Hormel Foods Co. (NYSE:HRL) Short Interest Update

Hormel Foods Co. (NYSE:HRL) was the target of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 7,110,000 shares, a decrease of 10.6% from the October 15th total of 7,950,000 shares. Based on an average trading volume of 2,220,000 shares, the days-to-cover ratio is presently 3.2 days. Approximately 2.5% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on HRL shares. BNP Paribas initiated coverage on Hormel Foods in a research report on Monday, October 21st. They set an “underperform” rating and a $28.00 price objective for the company. Citigroup raised Hormel Foods from a “neutral” rating to a “buy” rating and raised their price target for the stock from $33.00 to $37.00 in a research note on Tuesday, August 13th. Finally, Stephens initiated 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. 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 stock. According to MarketBeat, Hormel Foods presently has an average rating of “Hold” and an average target price of $31.57.

Hormel Foods Stock Up 0.7 %

Hormel Foods stock traded up $0.19 during midday trading on Monday, hitting $29.40. 2,840,904 shares of the company were exchanged, compared to its average volume of 2,594,595. The company’s fifty day moving average price is $31.17 and its 200-day moving average price is $31.85. The company has a market cap of $16.12 billion, a PE ratio of 20.70, a price-to-earnings-growth ratio of 3.10 and a beta of 0.26. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.29 and a quick ratio of 1.03. Hormel Foods has a fifty-two week low of $28.51 and a fifty-two week high of $36.86.

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

Hormel Foods Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th were issued a dividend of $0.282 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $1.13 annualized dividend and a yield of 3.84%. Hormel Foods’s dividend payout ratio is presently 79.58%.

Insider Activity

In other Hormel Foods news, VP Steven J. Lykken sold 9,800 shares of the firm’s stock in a transaction 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 sale, the vice president now owns 30,589 shares of the company’s stock, valued at approximately $976,094.99. This trade represents a 24.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Deanna T. Brady sold 51,600 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $31.95, for a total value of $1,648,620.00. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 71,400 shares of company stock valued at $2,288,338. 0.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hormel Foods

Several hedge funds and other institutional investors have recently bought and sold shares of HRL. EverSource Wealth Advisors LLC increased its holdings 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 valued at $26,000 after acquiring an additional 647 shares during the last quarter. Brooklyn Investment Group bought a new stake in shares of Hormel Foods in the 3rd quarter valued at approximately $32,000. International Assets Investment Management LLC bought a new stake in shares of Hormel Foods in the 2nd quarter valued at approximately $34,000. Central Valley Advisors LLC bought a new stake in shares of Hormel Foods in the 2nd quarter valued at approximately $37,000. Finally, Prospera Private Wealth LLC bought a new stake in shares of Hormel Foods in the 3rd quarter valued at approximately $39,000. 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.