Citigroup Cuts Hormel Foods (NYSE:HRL) Price Target to $35.00

Hormel Foods (NYSE:HRL) had its price objective reduced by equities researchers at Citigroup from $36.00 to $35.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 18.89% from the company’s previous close.

HRL has been the topic of several other research reports. Stephens started coverage on Hormel Foods in a research note on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 price target on the stock. BNP Paribas began coverage on Hormel Foods in a research report on Monday, October 21st. They issued an “underperform” rating and a $28.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $31.29.

Hormel Foods Price Performance

Shares of HRL traded up $0.04 during trading hours on Tuesday, hitting $29.44. 511,265 shares of the company were exchanged, compared to its average volume of 2,585,294. The company has a quick ratio of 1.03, a current ratio of 2.29 and a debt-to-equity ratio of 0.36. Hormel Foods has a fifty-two week low of $28.51 and a fifty-two week high of $36.86. The company has a market cap of $16.14 billion, a price-to-earnings ratio of 20.73, a P/E/G ratio of 3.10 and a beta of 0.26. The firm’s fifty day moving average is $31.17 and its 200 day moving average is $31.85.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.95 billion. Hormel Foods had a net margin of 6.52% and a return on equity of 11.03%. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.40 EPS. On average, equities analysts anticipate that Hormel Foods will post 1.58 earnings per share for the current fiscal year.

Insider Transactions at Hormel Foods

In other news, EVP Deanna T. Brady sold 51,600 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $31.95, for a total value of $1,648,620.00. Following the completion of the sale, the executive vice president now owns 72,421 shares of the company’s stock, valued at approximately $2,313,850.95. This represents a 41.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Steven J. Lykken sold 9,800 shares of Hormel Foods stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $31.91, for a total value of $312,718.00. Following the completion of the transaction, the vice president now directly owns 30,589 shares in the company, valued at approximately $976,094.99. This represents a 24.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 71,400 shares of company stock worth $2,288,338. Company insiders own 0.69% of the company’s stock.

Hedge Funds Weigh In On Hormel Foods

Hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its position in shares of Hormel Foods by 688.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock worth $26,000 after acquiring an additional 647 shares in the last quarter. Brooklyn Investment Group bought a new stake in Hormel Foods in the third quarter worth approximately $32,000. International Assets Investment Management LLC bought a new position in shares of Hormel Foods during the 2nd quarter worth approximately $34,000. Central Valley Advisors LLC acquired a new stake in shares of Hormel Foods during the 2nd quarter worth approximately $37,000. Finally, Prospera Private Wealth LLC acquired a new stake in shares of Hormel Foods during the 3rd quarter worth approximately $39,000. Institutional investors and hedge funds own 40.99% of the company’s stock.

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.