Hormel Foods (NYSE:HRL) Upgraded to “Neutral” at Bank of America

by · The Markets Daily

Hormel Foods (NYSE:HRL – Get Free Report) was upgraded by analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued to investors on Tuesday,Briefing.com Automated Import reports. The firm presently has a $35.00 price objective on the stock. Bank of America‘s target price would indicate a potential upside of 14.57% from the stock’s current price.

Several other research firms have also recently issued reports on HRL. Barclays upgraded shares of Hormel Foods from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 22nd. Stephens reissued an “equal weight” rating and set a $31.00 price objective on shares of Hormel Foods in a research report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, one has given a buy rating and one has assigned a strong 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 $32.33.

Check Out Our Latest Stock Analysis on Hormel Foods

Hormel Foods Stock Up 0.8 %

Shares of NYSE:HRL opened at $30.55 on Tuesday. Hormel Foods has a 52-week low of $27.59 and a 52-week high of $36.86. The stock has a market cap of $16.80 billion, a P/E ratio of 20.92, a PEG ratio of 2.73 and a beta of 0.31. The business has a fifty day moving average of $29.50 and a two-hundred day moving average of $30.53. The company has a quick ratio of 1.19, a current ratio of 2.32 and a debt-to-equity ratio of 0.36.

Insider Transactions at Hormel Foods

In related news, Director Elsa A. Murano sold 4,500 shares of Hormel Foods stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $30.40, for a total value of $136,800.00. Following the completion of the transaction, the director now owns 95,488 shares in the company, valued at approximately $2,902,835.20. The trade was a 4.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On Hormel Foods

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Hormel Foods in the fourth quarter valued at $102,598,000. Two Sigma Advisers LP lifted its position in shares of Hormel Foods by 496.3% during the 4th quarter. Two Sigma Advisers LP now owns 2,185,600 shares of the company’s stock worth $68,562,000 after purchasing an additional 1,819,100 shares during the last quarter. Two Sigma Investments LP increased its holdings in Hormel Foods by 466.5% in the fourth quarter. Two Sigma Investments LP now owns 2,053,160 shares of the company’s stock valued at $64,408,000 after buying an additional 1,690,746 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Hormel Foods by 67.1% in the fourth quarter. Bank of New York Mellon Corp now owns 2,926,668 shares of the company’s stock valued at $91,810,000 after buying an additional 1,175,087 shares in the last quarter. Finally, Stifel Financial Corp lifted its holdings in Hormel Foods by 33.9% during the 4th quarter. Stifel Financial Corp now owns 4,374,456 shares of the company’s stock worth $137,227,000 after buying an additional 1,107,270 shares during the last quarter. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Hormel Foods Company Profile

(Get Free Report)

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.

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