Hormel Foods (NYSE:HRL) Announces Earnings Results

Hormel Foods (NYSE:HRL) released its earnings results on Wednesday. The company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05, FiscalAI reports. The firm had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.96 billion. Hormel Foods had a net margin of 4.03% and a return on equity of 9.38%.

Hormel Foods Trading Up 0.5%

Shares of NYSE HRL opened at $21.00 on Thursday. The stock has a market cap of $11.56 billion, a price-to-earnings ratio of 23.60, a P/E/G ratio of 2.87 and a beta of 0.33. Hormel Foods has a twelve month low of $19.70 and a twelve month high of $31.86. The company’s fifty day moving average is $21.39 and its 200-day moving average is $22.96. The company has a quick ratio of 1.37, a current ratio of 2.66 and a debt-to-equity ratio of 0.36.

Hormel Foods Dividend Announcement

The company also recently declared 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. This represents a $1.17 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date of this dividend is Monday, July 13th. Hormel Foods’s dividend payout ratio (DPR) is currently 131.46%.

Institutional Investors Weigh In On Hormel Foods

Several institutional investors have recently added to or reduced their stakes in HRL. Caxton Associates LLP bought a new stake in Hormel Foods in the 1st quarter valued at $310,000. Empowered Funds LLC increased its stake in Hormel Foods by 1.8% in the 1st quarter. Empowered Funds LLC now owns 57,500 shares of the company’s stock valued at $1,779,000 after buying an additional 993 shares during the last quarter. Woodline Partners LP increased its stake in Hormel Foods by 40.8% in the 1st quarter. Woodline Partners LP now owns 24,583 shares of the company’s stock valued at $761,000 after buying an additional 7,129 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Hormel Foods by 214.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,731 shares of the company’s stock valued at $143,000 after buying an additional 3,226 shares during the last quarter. Finally, Cerity Partners LLC increased its stake in Hormel Foods by 76.5% in the 2nd quarter. Cerity Partners LLC now owns 103,616 shares of the company’s stock valued at $3,134,000 after buying an additional 44,906 shares during the last quarter. 40.99% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

HRL has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Hormel Foods in a research report on Tuesday, April 21st. Stephens set a $22.00 price target on shares of Hormel Foods and gave the stock an “equal weight” rating in a research report on Thursday, May 21st. JPMorgan Chase & Co. reissued a “neutral” rating and set a $23.00 price target (down from $28.00) on shares of Hormel Foods in a research report on Thursday, April 9th. Finally, The Goldman Sachs Group set a $25.00 price target on shares of Hormel Foods in a research report on Thursday, May 21st. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $25.33.

About Hormel Foods

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.