Hormel Foods (HRL) Scheduled to Post Quarterly Earnings on Thursday

Hormel Foods (NYSE:HRL – Get Rating) is scheduled to be posting its quarterly earnings results before the market opens on Thursday, June 1st. Analysts expect Hormel Foods to post earnings of $0.39 per share for the quarter. Hormel Foods has set its FY23 guidance at $1.70-1.82 EPS and its FY 2023 guidance at $1.70-$1.82 EPS.Parties that are interested in participating in the company’s conference call can do so using this link.

Hormel Foods (NYSE:HRL – Get Rating) last posted its quarterly earnings data on Thursday, March 2nd. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.05). The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Hormel Foods had a return on equity of 13.10% and a net margin of 7.90%. The business’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the business posted $0.44 EPS. On average, analysts expect Hormel Foods to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Hormel Foods Price Performance

HRL opened at $38.89 on Thursday. The company has a market capitalization of $21.25 billion, a price-to-earnings ratio of 21.73, a PEG ratio of 3.86 and a beta of 0.17. The company has a quick ratio of 1.07, a current ratio of 2.33 and a debt-to-equity ratio of 0.43. The firm has a 50-day moving average price of $39.74 and a 200-day moving average price of $43.49. Hormel Foods has a twelve month low of $37.78 and a twelve month high of $51.69.

Hormel Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, July 17th will be paid a dividend of $0.275 per share. The ex-dividend date is Friday, July 14th. This represents a $1.10 annualized dividend and a yield of 2.83%. Hormel Foods’s dividend payout ratio is currently 61.45%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on HRL shares. Bank of America dropped their price target on shares of Hormel Foods from $45.00 to $41.00 in a research report on Monday, March 6th. Credit Suisse Group dropped their price objective on shares of Hormel Foods from $44.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday, March 3rd. TheStreet cut shares of Hormel Foods from a “b” rating to a “c+” rating in a research report on Thursday, March 2nd. Argus cut shares of Hormel Foods from a “buy” rating to a “hold” rating in a research report on Thursday, March 30th. Finally, JPMorgan Chase & Co. lowered shares of Hormel Foods from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $47.00 to $38.00 in a research note on Friday, March 3rd. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat.com, Hormel Foods currently has a consensus rating of “Hold” and a consensus target price of $44.14.

Insiders Place Their Bets

In related news, Director Becerra Jose Luis Prado sold 5,200 shares of the firm’s stock in a transaction dated Monday, March 27th. The stock was sold at an average price of $39.01, for a total transaction of $202,852.00. Following the completion of the transaction, the director now directly owns 18,410 shares in the company, valued at approximately $718,174.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Hormel Foods news, Director Elsa A. Murano sold 6,000 shares of the business’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $40.50, for a total transaction of $243,000.00. Following the sale, the director now directly owns 102,698 shares in the company, valued at $4,159,269. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Becerra Jose Luis Prado sold 5,200 shares of the company’s stock in a transaction on Monday, March 27th. The shares were sold at an average price of $39.01, for a total value of $202,852.00. Following the completion of the sale, the director now owns 18,410 shares in the company, valued at $718,174.10. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Hormel Foods

Several institutional investors and hedge funds have recently added to or reduced their stakes in HRL. Point72 Hong Kong Ltd acquired a new position in shares of Hormel Foods in the 1st quarter worth approximately $41,000. Dark Forest Capital Management LP boosted its position in Hormel Foods by 387.0% during the 1st quarter. Dark Forest Capital Management LP now owns 1,841 shares of the company’s stock valued at $73,000 after purchasing an additional 1,463 shares during the period. Salem Investment Counselors Inc. raised its stake in Hormel Foods by 24.4% during the 1st quarter. Salem Investment Counselors Inc. now owns 1,527 shares of the company’s stock valued at $79,000 after acquiring an additional 300 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in Hormel Foods by 61.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 2,062 shares of the company’s stock valued at $93,000 after acquiring an additional 785 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. bought a new stake in Hormel Foods during the 4th quarter valued at $102,000. 39.74% of the stock is currently owned by institutional investors and hedge funds.

About Hormel Foods

(Get Rating)

Hormel Foods Corp. engages in the production of meat and food products. It operates through the following segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International and Other. The Grocery Products segment focuses on the processing, marketing, and sale of shelf-stable food products sold in the retail market.