Hormel Foods (NYSE:HRL) Releases FY 2022 Earnings Guidance

Hormel Foods (NYSE:HRLGet Rating) updated its FY 2022 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.78-$1.85 for the period, compared to the consensus estimate of $1.88. The company issued revenue guidance of $12.20 billion-$12.80 billion, compared to the consensus revenue estimate of $12.45 billion.

Hormel Foods Stock Up 1.0 %

Shares of NYSE:HRL opened at $47.05 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.40 and a quick ratio of 1.21. The firm has a market capitalization of $25.70 billion, a PE ratio of 25.71, a price-to-earnings-growth ratio of 3.52 and a beta of 0.12. The firm’s 50-day moving average is $48.56 and its two-hundred day moving average is $49.31. Hormel Foods has a 1 year low of $40.48 and a 1 year high of $55.11.

Hormel Foods (NYSE:HRLGet Rating) last issued its quarterly earnings results on Thursday, September 1st. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.01). The business had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $3 billion. Hormel Foods had a return on equity of 13.92% and a net margin of 7.93%. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter last year, the company earned $0.39 earnings per share. Analysts predict that Hormel Foods will post 1.81 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on HRL shares. Piper Sandler cut their price target on shares of Hormel Foods from $48.00 to $47.00 and set a neutral rating on the stock in a research note on Friday, September 2nd. Stephens lowered their price objective on Hormel Foods to $52.00 in a research report on Tuesday, September 6th. Argus lowered their price objective on Hormel Foods from $54.00 to $53.00 and set a buy rating for the company in a research report on Thursday. Finally, Credit Suisse Group lowered their price objective on Hormel Foods to $44.00 in a research report on Friday, June 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Hormel Foods currently has a consensus rating of Hold and a consensus target price of $48.00.

Insider Activity at Hormel Foods

In related news, SVP Kevin L. Myers sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $47.20, for a total value of $236,000.00. Following the completion of the transaction, the senior vice president now directly owns 32,954 shares of the company’s stock, valued at $1,555,428.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.78% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hormel Foods

Several large investors have recently modified their holdings of HRL. Renaissance Technologies LLC boosted its holdings in shares of Hormel Foods by 58.1% in the first quarter. Renaissance Technologies LLC now owns 2,764,663 shares of the company’s stock valued at $142,491,000 after acquiring an additional 1,016,300 shares during the period. Vanguard Group Inc. raised its stake in shares of Hormel Foods by 1.7% during the first quarter. Vanguard Group Inc. now owns 33,500,871 shares of the company’s stock worth $1,726,636,000 after purchasing an additional 547,495 shares during the last quarter. National Pension Service purchased a new stake in shares of Hormel Foods during the first quarter worth approximately $24,181,000. Bridgewater Associates LP raised its stake in shares of Hormel Foods by 39.6% during the first quarter. Bridgewater Associates LP now owns 873,384 shares of the company’s stock worth $45,014,000 after purchasing an additional 247,605 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its stake in shares of Hormel Foods by 118.4% during the first quarter. BNP Paribas Arbitrage SA now owns 411,451 shares of the company’s stock worth $21,206,000 after purchasing an additional 223,037 shares during the last quarter. 39.95% of the stock is owned by institutional investors and hedge funds.

About Hormel Foods

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Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and food products to retail, foodservice, deli, and commercial customers in the United States and internationally. The company operates through four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other.

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Earnings History and Estimates for Hormel Foods (NYSE:HRL)

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