Hormel Foods (NYSE:HRL) Announces Earnings Results, Beats Expectations By $0.01 EPS

Hormel Foods (NYSE:HRL) announced its earnings results on Wednesday. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.36 by $0.01, Briefing.com reports. The firm had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.95 billion. Hormel Foods had a net margin of 6.37% and a return on equity of 11.31%. The business’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period last year, the company posted $0.40 EPS. Hormel Foods updated its FY 2024 guidance to 1.570-1.630 EPS and its FY24 guidance to $1.57-1.63 EPS.

Hormel Foods Stock Performance

Shares of HRL traded up $0.11 during midday trading on Friday, reaching $32.22. 77,562 shares of the stock were exchanged, compared to its average volume of 2,696,652. The stock’s 50 day simple moving average is $31.67 and its 200 day simple moving average is $32.87. The company has a market cap of $17.67 billion, a P/E ratio of 22.94, a PEG ratio of 3.12 and a beta of 0.25. Hormel Foods has a twelve month low of $28.51 and a twelve month high of $39.58. The company has a quick ratio of 1.00, a current ratio of 1.73 and a debt-to-equity ratio of 0.36.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on HRL shares. Stephens reiterated an “equal weight” rating and set a $32.00 target price on shares of Hormel Foods in a report on Friday, May 31st. Citigroup upgraded Hormel Foods from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $33.00 to $37.00 in a report on Tuesday, August 13th. Finally, JPMorgan Chase & Co. upgraded Hormel Foods from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $28.00 to $29.00 in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Hormel Foods currently has a consensus rating of “Hold” and an average price target of $32.33.

Hedge Funds Weigh In On Hormel Foods

Several institutional investors and hedge funds have recently modified their holdings of HRL. EverSource Wealth Advisors LLC grew its position in Hormel Foods by 688.3% during the first quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock worth $26,000 after buying an additional 647 shares in the last quarter. CVA Family Office LLC acquired a new stake in Hormel Foods during the first quarter worth about $31,000. International Assets Investment Management LLC bought a new position in Hormel Foods in the 2nd quarter valued at about $34,000. Central Valley Advisors LLC acquired a new position in shares of Hormel Foods in the 2nd quarter valued at approximately $37,000. Finally, Register Financial Advisors LLC bought a new stake in shares of Hormel Foods during the 1st quarter worth approximately $42,000. 40.99% of the stock is currently owned by institutional investors and hedge funds.

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.