Hormel Foods (HRL) Set to Announce Quarterly Earnings on Wednesday

Hormel Foods (NYSE:HRL) will announce its earnings results before the market opens on Wednesday, December 4th. Analysts expect the company to announce earnings of $0.43 per share for the quarter. Hormel Foods has set its FY 2024 guidance at 1.570-1.630 EPS and its FY24 guidance at $1.57-1.63 EPS.Parties interested in registering for the company’s conference call can do so using this link.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. The business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.95 billion. During the same quarter last year, the business posted $0.40 earnings per share. The business’s revenue for the quarter was down 2.2% on a year-over-year basis. 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

Hormel Foods stock opened at $32.15 on Tuesday. The firm has a market capitalization of $17.63 billion, a PE ratio of 22.64, a P/E/G ratio of 3.44 and a beta of 0.26. Hormel Foods has a 52 week low of $28.51 and a 52 week high of $36.86. The firm’s 50-day simple moving average is $31.01 and its 200 day simple moving average is $31.58. 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 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Monday, January 13th will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 3.61%. The ex-dividend date of this dividend is Monday, January 13th. This is an increase from Hormel Foods’s previous quarterly dividend of $0.28. Hormel Foods’s dividend payout ratio is 81.69%.

Insider Activity at Hormel Foods

In other Hormel Foods news, VP Steven J. Lykken sold 9,800 shares of the stock in a transaction on Friday, September 27th. The shares were sold at an average price of $31.91, for a total transaction of $312,718.00. Following the transaction, the vice president now directly owns 30,589 shares in the company, valued at $976,094.99. This represents a 24.26 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Kevin L. Myers sold 10,000 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $32.70, for a total transaction of $327,000.00. Following the transaction, the senior vice president now directly owns 39,050 shares in the company, valued at $1,276,935. The trade was a 20.39 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 71,400 shares of company stock worth $2,288,338. 0.69% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports 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. Stephens started coverage on Hormel Foods in a research note on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 target price for the company. Finally, Citigroup cut 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 note on Tuesday, November 19th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $31.29.

About Hormel Foods

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.