Hormel Foods (NYSE:HRL – Get Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.78-$1.85 for the period, compared to the consensus earnings per share 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 also updated its FY22 guidance to $1.78-1.85 EPS.
Hormel Foods Stock Down 6.4 %
NYSE:HRL traded down $3.22 during mid-day trading on Thursday, reaching $47.06. The company’s stock had a trading volume of 80,592 shares, compared to its average volume of 1,824,454. Hormel Foods has a 1 year low of $40.48 and a 1 year high of $55.11. The stock has a fifty day moving average of $48.93 and a 200-day moving average of $49.54. The firm has a market capitalization of $25.70 billion, a PE ratio of 28.73, a price-to-earnings-growth ratio of 3.77 and a beta of 0.13. The company has a quick ratio of 1.20, a current ratio of 2.28 and a debt-to-equity ratio of 0.45.
Hormel Foods (NYSE:HRL – Get Rating) last released its quarterly earnings data on Thursday, September 1st. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.01). The business had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $3 billion. Hormel Foods had a return on equity of 14.10% and a net margin of 7.70%. The firm’s revenue was up 6.0% compared to the same quarter last year. During the same period last year, the company earned $0.39 earnings per share. Equities research analysts forecast that Hormel Foods will post 1.88 earnings per share for the current year.
Analyst Upgrades and Downgrades
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Several equities analysts have recently issued reports on the stock. Stephens upped their price objective on shares of Hormel Foods from $50.00 to $55.00 and gave the company an equal weight rating in a report on Tuesday, August 23rd. Piper Sandler cut their price objective on shares of Hormel Foods to $48.00 in a report on Friday, June 3rd. Finally, Credit Suisse Group cut their price objective on shares of Hormel Foods to $44.00 in a report on Friday, June 3rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $48.86.
Insider Activity
In other news, SVP Kevin L. Myers sold 5,000 shares of the stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $45.07, for a total transaction of $225,350.00. Following the transaction, the senior vice president now owns 32,869 shares in the company, valued at approximately $1,481,405.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Christopher J. Policinski sold 2,110 shares of the stock in a transaction on Thursday, June 23rd. The stock was sold at an average price of $46.27, for a total value of $97,629.70. Following the completion of the transaction, the director now directly owns 85,254 shares of the company’s stock, valued at approximately $3,944,702.58. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Kevin L. Myers sold 5,000 shares of the stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $45.07, for a total value of $225,350.00. Following the completion of the transaction, the senior vice president now directly owns 32,869 shares of the company’s stock, valued at $1,481,405.83. The disclosure for this sale can be found here. Insiders own 0.78% of the company’s stock.
Institutional Trading of Hormel Foods
A number of hedge funds and other institutional investors have recently modified their holdings of HRL. Point72 Hong Kong Ltd acquired a new stake in shares of Hormel Foods in the 1st quarter worth $41,000. Salem Investment Counselors Inc. increased its position in shares of Hormel Foods by 24.4% during the 1st quarter. Salem Investment Counselors Inc. now owns 1,527 shares of the company’s stock worth $79,000 after purchasing an additional 300 shares during the last quarter. Covestor Ltd increased its position in shares of Hormel Foods by 153.0% during the 1st quarter. Covestor Ltd now owns 2,123 shares of the company’s stock worth $109,000 after purchasing an additional 1,284 shares during the last quarter. Orion Portfolio Solutions LLC increased its position in shares of Hormel Foods by 7.1% during the 1st quarter. Orion Portfolio Solutions LLC now owns 4,435 shares of the company’s stock worth $229,000 after purchasing an additional 295 shares during the last quarter. Finally, Beacon Pointe Advisors LLC acquired a new stake in shares of Hormel Foods during the 1st quarter worth about $244,000. 39.95% of the stock is owned by institutional investors and hedge funds.
About Hormel Foods
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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