Hormel Foods (NYSE:HRL) Stock, Quote.Headers.trade-ideas

Hormel Foods

Historically meat-focused, Hormel Foods broadened its lineup to include other protein offerings and become a branded food company. The firm sells its wares through multiple channels, including US retail (64% of fiscal 2023 sales), US food service (30%), and international (6%). By product, 70% of fiscal 2023 sales were from perishable food and 30% from shelf-stable. Major brands include Hormel, Spam, Jennie-O, Columbus, Applegate, Planters, and Skippy. Many of these hold the number one or two market share in their respective categories.

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Wall Street traded slightly higher on Wednesday, rebounding after the sharp sell-off a day earlier that saw chipmakers tumble, with NVIDIA Corp. (NASDAQ:NVDA) shedding around $280 billion in market value — the largest single-day drop in history.

Stocks Rebound, Chipmakers Halt Bloodbath As Traders Upgrade Rate Cut Wagers; Tesla Rises, Dollar Tree In Free Fall: What&#39;s Driving Markets Wednesday?

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Core &amp; Main Reports Downbeat Results, Joins Rev Group, PagerDuty, Dollar Tree And Other Big Stocks Moving Lower In Wednesday&#39;s Pre-Market Session

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Hormel Foods&#39; stock dropped 5% to $31.40 premarket as the company slashed its FY24 outlook due to production disruptions at multiple facilities.

Hormel Foods&#39; FY24 Outlook Takes A Hit Amid Production Disruptions, Stock Plummets

Hormel Foods Corp

High Roller Technologies, Inc

Wall Street traded slightly higher on Wednesday, rebounding after the sharp sell-off a day earlier that saw chipmakers tumble, with NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shedding around $280 billion in market value — the largest single-day drop in history.
Investors processed fresh insights from July labor market statistics, which confirmed cooling conditions as job openings fell to their lowest level in three years, almost closing the <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40711148/july-job-openings-fall-to-3-year-lows-gap-with-unemployment-narrows-to-near-parit">gap with unemployment levels.</a>
Expectations for a Federal Reserve interest rate cut improved, with market participants now assigning a 43% implied probability of a 50-basis-point cut in September, up from 38% the previous day.
Attention now shifts to key August labor data, with the ADP private payrolls report due Thursday, followed by the official jobs report on Friday.
Major equity indices were up marginally, while bonds outperformed, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rising 0.7%, adding to Tuesday&#8217;s 1.3% gain.
Notably, chipmakers, as tracked by the iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>), rose 1%. 
The U.S. dollar weakened, losing 0.4% as falling Treasury yields weighed on the currency. Gold inched up 0.2%, set to break a three-day losing streak.
Oil prices continued to decline, falling 0.7% despite OPEC+ announcing a delay in its planned production increases.
Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) bounced back 1.6%, trading at $58,200.
<h1 class="wp-block-heading">Wednesday&#8217;s Performance Among Major Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,162.23</td>
<td>0.4%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,033.77</td>
<td>0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,985.75</td>
<td>0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,535.16</td>
<td>0.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:35 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent090424&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.2% higher to $552.98.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.2% to $411.03.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.4% to $463.53.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) increase 0.4% to $214.31.</li>
<li>The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) outperformed, up by 0.8%, while the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 0.8%.</li>
</ul>
<h1 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h1>
<ul>
<li>Dollar Tree Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) sunk 20% after missing quarterly earnings estimates and delivering a guidance cut.</li>
<li>Other stocks reacting to company earnings were Dicks Sporting Goods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKS#NYSE">DKS</a>) down 5%, Hormel Foods Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) down 6.6% and Ciena Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) up 2.2%.</li>
<li>ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) fell 3.2% after UBS downgraded the Dutch chipmaker from Buy to Neutral, also cutting the price target. </li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rose 5% on upbeat sales data in China. The China Passenger Car Association reported that sales of Tesla's China-made electric vehicles rose 17% compared to July and increased 3% year-over-year.</li>
<li>Companies reporting earnings after the close include Copart Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPRT#NASDAQ">CPRT</a>), Hewlett Packard Enterprise Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) and Caseys General Stores Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CASY#NASDAQ">CASY</a>).</li>
</ul>
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</ul>
This image was created using artificial intelligence MidJourney.

Stocks Rebound, Chipmakers Halt Bloodbath As Traders Upgrade Rate Cut Wagers; Tesla Rises, Dollar Tree In Free Fall: What's Driving Markets Wednesday?

