarter. Gulf International Bank UK Ltd now owns 6,026 shares of the company’s stock worth $208,000 after buying an additional 1,300 shares during the period. 38.11% of the stock is currently owned by institutional investors.
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About Hormel Foods Corporation
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