Hormel Foods (NYSE:HRL) Price Target Raised to $36.00

Hormel Foods (NYSE:HRL) had its target price hoisted by equities researchers at Barclays from $35.00 to $36.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price target indicates a potential upside of 20.26% from the company’s previous close.

Several other brokerages have also recently issued reports on HRL. Stephens initiated coverage on Hormel Foods in a research note on Thursday, October 3rd. They set an “equal weight” rating and a $31.00 price objective on the stock. BNP Paribas began coverage on shares of Hormel Foods in a report on Monday, October 21st. They issued an “underperform” rating and a $28.00 price target for the company. Finally, Citigroup dropped their price objective on shares of Hormel Foods from $36.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, November 19th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Hormel Foods presently has a consensus rating of “Hold” and an average target price of $31.17.

Hormel Foods Stock Performance

Hormel Foods stock opened at $29.93 on Tuesday. Hormel Foods has a 52 week low of $28.51 and a 52 week high of $36.86. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36. The stock has a fifty day moving average price of $31.27 and a 200 day moving average price of $31.47. The firm has a market capitalization of $16.43 billion, a P/E ratio of 20.50, a PEG ratio of 2.80 and a beta of 0.26.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings data on Wednesday, December 4th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.01). The firm had revenue of $3.14 billion during the quarter, compared to analyst estimates of $3.14 billion. Hormel Foods had a net margin of 6.75% and a return on equity of 10.95%. The firm’s revenue was down 1.9% compared to the same quarter last year. During the same period last year, the business earned $0.42 EPS. Equities research analysts anticipate that Hormel Foods will post 1.67 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Steven J. Lykken purchased 4,904 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were bought at an average price of $32.47 per share, with a total value of $159,232.88. Following the completion of the transaction, the vice president now directly owns 7,100 shares in the company, valued at $230,537. This trade represents a 223.32 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.72% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Hormel Foods by 4.4% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 818,417 shares of the company’s stock worth $25,944,000 after purchasing an additional 34,589 shares during the period. Citigroup Inc. boosted its position in shares of Hormel Foods by 13.1% during the 3rd quarter. Citigroup Inc. now owns 452,510 shares of the company’s stock valued at $14,345,000 after acquiring an additional 52,457 shares in the last quarter. Grandfield & Dodd LLC increased its stake in Hormel Foods by 2.9% in the third quarter. Grandfield & Dodd LLC now owns 924,365 shares of the company’s stock valued at $29,302,000 after acquiring an additional 26,390 shares during the period. Charles Schwab Investment Management Inc. raised its position in Hormel Foods by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,846,936 shares of the company’s stock worth $58,548,000 after purchasing an additional 66,261 shares in the last quarter. Finally, Qsemble Capital Management LP bought a new position in Hormel Foods during the third quarter worth about $1,025,000. Institutional investors and hedge funds own 40.99% of the company’s stock.

Hormel Foods Company Profile

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.