Teza Capital Management LLC Purchases New Position in Hormel Foods Corporation $HRL

Key Points

• Teza Capital Management LLC recently acquired a new position in Hormel Foods, purchasing 13,117 shares valued at approximately $406,000 in the first quarter of 2023.
• Several other institutional investors have also established stakes in Hormel Foods, increasing institutional ownership to approximately 40.99%.
• Despite missing EPS estimates for the latest quarter, Hormel Foods reported revenue of $3.03 billion, which exceeded consensus estimates and indicated a year-over-year revenue growth of 4.6%.

Teza Capital Management LLC purchased a new stake in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 13,117 shares of the company's stock, valued at approximately $406,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. MJT & Associates Financial Advisory Group Inc. bought a new stake in Hormel Foods during the first quarter valued at about $37,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Hormel Foods in the first quarter worth about $38,000. Quarry LP bought a new stake in shares of Hormel Foods in the first quarter worth about $41,000. Riverview Trust Co increased its holdings in shares of Hormel Foods by 183.8% in the first quarter. Riverview Trust Co now owns 1,572 shares of the company's stock worth $49,000 after purchasing an additional 1,018 shares during the last quarter. Finally, YANKCOM Partnership increased its holdings in shares of Hormel Foods by 18.5% in the first quarter. YANKCOM Partnership now owns 3,081 shares of the company's stock worth $95,000 after purchasing an additional 480 shares during the last quarter. 40.99% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on HRL. Bank of America reduced their target price on Hormel Foods from $35.00 to $28.00 and set a "neutral" rating on the stock in a report on Friday, August 29th. JPMorgan Chase & Co. reduced their target price on Hormel Foods from $34.00 to $30.00 and set an "overweight" rating on the stock in a report on Friday, August 29th. Zacks Research cut Hormel Foods from a "hold" rating to a "strong sell" rating in a report on Friday, August 29th. The Goldman Sachs Group reduced their target price on Hormel Foods from $35.00 to $31.00 and set a "buy" rating on the stock in a report on Friday, August 29th. Finally, BNP Paribas Exane raised Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 target price on the stock in a report on Tuesday, May 27th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $30.88.

Hormel Foods Trading Down 1.3%

NYSE HRL traded down $0.34 during trading hours on Friday, hitting $25.08. 2,391,525 shares of the company were exchanged, compared to its average volume of 4,675,733. Hormel Foods Corporation has a 52 week low of $23.71 and a 52 week high of $33.80. The stock has a 50-day moving average price of $28.19 and a 200 day moving average price of $29.39. The stock has a market cap of $13.79 billion, a PE ratio of 18.31, a price-to-earnings-growth ratio of 5.66 and a beta of 0.31. The company has a quick ratio of 1.12, a current ratio of 2.47 and a debt-to-equity ratio of 0.35.

Hormel Foods (NYSE:HRL - Get Free Report) last announced its earnings results on Thursday, August 28th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.06). Hormel Foods had a net margin of 6.26% and a return on equity of 10.06%. The business had revenue of $3.03 billion for the quarter, compared to analysts' expectations of $2.98 billion. During the same quarter last year, the firm earned $0.37 EPS. The firm's quarterly revenue was up 4.6% on a year-over-year basis. Hormel Foods has set its Q4 2025 guidance at 0.380-0.400 EPS. FY 2025 guidance at 1.430-1.450 EPS. Analysts forecast that Hormel Foods Corporation will post 1.65 earnings per share for the current fiscal year.

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.