Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Hormel Foods Corporation shares valued at $73,930 were sold by Connor Patrick J on Dec 14. At $46.88 per share, Connor Patrick J sold 1,577 shares. The insider’s holdings dropped to 22,682 shares worth approximately $0.95 million following the completion of this transaction.
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Also, Snee James P sold 31,283 shares, netting a total of over 1,490,854 in proceeds. Following the sale of shares at $47.66 each, the insider now holds 234,999 shares.
Before that, Myers Kevin L had sold 5,000 shares from its account. In a trade valued at $236,000, the SENIOR VICE PRESIDENT traded Hormel Foods Corporation shares for $47.20 each. Upon closing the transaction, the insider’s holdings decreased to 5,000 shares, worth approximately $1.38 million.
As published in a research note from Goldman on March 15, 2022, Hormel Foods Corporation [HRL] has been rated down from a Neutral to a Sell and the price target has been revised to $44. This represents a 4.93% premium over Thursday’s closing price. Analysts at Argus upgraded the stock from ‘”a Hold”‘ to ‘”a Buy”‘ outlook in a report released in early March. As of October 08, 2021, JP Morgan has increased its “an Underweight” rating to a “Neutral” for HRL. Earlier on December 09, 2020, Argus downgraded its rating. Their new recommendation was “a Hold” for HRL stock which previously was a “a Buy”.
Analyzing HRL Stock Performance
On Thursday, Hormel Foods Corporation [NYSE: HRL] plunged -4.56% to $41.83. The stock’s lowest price that day was $40.72, but it reached a high of $42.62 in the same session. During the last five days, there has been a drop of approximately -7.58%. Over the course of the year, Hormel Foods Corporation shares have dropped approximately -8.17%. Shares of the company reached a 52-week high of $47.03 on 01/06/23 and a 52-week low of $40.72 on 03/02/23. A 50-day SMA is recorded $45.24, while a 200-day SMA reached $46.94. Nevertheless, trading volume fell to 4.07 million shares from 2.26 million shares the previous day.
Support And Resistance Levels for Hormel Foods Corporation (HRL)
According to the 24-hour chart, there is a support level at 40.83, which, if violated, would cause prices to drop to 39.82. In the upper region, resistance lies at 42.73. The next price resistance is at 43.62. RSI (Relative Strength Index) is 23.16 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.46, which suggests the price will decrease in the coming days. Percent R is at 79.14%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Hormel Foods Corporation subject to short interest?
Stocks of Hormel Foods Corporation saw a sharp rise in short interest on Jan 12, 2023 jumping by 0.14 million shares to 9.65 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 9.51 million shares. A jump of 1.45% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 5.56 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.56.
Which companies own the most shares of Hormel Foods Corporation (HRL)?
According to The Vanguard Group, Inc. filings, the company currently owns 34,242,799 shares, which is about 6.27% of the total HRL shares outstanding. The investor’s shares have appreciated by 387,506 from its previous 13-F filing of 33855293.0 shares. With the completion of the sale transaction, SSgA Funds Management, Inc.’s stake is now worth $1,186,141,310. BlackRock Fund Advisors acquire a 2.68% interest valued at $936.87 million while Capital Research & Management Co sold a -8,403 stake. A total of 92,153 shares of Hormel Foods Corporation were sold by Geode Capital Management LLC during the quarter, and -135,057 were sold by Principal Global Investors LLC. In its current portfolio, Mairs & Power, Inc. holds 4,902,173 shares valued at $222.12 million.
In terms of Hormel Foods Corporation share price expectations, FactSet research, analysts set an average price target of $45.99 in the next 12 months, up nearly 7.23% from the previous closing price of $43.83. Analysts anticipate Hormel Foods Corporation stock to reach $52.00 by 2023, with the lowest price target being $38.00. In spite of this, 14 analysts ranked Hormel Foods Corporation stock as a Hold at the end of 2023.