Hormel Foods (NYSE:HRL) Given New $36.00 Price Target at Barclays

Hormel Foods (NYSE:HRL - Get Free Report) had its price target raised by analysts at Barclays from $35.00 to $36.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Barclays's target price points to a potential upside of 16.82% from the stock's previous close.

HRL has been the topic of several other research reports. BNP Paribas initiated coverage on shares of Hormel Foods in a report on Monday, October 21st. They issued an "underperform" rating and a $28.00 price target on the stock. Stephens initiated coverage on shares of Hormel Foods in a research report on Thursday, October 3rd. They issued an "equal weight" rating and a $31.00 target price for the company. Finally, Citigroup reduced 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 report on Tuesday, November 19th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Hormel Foods presently has a consensus rating of "Hold" and a consensus price target of $31.17.

Hormel Foods Trading Up 3.0 %

Shares of HRL stock traded up $0.89 during mid-day trading on Tuesday, reaching $30.82. The stock had a trading volume of 3,362,215 shares, compared to its average volume of 2,493,042. The firm has a market capitalization of $16.92 billion, a PE ratio of 21.11, a price-to-earnings-growth ratio of 2.80 and a beta of 0.26. The stock's 50-day moving average price is $31.27 and its two-hundred day moving average price is $31.47. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36. Hormel Foods has a 52-week low of $28.51 and a 52-week high of $36.86.

Hormel Foods (NYSE:HRL - Get Free Report) last announced its quarterly earnings results on Wednesday, December 4th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.01). Hormel Foods had a net margin of 6.75% and a return on equity of 10.95%. The business had revenue of $3.14 billion for the quarter, compared to analysts' expectations of $3.14 billion. During the same quarter in the prior year, the firm earned $0.42 EPS. The firm's revenue for the quarter was down 1.9% on a year-over-year basis. Equities analysts expect that Hormel Foods will post 1.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Hormel Foods news, VP Steven J. Lykken purchased 4,904 shares of the stock in a transaction dated Friday, December 6th. The shares were purchased at an average cost of $32.47 per share, with a total value of $159,232.88. Following the completion of the acquisition, the vice president now directly owns 7,100 shares in the company, valued at $230,537. This trade represents a 223.32 % increase in their position. The transaction 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

Hedge funds have recently bought and sold shares of the business. Holocene Advisors LP boosted its stake in shares of Hormel Foods by 56.0% in the 3rd quarter. Holocene Advisors LP now owns 2,237,674 shares of the company's stock worth $70,934,000 after buying an additional 802,816 shares during the last quarter. Marshall Wace LLP lifted its holdings in Hormel Foods by 86.4% in the second quarter. Marshall Wace LLP now owns 1,602,732 shares of the company's stock valued at $48,867,000 after acquiring an additional 742,859 shares during the period. State Street Corp boosted its position in Hormel Foods by 2.5% in the third quarter. State Street Corp now owns 25,068,102 shares of the company's stock worth $794,659,000 after purchasing an additional 617,308 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Hormel Foods by 24.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,976,257 shares of the company's stock valued at $90,738,000 after purchasing an additional 575,378 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of Hormel Foods by 59.1% in the 2nd quarter. AQR Capital Management LLC now owns 1,244,448 shares of the company's stock worth $37,470,000 after purchasing an additional 462,283 shares during the period. Hedge funds and other institutional investors own 40.99% of the company's stock.

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.