Hormel Foods (NYSE:HRL) Issues Earnings Results, Beats Estimates By $0.01 EPS

Hormel Foods (NYSE:HRL - Get Free Report) released its quarterly earnings results on Wednesday. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.36 by $0.01, Briefing.com reports. Hormel Foods had a net margin of 6.37% and a return on equity of 11.31%. The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same period last year, the firm earned $0.40 earnings per share. Hormel Foods's revenue for the quarter was down 2.2% compared to the same quarter last year. Hormel Foods updated its FY 2024 guidance to 1.570-1.630 EPS and its FY24 guidance to $1.57-1.63 EPS.

Hormel Foods Price Performance

Shares of HRL stock traded down $2.13 on Wednesday, reaching $31.01. The company had a trading volume of 5,813,070 shares, compared to its average volume of 2,702,803. The business's 50-day moving average is $31.61 and its 200 day moving average is $32.89. Hormel Foods has a one year low of $28.51 and a one year high of $39.58. The company has a quick ratio of 1.00, a current ratio of 1.73 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $17.00 billion, a PE ratio of 21.41, a price-to-earnings-growth ratio of 3.12 and a beta of 0.24.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on HRL shares. JPMorgan Chase & Co. raised Hormel Foods from an "underweight" rating to a "neutral" rating and lifted their price objective for the company from $28.00 to $29.00 in a report on Friday, May 31st. Citigroup raised shares of Hormel Foods from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $33.00 to $37.00 in a research report on Tuesday, August 13th. Finally, Stephens restated an "equal weight" rating and issued a $32.00 target price on shares of Hormel Foods in a research report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Hormel Foods has an average rating of "Hold" and an average target price of $32.33.

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.