Hormel Foods (NYSE:HRL) Price Target Raised to $36.00 at Barclays

Hormel Foods (NYSE:HRL) had its price target hoisted by Barclays from $35.00 to $36.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price target indicates a potential upside of 20.26% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. Stephens assumed coverage on shares of Hormel Foods in a research note on Thursday, October 3rd. They set an “equal weight” rating and a $31.00 price objective on the stock. Citigroup dropped their price target on shares of Hormel Foods from $36.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, November 19th. Finally, BNP Paribas began coverage on shares of Hormel Foods in a research report on Monday, October 21st. They issued an “underperform” rating and a $28.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Hormel Foods currently has a consensus rating of “Hold” and a consensus price target of $31.17.

Hormel Foods Price Performance

HRL opened at $29.93 on Tuesday. Hormel Foods has a 12-month low of $28.51 and a 12-month high of $36.86. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $16.43 billion, a price-to-earnings ratio of 20.50, a PEG ratio of 2.80 and a beta of 0.26. The business’s fifty day simple moving average is $31.27 and its 200-day simple moving average is $31.47.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Wednesday, December 4th. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.01). The business had revenue of $3.14 billion during the quarter, compared to analysts’ expectations of $3.14 billion. Hormel Foods had a net margin of 6.75% and a return on equity of 10.95%. Hormel Foods’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.42 earnings per share. On average, equities research analysts anticipate that Hormel Foods will post 1.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Steven J. Lykken bought 4,904 shares of Hormel Foods stock in a transaction dated Friday, December 6th. The stock was acquired at an average cost of $32.47 per share, with a total value of $159,232.88. Following the acquisition, the vice president now owns 7,100 shares of the company’s stock, valued at approximately $230,537. This trade represents a 223.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 0.72% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hormel Foods

A number of hedge funds have recently modified their holdings of HRL. Sumitomo Mitsui Trust Group Inc. grew its position in Hormel Foods by 4.4% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 818,417 shares of the company’s stock worth $25,944,000 after purchasing an additional 34,589 shares during the last quarter. Citigroup Inc. grew its holdings in shares of Hormel Foods by 13.1% during the third quarter. Citigroup Inc. now owns 452,510 shares of the company’s stock worth $14,345,000 after buying an additional 52,457 shares during the last quarter. Grandfield & Dodd LLC increased its position in Hormel Foods by 2.9% in the 3rd quarter. Grandfield & Dodd LLC now owns 924,365 shares of the company’s stock valued at $29,302,000 after acquiring an additional 26,390 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Hormel Foods by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,846,936 shares of the company’s stock valued at $58,548,000 after purchasing an additional 66,261 shares during the period. Finally, Qsemble Capital Management LP purchased a new position in Hormel Foods in the 3rd quarter valued at $1,025,000. 40.99% of the stock is currently owned by hedge funds and other institutional investors.

Hormel Foods Company Profile

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.