Hormel Foods Corp (NYSE:HRL) was the target of a significant decrease in short interest in May. As of May 15th, there was short interest totalling 28,870,000 shares, a decrease of 5.9% from the April 30th total of 30,680,000 shares. Approximately 10.3% of the shares of the company are short sold. Based on an average daily volume of 3,180,000 shares, the days-to-cover ratio is currently 9.1 days.
Several equities analysts recently commented on the company. Barclays raised their target price on Hormel Foods from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 31st. Cfra lifted their price objective on Hormel Foods from $38.00 to $45.00 and gave the company a “hold” rating in a report on Thursday. Goldman Sachs Group upgraded shares of Hormel Foods from a “sell” rating to a “neutral” rating and boosted their target price for the company from $35.00 to $45.00 in a research note on Thursday, March 26th. Finally, Piper Sandler cut shares of Hormel Foods from an “overweight” rating to a “neutral” rating and set a $47.00 target price for the company. in a research report on Tuesday, April 28th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $43.60.
In related news, SVP Steven J. Lykken sold 10,557 shares of the stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $47.64, for a total value of $502,935.48. Following the completion of the transaction, the senior vice president now owns 34,714 shares of the company’s stock, valued at $1,653,774.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Lori J. Marco sold 10,373 shares of the firm’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $47.50, for a total transaction of $492,717.50. Following the transaction, the vice president now owns 64,254 shares of the company’s stock, valued at approximately $3,052,065. The disclosure for this sale can be found here. Insiders sold 111,380 shares of company stock valued at $5,391,665 over the last 90 days. 1.15% of the stock is currently owned by corporate insiders.
NYSE:HRL traded up $0.92 during mid-day trading on Friday, reaching $46.93. 2,458,502 shares of the company were exchanged, compared to its average volume of 2,702,442. The company has a quick ratio of 1.31, a current ratio of 1.70 and a debt-to-equity ratio of 0.01. The stock has a market cap of $24.74 billion, a PE ratio of 27.44, a PEG ratio of 4.32 and a beta of -0.06. Hormel Foods has a 12 month low of $37.00 and a 12 month high of $51.53. The company has a fifty day moving average of $47.78 and a 200 day moving average of $45.56.
Hormel Foods (NYSE:HRL) last announced its earnings results on Thursday, May 21st. The company reported $0.42 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.01). The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.40 billion. Hormel Foods had a return on equity of 15.38% and a net margin of 9.64%. Hormel Foods’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.46 earnings per share. On average, equities research analysts anticipate that Hormel Foods will post 1.74 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Monday, July 13th will be paid a $0.2325 dividend. The ex-dividend date of this dividend is Friday, July 10th. This represents a $0.93 annualized dividend and a dividend yield of 1.98%. Hormel Foods’s dividend payout ratio (DPR) is currently 53.45%.
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, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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