Hormel Foods Corporation (NYSE:HRL - Get Free Report) Director Gary Bhojwani sold 20,200 shares of the firm's stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total value of $495,102.00. Following the completion of the sale, the director directly owned 32,002 shares in the company, valued at approximately $784,369.02. The trade was a 38.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Hormel Foods Price Performance
Shares of NYSE HRL traded up $0.40 during midday trading on Friday, hitting $24.73. 2,650,121 shares of the company's stock were exchanged, compared to its average volume of 4,021,458. The company has a current ratio of 1.94, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30. The business's fifty day moving average price is $23.07 and its two-hundred day moving average price is $23.25. The company has a market cap of $13.61 billion, a price-to-earnings ratio of 29.10, a PEG ratio of 2.80 and a beta of 0.34. Hormel Foods Corporation has a 12-month low of $19.70 and a 12-month high of $31.54.
Hormel Foods (NYSE:HRL - Get Free Report) last announced its earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.05. Hormel Foods had a net margin of 3.82% and a return on equity of 9.74%. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same period last year, the firm posted $0.35 earnings per share. Hormel Foods's quarterly revenue was up 2.6% on a year-over-year basis. As a group, research analysts forecast that Hormel Foods Corporation will post 1.5 EPS for the current fiscal year.
Hormel Foods Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Monday, July 13th will be given a dividend of $0.2925 per share. The ex-dividend date is Monday, July 13th. This represents a $1.17 annualized dividend and a dividend yield of 4.7%. Hormel Foods's dividend payout ratio (DPR) is 137.65%.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the stock. Hennion & Walsh Asset Management Inc. lifted its stake in shares of Hormel Foods by 1.1% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 39,005 shares of the company's stock valued at $968,000 after acquiring an additional 427 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. grew its position in Hormel Foods by 5.0% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 8,967 shares of the company's stock worth $213,000 after acquiring an additional 431 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in Hormel Foods by 0.8% in the 4th quarter. Exchange Traded Concepts LLC now owns 55,180 shares of the company's stock worth $1,308,000 after purchasing an additional 437 shares during the period. Advisory Alpha LLC increased its stake in Hormel Foods by 2.9% in the 4th quarter. Advisory Alpha LLC now owns 15,477 shares of the company's stock worth $367,000 after purchasing an additional 440 shares during the period. Finally, Vermillion Wealth Management Inc. lifted its position in Hormel Foods by 1.7% in the fourth quarter. Vermillion Wealth Management Inc. now owns 25,944 shares of the company's stock valued at $615,000 after purchasing an additional 441 shares during the last quarter. Hedge funds and other institutional investors own 40.99% of the company's stock.
Analyst Upgrades and Downgrades
HRL has been the subject of several research reports. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $23.00 target price (down from $28.00) on shares of Hormel Foods in a research report on Thursday, April 9th. Bank of America lifted their price target on Hormel Foods from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 30th. Stephens reiterated an "equal weight" rating and set a $25.00 price objective on shares of Hormel Foods in a research report on Thursday. Weiss Ratings reiterated a "sell (d+)" rating on shares of Hormel Foods in a research report on Tuesday, April 21st. Finally, The Goldman Sachs Group set a $25.00 target price on Hormel Foods in a research report on Thursday, May 21st. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $26.00.
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Hormel Foods Company Profile
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Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company's portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.
Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.
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