Wall Street brokerages forecast that Hormel Foods Corp (NYSE:HRL) will report $2.40 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Hormel Foods’ earnings, with the lowest sales estimate coming in at $2.36 billion and the highest estimate coming in at $2.46 billion. Hormel Foods posted sales of $2.28 billion in the same quarter last year, which suggests a positive year over year growth rate of 5.3%. The company is expected to issue its next quarterly earnings results on Thursday, February 22nd.
According to Zacks, analysts expect that Hormel Foods will report full-year sales of $2.40 billion for the current fiscal year, with estimates ranging from $9.86 billion to $9.91 billion. For the next fiscal year, analysts forecast that the firm will report sales of $10.11 billion per share, with estimates ranging from $9.86 billion to $10.30 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Hormel Foods.
Hormel Foods (NYSE:HRL) last released its earnings results on Tuesday, November 21st. The company reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.01. The business had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.41 billion. Hormel Foods had a return on equity of 17.87% and a net margin of 9.24%. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.45 earnings per share.
Hormel Foods (NYSE:HRL) traded up $0.32 during trading hours on Wednesday, hitting $35.04. The stock had a trading volume of 434,095 shares, compared to its average volume of 3,267,030. The firm has a market capitalization of $18,430.00, a price-to-earnings ratio of 22.32, a P/E/G ratio of 2.22 and a beta of 0.65. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.04 and a current ratio of 1.91. Hormel Foods has a 1-year low of $29.75 and a 1-year high of $38.00.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Tuesday, January 16th will be paid a $0.1875 dividend. The ex-dividend date is Friday, January 12th. This is an increase from Hormel Foods’s previous quarterly dividend of $0.17. This represents a $0.75 dividend on an annualized basis and a dividend yield of 2.14%. Hormel Foods’s payout ratio is 47.77%.
In other Hormel Foods news, insider Steven G. Binder sold 50,000 shares of the business’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $34.18, for a total transaction of $1,709,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Thomas R. Day sold 34,346 shares of the business’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $36.47, for a total value of $1,252,598.62. Following the sale, the insider now owns 73,770 shares in the company, valued at $2,690,391.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 131,001 shares of company stock worth $4,612,826. Company insiders own 1.48% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Hormel Foods by 2.6% during the second quarter. Vanguard Group Inc. now owns 31,046,698 shares of the company’s stock worth $1,059,004,000 after purchasing an additional 777,942 shares in the last quarter. State Street Corp boosted its position in Hormel Foods by 0.4% during the second quarter. State Street Corp now owns 30,226,307 shares of the company’s stock worth $1,031,019,000 after purchasing an additional 132,262 shares in the last quarter. BlackRock Inc. boosted its position in Hormel Foods by 2.3% during the second quarter. BlackRock Inc. now owns 19,429,152 shares of the company’s stock worth $662,728,000 after purchasing an additional 437,716 shares in the last quarter. Capital International Investors boosted its position 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 purchasing an additional 2,350,000 shares in the last quarter. Finally, Valueinvest Asset Management S.A. boosted its position 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 purchasing an additional 1,563,700 shares in the last quarter. Institutional investors own 38.11% of the company’s stock.
Hormel Foods Company Profile
Hormel Foods Corporation is engaged in the production of a range of meat and food products. The Company operates through four segments: Grocery Products, which is engaged in the processing, marketing and sale of shelf-stable food products sold for the retail market and health and also consists of nutrition products, including Muscle Milk protein products.; Refrigerated Foods, which consists of the processing, marketing and sale of branded and unbranded pork, beef, chicken and turkey products for retail, foodservice and fresh product customers; Jennie-O Turkey Store (JOTS), which consists of the processing, marketing and sale of branded and unbranded turkey products for retail, foodservice and fresh product customers; and International & Other, which includes Hormel Foods International Corporation, which manufactures, markets and sells the Company products internationally.
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