Bank of America Forecasts Strong Price Appreciation for Hormel Foods (NYSE:HRL) Stock

Hormel Foods (NYSE:HRL) had its target price upped by stock analysts at Bank of America from $25.00 to $27.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price target would indicate a potential upside of 7.18% from the company’s current price.

Several other equities analysts have also recently weighed in on the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of Hormel Foods in a research report on Tuesday, April 21st. Stephens raised their target price on Hormel Foods from $22.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Friday, May 29th. The Goldman Sachs Group set a $25.00 target price on Hormel Foods in a report on Thursday, May 21st. Finally, JPMorgan Chase & Co. reiterated 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. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $26.00.

Hormel Foods Stock Performance

Shares of NYSE HRL traded down $1.12 during midday trading on Tuesday, hitting $25.19. The company’s stock had a trading volume of 1,700,836 shares, compared to its average volume of 5,093,217. The firm has a market capitalization of $13.86 billion, a price-to-earnings ratio of 29.63, a P/E/G ratio of 3.05 and a beta of 0.35. 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 stock has a fifty day moving average price of $22.47 and a 200 day moving average price of $23.19. Hormel Foods has a one year low of $19.70 and a one year high of $31.86.

Hormel Foods (NYSE:HRL) last released its quarterly earnings data on Wednesday, May 27th. The company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.35 by $0.05. Hormel Foods had a net margin of 3.82% and a return on equity of 9.74%. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same period last year, the firm earned $0.35 EPS. Hormel Foods’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, research analysts forecast that Hormel Foods will post 1.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Hormel Foods

Several hedge funds have recently bought and sold shares of the stock. GoalVest Advisory LLC bought a new position in shares of Hormel Foods in the 4th quarter worth $25,000. MUFG Securities EMEA plc bought a new stake in shares of Hormel Foods during the 2nd quarter worth $26,000. Strive Financial Group LLC bought a new stake in shares of Hormel Foods during the 4th quarter worth $27,000. Motiv8 Investments LLC purchased a new position in Hormel Foods in the fourth quarter worth $28,000. Finally, Parkside Financial Bank & Trust increased its stake in Hormel Foods by 354.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company’s stock valued at $31,000 after acquiring an additional 1,025 shares during the last quarter. 40.99% of the stock is currently owned by institutional investors.

Hormel Foods Company Profile

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.