Hormel Foods Corp (NYSE:HRL) – Equities research analysts at Oppenheimer lifted their Q1 2019 EPS estimates for Hormel Foods in a report released on Tuesday, November 20th. Oppenheimer analyst R. Parikh now anticipates that the company will earn $0.46 per share for the quarter, up from their prior estimate of $0.45. Oppenheimer also issued estimates for Hormel Foods’ Q2 2019 earnings at $0.45 EPS, Q3 2019 earnings at $0.39 EPS, Q4 2019 earnings at $0.51 EPS and FY2020 earnings at $1.85 EPS.
Several other analysts have also recently weighed in on the stock. Jefferies Financial Group restated a “buy” rating and set a $44.00 price objective on shares of Hormel Foods in a research report on Wednesday, August 29th. Zacks Investment Research upgraded shares of Hormel Foods from a “sell” rating to a “hold” rating in a research report on Tuesday, August 21st. JPMorgan Chase & Co. initiated coverage on shares of Hormel Foods in a research report on Friday, September 28th. They set a “neutral” rating and a $41.00 price objective on the stock. Buckingham Research raised their price objective on shares of Hormel Foods from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Thursday, August 16th. Finally, Barclays cut shares of Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 price objective on the stock. in a research report on Friday, August 24th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. Hormel Foods has an average rating of “Hold” and a consensus target price of $40.56.
Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Tuesday, November 20th. The company reported $0.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.02. The firm had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.57 billion. Hormel Foods had a net margin of 10.60% and a return on equity of 18.01%. The business’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter last year, the company posted $0.41 EPS.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Investors of record on Monday, January 14th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date is Friday, January 11th. This is a boost from Hormel Foods’s previous quarterly dividend of $0.19. Hormel Foods’s dividend payout ratio (DPR) is presently 39.68%.
In related news, Chairman James P. Snee sold 21,923 shares of Hormel Foods stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of $37.85, for a total value of $829,785.55. Following the transaction, the chairman now owns 49,326 shares in the company, valued at approximately $1,866,989.10. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Terrell K. Crews sold 6,630 shares of Hormel Foods stock in a transaction on Friday, September 14th. The stock was sold at an average price of $42.07, for a total transaction of $278,924.10. Following the completion of the transaction, the director now owns 106,027 shares in the company, valued at approximately $4,460,555.89. The disclosure for this sale can be found here. In the last quarter, insiders sold 138,632 shares of company stock worth $5,556,981. 3.54% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the stock. Sapphire Star Partners LP purchased a new position in Hormel Foods in the 3rd quarter worth $102,000. Piedmont Investment Advisors LLC purchased a new position in Hormel Foods in the 2nd quarter worth $118,000. Fort L.P. purchased a new position in Hormel Foods in the 2nd quarter worth $125,000. IMS Capital Management purchased a new position in Hormel Foods in the 2nd quarter worth $130,000. Finally, Dupont Capital Management Corp purchased a new position in Hormel Foods in the 2nd quarter worth $135,000. Institutional investors own 41.65% 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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