Piper Sandler raises Hormel Foods (NYSE: HRL) price target to $ 49.00
Hormel Foods (NYSE: HRL) saw its price target bolstered by research analysts on Piper Sandler’s stock from $ 45 to $ 49 in a note issued to investors on Friday, The Fly reports. The company currently has a “neutral” rating on the stock. Piper Sandler’s target price would suggest a potential rise of 9.38% from the company’s current price.
A number of other brokerages have also recently published reports on HRL. Credit Suisse Group lowered its price target for Hormel Foods shares from $ 45 to $ 42.00 and set the stock “neutral” rating in a research note on Tuesday, September 7. TheStreet downgraded Hormel Foods shares from a âbâ rating to a âc +â rating in a research note on Tuesday, September 7. Barclays lowered its price target for Hormel Foods shares from $ 48.00 to $ 46.00 and set a rating of “equal weight” to the stock in a Friday September 3 research note. Finally, JPMorgan Chase & Co. upgraded Hormel Foods shares from an “underweight” to a “neutral” rating and set a target price of $ 42.00 per share in a research report on Friday October 8. Five analysts rated the stock with a conservation rating. Based on data from MarketBeat.com, the company currently has an average rating of âHoldâ and a consensus target price of $ 46.20.
Hormel Foods shares opened at $ 44.80 on Friday. The company has a market cap of $ 24.31 billion, a price / earnings ratio of 28.35, a PEG ratio of 2.94 and a beta of 0.03. The company has a quick ratio of 1.01, a current ratio of 2.15, and a debt ratio of 0.49. Hormel Foods has a 12 month low of $ 40.48 and a 12 month high of $ 50.86. The company’s 50-day average mobile price is $ 42.56, and its two-hundred-day average mobile price is $ 44.86.
Hormel Foods (NYSE: HRL) last reported quarterly results on Thursday, December 9. The company reported earnings per share (EPS) of $ 0.51 for the quarter, beating analyst consensus estimates of $ 0.50 by $ 0.01. The company posted revenue of $ 3.45 billion for the quarter, compared to a consensus estimate of $ 3.22 billion. Hormel Foods had a net margin of 8.32% and a return on equity of 13.54%. The company’s revenue for the quarter increased 42.8% year-over-year. During the same period of the previous year, the company posted earnings per share of $ 0.43. On average, sell-side analysts expect Hormel Foods to post earnings per share of 1.71 for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of HRL. OLD Mission Capital LLC acquired a new position in Hormel Foods during the third quarter valued at $ 5,651,000. Alliancebernstein LP increased its holdings of Hormel Foods shares by 4.1% in the second quarter. Alliancebernstein LP now owns 482,605 shares of the company valued at $ 23,044,000 after purchasing an additional 19,046 shares in the last quarter. G&S Capital LLC increased its stake in Hormel Foods shares by 6.4% in the 2nd quarter. G&S Capital LLC now owns 6,235 shares of the company valued at $ 298,000 after purchasing an additional 373 shares in the last quarter. Tuttle Tactical Management purchased a new position in Hormel Foods shares in the second quarter valued at approximately $ 1,508,000. Finally, Townsend & Associates Inc increased its holdings of Hormel Foods shares by 4.9% in the 2nd quarter. Townsend & Associates Inc now owns 38,255 shares of the company valued at $ 1,800,000 after purchasing an additional 1,796 shares during the last quarter. 40.33% of the shares are currently held by hedge funds and other institutional investors.
About Hormel Foods
Hormel Foods Corp. is engaged in the production of meat and food products. It operates in the following segments: Grocery, Refrigerated Food, Jennie-O and International Turkey Store and Other. The Grocery Products segment primarily comprises the processing, marketing and sale of long-life food products sold in the retail market.
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