Hormel Foods (NYSE:HRL) Raised to "Neutral" at Bank of America

Hormel Foods (NYSE:HRL - Get Free Report) was upgraded by stock analysts at Bank of America from an "underperform" rating to a "neutral" rating in a research report issued on Tuesday, Marketbeat reports. The firm presently has a $35.00 target price on the stock, up from their prior target price of $29.00. Bank of America's price target points to a potential upside of 14.50% from the stock's previous close.

Other analysts also recently issued research reports about the stock. Barclays raised shares of Hormel Foods from a "hold" rating to a "strong-buy" rating in a report on Wednesday, January 22nd. Stephens reaffirmed an "equal weight" rating and issued a $31.00 price objective on shares of Hormel Foods in a report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $32.33.

Hormel Foods Stock Performance

Shares of Hormel Foods stock traded up $0.39 during trading hours on Tuesday, hitting $30.57. 2,859,028 shares of the company were exchanged, compared to its average volume of 2,582,987. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36. The business has a 50-day moving average of $29.61 and a 200-day moving average of $30.50. Hormel Foods has a 1 year low of $27.59 and a 1 year high of $36.86. The stock has a market capitalization of $16.81 billion, a price-to-earnings ratio of 20.94, a P/E/G ratio of 2.73 and a beta of 0.31.

Insider Activity at Hormel Foods

In other Hormel Foods news, Director Elsa A. Murano sold 4,500 shares of the stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $30.40, for a total transaction of $136,800.00. Following the sale, the director now owns 95,488 shares in the company, valued at approximately $2,902,835.20. This represents a 4.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.72% of the stock is currently owned by company insiders.

Institutional Trading of Hormel Foods

Hedge funds and other institutional investors have recently bought and sold shares of the company. Crews Bank & Trust purchased a new position in shares of Hormel Foods during the 4th quarter worth about $25,000. Fairway Wealth LLC purchased a new position in Hormel Foods during the fourth quarter worth approximately $44,000. Capital Advisors Ltd. LLC boosted its holdings in shares of Hormel Foods by 86.9% in the 4th quarter. Capital Advisors Ltd. LLC now owns 1,484 shares of the company's stock valued at $47,000 after purchasing an additional 690 shares during the last quarter. Lindbrook Capital LLC boosted its holdings in shares of Hormel Foods by 91.8% in the 4th quarter. Lindbrook Capital LLC now owns 1,523 shares of the company's stock valued at $48,000 after purchasing an additional 729 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Hormel Foods during the 4th quarter valued at $48,000. 40.99% of the stock is owned by hedge funds and other institutional investors.

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.