Wall Street analysts expect Hormel Foods Corp (NYSE:HRL) to post sales of $2.40 billion for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Hormel Foods’ earnings. The lowest sales estimate is $2.36 billion and the highest is $2.46 billion. Hormel Foods reported sales of $2.28 billion in the same quarter last year, which would suggest a positive year over year growth rate of 5.3%. The company is scheduled to issue its next quarterly earnings report before the market opens on Thursday, February 22nd.
On average, analysts expect that Hormel Foods will report full year sales of $2.40 billion for the current year, with estimates ranging from $9.68 billion to $10.07 billion. For the next financial year, analysts anticipate that the business will report sales of $10.10 billion per share, with estimates ranging from $9.83 billion to $10.30 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Hormel Foods.
Hormel Foods (NYSE:HRL) last posted its earnings results on Tuesday, November 21st. The company reported $0.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.01. The company had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.41 billion. Hormel Foods had a return on equity of 17.87% and a net margin of 9.24%. Hormel Foods’s revenue was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.45 earnings per share.
Several research firms have weighed in on HRL. BMO Capital Markets reissued a “buy” rating and issued a $38.00 target price on shares of Hormel Foods in a report on Monday, November 6th. Jefferies Group set a $34.00 price objective on Hormel Foods and gave the company a “hold” rating in a research note on Thursday, November 30th. Zacks Investment Research raised Hormel Foods from a “sell” rating to a “hold” rating in a research note on Tuesday, October 31st. Credit Suisse Group set a $33.00 price objective on Hormel Foods and gave the company a “hold” rating in a research note on Friday, November 24th. Finally, Piper Jaffray Companies initiated coverage on Hormel Foods in a research note on Thursday, January 4th. They set an “overweight” rating and a $42.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $35.30.
Shares of Hormel Foods (HRL) opened at $34.35 on Tuesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.91 and a quick ratio of 1.04. The firm has a market capitalization of $18,191.24, a price-to-earnings ratio of 21.74, a price-to-earnings-growth ratio of 2.10 and a beta of 0.49. Hormel Foods has a twelve month low of $29.75 and a twelve month high of $38.00.
In related news, insider Steven G. Binder sold 50,000 shares of the stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $34.18, for a total transaction of $1,709,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Elsa A. Murano sold 7,129 shares of the stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $36.00, for a total value of $256,644.00. Following the transaction, the director now owns 90,991 shares in the company, valued at $3,275,676. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 131,001 shares of company stock worth $4,612,826. Corporate insiders own 1.48% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dupont Capital Management Corp purchased a new position in Hormel Foods during the third quarter worth about $100,000. Steward Partners Investment Advisory LLC lifted its position in Hormel Foods by 3,200.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 3,300 shares of the company’s stock worth $120,000 after buying an additional 3,200 shares during the period. Bbva Compass Bancshares Inc. purchased a new position in shares of Hormel Foods in the 4th quarter worth about $205,000. Two Sigma Securities LLC purchased a new position in shares of Hormel Foods in the 4th quarter worth about $206,000. Finally, First Citizens Bank & Trust Co. purchased a new position in shares of Hormel Foods in the 4th quarter worth about $218,000. Hedge funds and other institutional investors own 38.65% of the company’s stock.
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Hormel Foods Company Profile
Hormel Foods Corporation is engaged in the production of a range of meat and food products. The Company operates through four segments: Grocery Products, which is engaged in the processing, marketing and sale of shelf-stable food products sold for the retail market and health and also consists of nutrition products, including Muscle Milk protein products.; Refrigerated Foods, which consists of the processing, marketing and sale of branded and unbranded pork, beef, chicken and turkey products for retail, foodservice and fresh product customers; Jennie-O Turkey Store (JOTS), which consists of the processing, marketing and sale of branded and unbranded turkey products for retail, foodservice and fresh product customers; and International & Other, which includes Hormel Foods International Corporation, which manufactures, markets and sells the Company products internationally.
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