Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Hormel Foods Corp. shares valued at $489,900 were sold by Ourada Mark J on Apr 02 ’24. At $35.50 per share, Ourada Mark J sold 13,800 shares. The insider’s holdings dropped to 28,050 shares worth approximately $0.98 million following the completion of this transaction.
Also, Murano Elsa A sold 4,300 shares, netting a total of over 151,068 in proceeds. Following the sale of shares at $35.13 each, the insider now holds 94,583 shares.
Before that, Coffey Mark A had sold 15,400 shares from its account. In a trade valued at $539,055, the GROUP VICE PRESIDENT traded Hormel Foods Corp. shares for $35.00 each. Upon closing the transaction, the insider’s holdings decreased to 15,400 shares, worth approximately $2.38 million.
As published in their initiating research note from Citigroup on February 01, 2024, Hormel Foods Corp. [HRL] has been a Neutral and the price target has been revised to $31. Analysts at Argus downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in late March. As of March 03, 2023, JP Morgan has decreased its “Neutral” rating to a “an Underweight” for HRL. Earlier on March 15, 2022, Goldman downgraded its rating. Their new recommendation was “a Sell” for HRL stock which previously was a “a Neutral”.
Analyzing HRL Stock Performance
During the last five days, there has been a drop of approximately -0.63%. Over the course of the year, Hormel Foods Corp. shares have jumped approximately 8.84%. Shares of the company reached a 52-week high of $36.00 on 02/29/24 and a 52-week low of $28.51 on 02/14/24. A 50-day SMA is recorded $32.64, while a 200-day SMA reached $34.80. Nevertheless, trading volume fell to 2.27 million shares from 2.4 million shares the previous day.
Support And Resistance Levels for Hormel Foods Corp. (HRL)
According to the 24-hour chart, there is a support level at 34.68, which, if violated, would cause prices to drop to 34.41. In the upper region, resistance lies at 35.16. The next price resistance is at 35.37. RSI (Relative Strength Index) is 58.18 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.18, which suggests the price will decrease in the coming days. Percent R is at 40.58%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Hormel Foods Corp. subject to short interest?
Stocks of Hormel Foods Corp. saw a sharp rise in short interest on Mar 28, 2024 jumping by 0.16 million shares to 10.14 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 9.98 million shares. A jump of 1.58% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.82 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.82.
