Analysts forecast that Hormel Foods Corp (NYSE:HRL) will post sales of $2.55 billion for the current quarter, according to Zacks. Four analysts have made estimates for Hormel Foods’ earnings, with the highest sales estimate coming in at $2.58 billion and the lowest estimate coming in at $2.52 billion. Hormel Foods reported sales of $2.49 billion in the same quarter last year, which would suggest a positive year over year growth rate of 2.4%. The business is expected to announce its next quarterly earnings report on Tuesday, November 20th.
On average, analysts expect that Hormel Foods will report full-year sales of $9.57 billion for the current financial year, with estimates ranging from $9.54 billion to $9.60 billion. For the next financial year, analysts expect that the business will report sales of $9.86 billion, with estimates ranging from $9.82 billion to $9.96 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow Hormel Foods.
Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Thursday, August 23rd. The company reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. Hormel Foods had a return on equity of 17.44% and a net margin of 10.18%. The company had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the prior year, the company posted $0.34 EPS. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year.
In other news, insider Deanna T. Brady sold 48,000 shares of the company’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $41.05, for a total transaction of $1,970,400.00. Following the completion of the sale, the insider now directly owns 83,102 shares in the company, valued at approximately $3,411,337.10. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kevin L. Myers sold 2,734 shares of the company’s stock in a transaction on Friday, October 5th. The stock was sold at an average price of $39.90, for a total value of $109,086.60. Following the sale, the insider now owns 8,556 shares of the company’s stock, valued at $341,384.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 138,632 shares of company stock valued at $5,556,981. Insiders own 3.54% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in HRL. Piedmont Investment Advisors LLC acquired a new stake in Hormel Foods in the 2nd quarter valued at $118,000. Fort L.P. acquired a new stake in Hormel Foods in the 2nd quarter valued at $125,000. IMS Capital Management acquired a new stake in Hormel Foods in the 2nd quarter valued at $130,000. Dupont Capital Management Corp acquired a new stake in Hormel Foods in the 2nd quarter valued at $135,000. Finally, Cape Cod Five Cents Savings Bank acquired a new stake in Hormel Foods in the 3rd quarter valued at $203,000. Hedge funds and other institutional investors own 41.84% of the company’s stock.
Shares of Hormel Foods stock traded up $0.79 during trading hours on Thursday, reaching $41.73. 1,883,927 shares of the company’s stock were exchanged, compared to its average volume of 2,189,791. Hormel Foods has a 52-week low of $29.75 and a 52-week high of $42.29. The firm has a market cap of $22.25 billion, a PE ratio of 24.84, a P/E/G ratio of 2.86 and a beta of 0.34. The company has a quick ratio of 0.78, a current ratio of 1.69 and a debt-to-equity ratio of 0.12.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 22nd will be issued a dividend of $0.1875 per share. The ex-dividend date is Friday, October 19th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 1.80%. Hormel Foods’s payout ratio is 47.77%.
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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