Hormel Foods Corporation (NYSE:HRL) Director John L. Morrison sold 24,814 shares of the company’s stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $31.81, for a total transaction of $789,333.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Hormel Foods Corporation (NYSE:HRL) opened at 31.51 on Wednesday. The firm has a market cap of $16.63 billion, a P/E ratio of 19.45 and a beta of 0.58. The company’s 50-day moving average is $31.44 and its 200 day moving average is $33.45. Hormel Foods Corporation has a 12 month low of $30.50 and a 12 month high of $38.84.
Hormel Foods Corporation (NYSE:HRL) last released its earnings results on Thursday, August 24th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.03). Hormel Foods Corporation had a net margin of 9.38% and a return on equity of 18.90%. The business had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter in the prior year, the firm earned $0.36 EPS. The business’s revenue was down 4.1% on a year-over-year basis. Equities research analysts expect that Hormel Foods Corporation will post $1.56 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Monday, October 23rd will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Friday, October 20th. Hormel Foods Corporation’s dividend payout ratio is presently 41.98%.
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HRL has been the topic of several research reports. Zacks Investment Research upgraded shares of Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 29th. Credit Suisse Group dropped coverage on shares of Hormel Foods Corporation in a research report on Saturday, August 26th. They set an “outperform” rating on the stock. BidaskClub downgraded shares of Hormel Foods Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Barclays PLC reduced their price target on shares of Hormel Foods Corporation from $38.00 to $35.00 and set an “overweight” rating on the stock in a research report on Friday, August 25th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $38.00 price target (down previously from $45.00) on shares of Hormel Foods Corporation in a research report on Friday, August 25th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $37.00.
A number of institutional investors have recently added to or reduced their stakes in the business. Curbstone Financial Management Corp grew its position in Hormel Foods Corporation by 98.1% in the third quarter. Curbstone Financial Management Corp now owns 42,501 shares of the company’s stock valued at $1,366,000 after acquiring an additional 21,050 shares during the last quarter. Sentry Investment Management LLC grew its holdings in shares of Hormel Foods Corporation by 1.1% during the second quarter. Sentry Investment Management LLC now owns 20,869 shares of the company’s stock worth $712,000 after purchasing an additional 218 shares during the last quarter. Toronto Dominion Bank grew its holdings in shares of Hormel Foods Corporation by 25.5% during the second quarter. Toronto Dominion Bank now owns 91,638 shares of the company’s stock worth $3,126,000 after purchasing an additional 18,624 shares during the last quarter. Cetera Investment Advisers bought a new stake in shares of Hormel Foods Corporation during the second quarter worth about $463,000. Finally, Tandem Investment Advisors Inc. grew its holdings in shares of Hormel Foods Corporation by 4.6% during the second quarter. Tandem Investment Advisors Inc. now owns 73,813 shares of the company’s stock worth $2,518,000 after purchasing an additional 3,248 shares during the last quarter. Hedge funds and other institutional investors own 38.92% of the company’s stock.
Hormel Foods Corporation Company Profile