Hormel Foods (NYSE:HRL) Downgraded to “Hold” at Edward Jones

Hormel Foods (NYSE:HRL) was downgraded by investment analysts at Edward Jones from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, The Fly reports.

A number of other brokerages have also weighed in on HRL. ValuEngine lowered Hormel Foods from a “buy” rating to a “hold” rating in a research note on Saturday, April 13th. JPMorgan Chase & Co. lowered Hormel Foods from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $40.00 to $36.00 in a research note on Tuesday, April 23rd. Zacks Investment Research lowered Hormel Foods from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Credit Suisse Group reiterated a “hold” rating and set a $39.00 target price on shares of Hormel Foods in a research note on Thursday, February 21st. Finally, Stephens initiated coverage on Hormel Foods in a research note on Monday, March 4th. They set an “equal weight” rating on the stock. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $39.90.

NYSE:HRL traded down $0.37 on Wednesday, hitting $41.47. The company’s stock had a trading volume of 1,216,361 shares, compared to its average volume of 2,972,186. The company has a quick ratio of 1.16, a current ratio of 2.14 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $22.53 billion, a price-to-earnings ratio of 21.94, a P/E/G ratio of 3.25 and a beta of 0.14. Hormel Foods has a one year low of $35.35 and a one year high of $46.26.

Hormel Foods (NYSE:HRL) last announced its earnings results on Thursday, May 23rd. The company reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.01. The company had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.37 billion. Hormel Foods had a return on equity of 17.31% and a net margin of 10.38%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the company earned $0.44 earnings per share. Equities research analysts expect that Hormel Foods will post 1.73 EPS for the current year.

In other Hormel Foods news, Chairman James P. Snee sold 27,752 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $43.49, for a total value of $1,206,934.48. Following the sale, the chairman now owns 75,464 shares of the company’s stock, valued at approximately $3,281,929.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Larry L. Vorpahl sold 180,000 shares of the firm’s stock in a transaction on Friday, March 29th. The shares were sold at an average price of $44.47, for a total value of $8,004,600.00. Following the completion of the sale, the insider now directly owns 280,194 shares in the company, valued at approximately $12,460,227.18. The disclosure for this sale can be found here. In the last ninety days, insiders sold 302,705 shares of company stock worth $13,230,704. Company insiders own 1.11% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Enlightenment Research LLC acquired a new stake in shares of Hormel Foods during the 4th quarter valued at $30,000. Acima Private Wealth LLC acquired a new stake in shares of Hormel Foods during the 4th quarter valued at $34,000. Bremer Trust National Association acquired a new stake in shares of Hormel Foods during the 4th quarter valued at $43,000. FTB Advisors Inc. boosted its holdings in shares of Hormel Foods by 62.7% during the 4th quarter. FTB Advisors Inc. now owns 1,124 shares of the company’s stock valued at $48,000 after acquiring an additional 433 shares in the last quarter. Finally, Rockefeller Capital Management L.P. acquired a new stake in shares of Hormel Foods during the 1st quarter valued at $53,000. 43.84% of the stock is currently owned by hedge funds and other institutional investors.

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, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.

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