Hormel Foods (NYSE:HRL) was downgraded by research analysts at Vertical Group from a “hold” rating to a “sell” rating in a report issued on Tuesday, The Fly reports. The analysts noted that the move was a valuation call.
Several other analysts have also issued reports on the company. Piper Jaffray Companies set a $50.00 target price on Hormel Foods and gave the stock a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. began coverage on Hormel Foods in a report on Friday, September 28th. They set a “neutral” rating and a $41.00 target price on the stock. BMO Capital Markets lowered Hormel Foods from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $38.00 to $44.00 in a report on Monday, September 17th. They noted that the move was a valuation call. ValuEngine raised Hormel Foods from a “hold” rating to a “buy” rating in a report on Thursday, September 6th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $44.00 target price on shares of Hormel Foods in a report on Wednesday, August 29th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $39.67.
Shares of HRL traded up $0.05 during trading hours on Tuesday, hitting $44.19. 5,720 shares of the company were exchanged, compared to its average volume of 3,391,613. The firm has a market cap of $23.50 billion, a P/E ratio of 28.09, a price-to-earnings-growth ratio of 2.85 and a beta of 0.14. Hormel Foods has a fifty-two week low of $31.55 and a fifty-two week high of $44.49. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.78 and a current ratio of 1.69.
In other news, insider Kevin L. Myers sold 2,734 shares of Hormel Foods stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $39.90, for a total transaction of $109,086.60. Following the sale, the insider now directly owns 8,556 shares of the company’s stock, valued at $341,384.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dakota A. Pippins sold 1,750 shares of Hormel Foods stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $39.59, for a total value of $69,282.50. Following the sale, the director now directly owns 91,797 shares in the company, valued at $3,634,243.23. The disclosure for this sale can be found here. Insiders have sold 138,632 shares of company stock worth $5,556,981 over the last three months. Insiders own 3.54% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Piedmont Investment Advisors LLC bought a new position in shares of Hormel Foods during the second quarter worth about $118,000. Fort L.P. bought a new position in shares of Hormel Foods during the second quarter worth about $125,000. IMS Capital Management bought a new position in shares of Hormel Foods during the second quarter worth about $130,000. Moody National Bank Trust Division bought a new position in shares of Hormel Foods during the third quarter worth about $142,000. Finally, Dupont Capital Management Corp bought a new position in shares of Hormel Foods during the second quarter worth about $135,000. Institutional investors own 41.95% of the company’s stock.
About Hormel Foods
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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