Hormel Foods Co. (NYSE:HRL – Get Free Report) shares saw strong trading volume on Thursday . 6,169,179 shares were traded during trading, an increase of 171% from the previous session’s volume of 2,277,027 shares.The stock last traded at $32.81 and had previously closed at $32.74.
Analyst Ratings Changes
A number of equities research analysts recently commented on the stock. Piper Sandler dropped their price objective on shares of Hormel Foods from $41.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, October 13th. JPMorgan Chase & Co. dropped their price target on shares of Hormel Foods from $36.00 to $31.00 and set an “underweight” rating on the stock in a research report on Monday, October 16th. StockNews.com began coverage on shares of Hormel Foods in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Finally, The Goldman Sachs Group dropped their target price on shares of Hormel Foods from $33.00 to $29.00 and set a “sell” rating on the stock in a report on Friday, October 13th. Two research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, Hormel Foods presently has a consensus rating of “Hold” and an average price target of $40.00.
Hormel Foods Stock Performance
Hormel Foods (NYSE:HRL – Get Free Report) last announced its quarterly earnings data on Thursday, August 31st. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.01). The firm had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.04 billion. Hormel Foods had a return on equity of 12.20% and a net margin of 7.20%. The company’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.40 earnings per share. As a group, equities analysts forecast that Hormel Foods Co. will post 1.64 EPS for the current year.
Hormel Foods Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Monday, October 16th were issued a $0.275 dividend. The ex-dividend date of this dividend was Friday, October 13th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.38%. Hormel Foods’s dividend payout ratio (DPR) is currently 68.32%.
Insider Activity at Hormel Foods
In related news, SVP Kevin L. Myers sold 5,200 shares of the business’s stock in a transaction on Friday, October 13th. The stock was sold at an average price of $30.93, for a total transaction of $160,836.00. Following the sale, the senior vice president now owns 38,937 shares in the company, valued at approximately $1,204,321.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Pierre M. Lilly acquired 1,454 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The stock was acquired at an average cost of $37.25 per share, for a total transaction of $54,161.50. Following the completion of the acquisition, the senior vice president now directly owns 1,454 shares of the company’s stock, valued at approximately $54,161.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kevin L. Myers sold 5,200 shares of the stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $30.93, for a total value of $160,836.00. Following the completion of the sale, the senior vice president now directly owns 38,937 shares of the company’s stock, valued at approximately $1,204,321.41. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by insiders.
Institutional Trading of Hormel Foods
Large investors have recently bought and sold shares of the business. Diversified Trust Co increased its stake in shares of Hormel Foods by 10.7% in the 3rd quarter. Diversified Trust Co now owns 26,230 shares of the company’s stock valued at $998,000 after acquiring an additional 2,530 shares in the last quarter. Revisor Wealth Management LLC acquired a new position in shares of Hormel Foods during the third quarter valued at about $288,000. VitalStone Financial LLC acquired a new stake in shares of Hormel Foods in the 3rd quarter valued at about $506,000. Horizon Family Wealth Inc. bought a new stake in Hormel Foods in the 3rd quarter valued at about $305,000. Finally, Stonebridge Capital Advisors LLC boosted its holdings in Hormel Foods by 16.6% in the third quarter. Stonebridge Capital Advisors LLC now owns 8,497 shares of the company’s stock worth $323,000 after acquiring an additional 1,208 shares in the last quarter. 41.15% of the stock is currently owned by institutional investors and hedge funds.
About Hormel Foods
Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and food products to retail, foodservice, deli, and commercial customers in the United States and internationally. The company operates through four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other.
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