Analysts expect Hormel Foods Corp (NYSE:HRL) to report sales of $2.54 billion for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Hormel Foods’ earnings. The highest sales estimate is $2.58 billion and the lowest is $2.52 billion. Hormel Foods posted sales of $2.49 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 2%. The business is expected to issue its next quarterly earnings report on Tuesday, November 20th.
According to Zacks, analysts expect that Hormel Foods will report full-year sales of $9.56 billion for the current fiscal year, with estimates ranging from $9.54 billion to $9.60 billion. For the next year, analysts anticipate that the firm will post sales of $9.87 billion per share, with estimates ranging from $9.83 billion to $9.96 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Hormel Foods.
Hormel Foods (NYSE:HRL) last posted its earnings results on Thursday, August 23rd. The company reported $0.39 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.39. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.38 billion. Hormel Foods had a return on equity of 17.44% and a net margin of 10.18%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.34 earnings per share.
Several research analysts have weighed in on HRL shares. Zacks Investment Research upgraded Hormel Foods from a “sell” rating to a “hold” rating in a report on Tuesday, May 22nd. Buckingham Research dropped their price target on Hormel Foods from $34.00 to $32.00 and set a “neutral” rating on the stock in a research note on Friday, May 25th. Jefferies Financial Group reissued a “buy” rating and issued a $42.00 price target on shares of Hormel Foods in a research note on Thursday, May 31st. Stephens downgraded Hormel Foods from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 17th. They noted that the move was a valuation call. Finally, Mizuho downgraded Hormel Foods from a “neutral” rating to an “underperform” rating and set a $33.00 price target on the stock. in a research note on Wednesday, July 25th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. Hormel Foods presently has an average rating of “Hold” and an average target price of $36.30.
HRL stock opened at $42.18 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.78 and a current ratio of 1.69. The stock has a market cap of $22.18 billion, a price-to-earnings ratio of 26.87, a price-to-earnings-growth ratio of 2.84 and a beta of 0.34. Hormel Foods has a 1-year low of $29.75 and a 1-year high of $42.29.
In other Hormel Foods news, VP Gary Jamison sold 8,000 shares of Hormel Foods stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $39.75, for a total value of $318,000.00. Following the sale, the vice president now owns 15,949 shares of the company’s stock, valued at approximately $633,972.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Thomas R. Day sold 11,856 shares of Hormel Foods stock in a transaction dated Thursday, August 30th. The shares were sold at an average price of $38.52, for a total value of $456,693.12. Following the completion of the sale, the vice president now directly owns 4,964 shares in the company, valued at approximately $191,213.28. The disclosure for this sale can be found here. Insiders sold a total of 95,518 shares of company stock worth $3,727,288 in the last three months. Company insiders own 3.54% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc increased its position in shares of Hormel Foods by 3.0% in the second quarter. CIBC Asset Management Inc now owns 47,782 shares of the company’s stock valued at $1,778,000 after acquiring an additional 1,383 shares during the last quarter. Amalgamated Bank increased its position in shares of Hormel Foods by 4.2% in the second quarter. Amalgamated Bank now owns 34,914 shares of the company’s stock valued at $1,299,000 after acquiring an additional 1,400 shares during the last quarter. Synovus Financial Corp increased its position in shares of Hormel Foods by 2.8% in the second quarter. Synovus Financial Corp now owns 52,252 shares of the company’s stock valued at $1,944,000 after acquiring an additional 1,402 shares during the last quarter. HL Financial Services LLC increased its position in shares of Hormel Foods by 9.7% in the second quarter. HL Financial Services LLC now owns 17,691 shares of the company’s stock valued at $658,000 after acquiring an additional 1,563 shares during the last quarter. Finally, Cetera Advisor Networks LLC increased its position in shares of Hormel Foods by 7.0% in the first quarter. Cetera Advisor Networks LLC now owns 24,919 shares of the company’s stock valued at $853,000 after acquiring an additional 1,627 shares during the last quarter. 42.03% of the stock is currently owned by institutional investors and hedge funds.
About Hormel Foods
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
Further Reading: Trading Penny Stocks
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Hormel Foods Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hormel Foods and related companies with MarketBeat.com's FREE daily email newsletter.