Hormel Foods Corp (HRL) Forecasted to Post Q2 2018 Earnings of $0.39 Per Share
Hormel Foods Corp (NYSE:HRL) – Analysts at Jefferies Group boosted their Q2 2018 earnings per share (EPS) estimates for shares of Hormel Foods in a research report issued on Thursday. Jefferies Group analyst A. Jagdale now forecasts that the company will post earnings of $0.39 per share for the quarter, up from their previous estimate of $0.37. Jefferies Group has a “Hold” rating and a $34.00 price objective on the stock. Jefferies Group also issued estimates for Hormel Foods’ Q2 2019 earnings at $0.42 EPS and FY2021 earnings at $2.03 EPS.
HRL has been the subject of a number of other reports. BMO Capital Markets reissued a “buy” rating and issued a $38.00 price objective on shares of Hormel Foods in a research report on Monday, November 6th. Mizuho reissued a “hold” rating and issued a $33.00 price objective on shares of Hormel Foods in a research report on Wednesday, October 4th. Barclays decreased their price objective on shares of Hormel Foods from $38.00 to $35.00 and set an “overweight” rating for the company in a research report on Friday, August 25th. Zacks Investment Research raised shares of Hormel Foods from a “sell” rating to a “hold” rating in a research report on Monday, September 11th. Finally, BidaskClub raised shares of Hormel Foods from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $35.50.
Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Tuesday, November 21st. The company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.01. The company had revenue of $2.49 billion during the quarter, compared to analysts’ expectations of $2.41 billion. Hormel Foods had a net margin of 9.24% and a return on equity of 17.87%. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.45 EPS.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in HRL. Fairpointe Capital LLC acquired a new stake in Hormel Foods during the second quarter worth about $113,723,000. Capital International Investors raised its stake in Hormel Foods by 28.4% during the third quarter. Capital International Investors now owns 10,634,975 shares of the company’s stock worth $341,808,000 after acquiring an additional 2,350,000 shares during the period. Valueinvest Asset Management S.A. raised its stake in Hormel Foods by 29.2% during the third quarter. Valueinvest Asset Management S.A. now owns 6,915,500 shares of the company’s stock worth $222,264,000 after acquiring an additional 1,563,700 shares during the period. Principal Financial Group Inc. raised its stake in Hormel Foods by 264.7% during the third quarter. Principal Financial Group Inc. now owns 1,505,505 shares of the company’s stock worth $48,387,000 after acquiring an additional 1,092,714 shares during the period. Finally, American Century Companies Inc. raised its stake in Hormel Foods by 44.2% during the third quarter. American Century Companies Inc. now owns 3,051,908 shares of the company’s stock worth $98,088,000 after acquiring an additional 936,053 shares during the period. Hedge funds and other institutional investors own 38.33% of the company’s stock.
In related news, insider Steven G. Binder sold 15,000 shares of the stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $31.23, for a total transaction of $468,450.00. Following the sale, the insider now owns 26,838 shares in the company, valued at $838,150.74. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Donald H. Kremin sold 100,000 shares of the stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $31.66, for a total transaction of $3,166,000.00. Following the sale, the insider now owns 887 shares in the company, valued at approximately $28,082.42. The disclosure for this sale can be found here. Insiders have sold 278,932 shares of company stock worth $9,245,955 in the last ninety days. Corporate insiders own 3.54% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Tuesday, January 16th will be given a dividend of $0.1875 per share. This is a boost from Hormel Foods’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Friday, January 12th. This represents a $0.75 annualized dividend and a dividend yield of 2.04%. Hormel Foods’s dividend payout ratio (DPR) is presently 43.04%.
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About Hormel Foods
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