U.S. stock futures were lower this morning, with the Nasdaq futures dipping over 100 points on Wednesday.
Shares of Core &amp; Main Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNM#NYSE">CNM</a>) fell sharply in today's pre-market trading after the company reported worse-than-expected second-quarter financial results and cut its FY24 net sales <a href="https://www.benzinga.com/quote/CNM/earnings">guidance below estimates.</a>
Core &amp; Main reported quarterly earnings of 61 cents per share which missed the analyst consensus estimate of 73 cents per share. The company reported quarterly sales of $1.964 billion which missed the analyst consensus estimate of $2.059 billion.
Core &amp; Main shares dipped 17.1% to $38.80 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
<ul>
<li>Zscaler Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) shares fell 17.1% to $160.19 in pre-market trading following fourth-quarter earnings.</li>
<li>Ascendis Pharma A/S (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASND#NASDAQ">ASND</a>) declined 15.2% to $114.17 in pre-market trading after the company reported worse-than-expected second-quarter sales results and cut its FY24 SKYTROFA revenue guidance.</li>
<li>Asana Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASAN#NYSE">ASAN</a>) fell 14.6% to $11.36 in pre-market trading. Asana reported upbeat results for its second quarter but issued weak guidance for the third quarter.</li>
<li>Rev Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REVG#NYSE">REVG</a>) shares fell 13.3% to $26.19 in pre-market trading following weak quarterly sales.</li>
<li>PagerDuty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PD#NYSE">PD</a>) fell 12% to $16.10 in today&#8217;s pre-market trading. PagerDuty reported better-than-expected earnings for its second quarter, while sales missed estimates.</li>
<li>Dollar Tree Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) shares dipped 10.8% to $72.78 in pre-market trading after the company reported worse-than-expected second-quarter financial results and cut FY24 outlook.</li>
<li>America&#8217;s Car-Mart, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRMT#NASDAQ">CRMT</a>) shares fell 9.5% to $54.00 after the company reported a year-over-year decrease in quarterly EPS results.</li>
<li>Hormel Foods Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) fell 7.1% to $30.78 in pre-market trading after the company reported mixed third-quarter financial results and cut its FY24 sales guidance with its midpoint below estimates.</li>
</ul>
Now Read This: 
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<li><a href="https://www.benzinga.com/24/09/40700380/dollar-tree-dicks-sporting-goods-and-3-stocks-to-watch-heading-into-wednesday">Dollar Tree, Dick&#8217;s Sporting Goods And 3 Stocks To Watch Heading Into Wednesday</a></li>
</ul>

Core & Main Reports Downbeat Results, Joins Rev Group, PagerDuty, Dollar Tree And Other Big Stocks Moving Lower In Wednesday's Pre-Market Session

WIIM

Hormel Foods shares are trading lower after the company reported mixed Q3 financial results and cut its FY24 sales guidance with its midpoint below estimates.

Hormel Foods Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) shares are trading lower on Wednesday following a revised fiscal year 2024 <a href="https://www.benzinga.com//node/40702963" target="_blank" rel="noreferrer noopener">outlook due to production disruptions.</a>
The company reported third-quarter adjusted earnings per share of 37 cents, <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beating the analyst consensus of 36 cents.</a>
Quarterly sales of $2.898 billion (down 2.2%) missed the street view of $2.95 billion. Adjusted operating margin in the quarter under review contracted to 9.2% from 9.7% a year ago.
&#8220;Many of our key retail brands are growing, outperforming their categories and, most importantly, resonating with our customers and consumers,&#8221; said Jim Snee, chairman of the board, president and chief executive officer.&nbsp;
In the Retail segment, volume decreased by 9%, net sales fell by 7%, and segment profit dropped by 15%.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/09/40686869/how-to-earn-500-a-month-from-hormel-foods-stock-ahead-of-q3-earnings-report" rel="noreferrer noopener">How To Earn $500 A Month From Hormel Foods Stock Ahead Of Q3 Earnings Report</a>
In the Foodservice segment, volume increased by 2%, net sales rose by 7%, while segment profit declined by 3%. Hormel Foods&#8217; CEO highlighted that the Foodservice business continued to achieve above-industry growth, underscoring the value of the company&#8217;s solutions-based portfolio, direct selling team, and diverse customer and operator base.
In the International segment, volume decreased by 13%, net sales fell by 2%, but segment profit surged by 78%. The CEO also noted significant recovery in the International segment, driven by global brands, and emphasized the growing benefits from the company&#8217;s transformation and modernization initiatives, which have led to substantial improvements across the supply chain.
The company exited the quarter with cash and equivalents worth $561.93 million.
Outlook: Hormel Foods expects its fiscal year 2024 net sales to range between $11.8 billion and $12.1 billion, down from the previous range of $12.2 billion to $12.5 billion, and <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">slightly below the $12.14 billion estimate.</a>
The company anticipates adjusted earnings per share to be between $1.57 and $1.63, compared to the prior range of $1.55 to $1.65, and the $1.60 estimate.
The company is experiencing production disruptions at its Suffolk, Virginia, facility and is assessing the financial impact related to storm damage at its Papillion, Nebraska, facility.
In the fourth quarter, the firm expects continued momentum across many of its key retail brands, growth within the Foodservice and International businesses, improved service levels for the&nbsp;Planters&nbsp;snack nuts business, and further advancements of its transform and modernize initiative.
Price Action: HRL shares are trading lower by 5.55% to $31.30 premarket at last check Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/24/08/40666406/top-2-real-estate-stocks-that-could-blast-off-this-quarter" target="_blank" rel="noreferrer noopener">Top 2 Real Estate Stocks That Could Blast Off This Quarter</a></li>
</ul>

Hormel Foods' FY24 Outlook Takes A Hit Amid Production Disruptions, Stock Plummets

The September slump will likely continue as the index futures are sharply lower early Wednesday. Traders will likely <a href="https://www.benzinga.com/markets/equities/24/09/40696921/traders-bet-aggressively-on-rate-cuts-ahead-of-jobs-data-5-etfs-to-watch-this-week">wait and watch to see how the labor market data,</a> due for the week, pan out and their implications for the Fed funds rate. Wharton Professor and WisdomTree Chief Economist Jeremy Siegel said the report will decide whether the cut is going to be 25 basis points or double as much.
Tech stocks were lower in premarket trading, with Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) down over 1%. The CBOE Volatility Index, or VIX, spiked nearly 10% to $22.76. The Labor Department&#8217;s job opening data and the Beige Book and a few earnings reports are also on traders&#8217; radar. If these rule out a recession, traders may go bargain hunting to take advantage of Tuesday&#8217;s pullback. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.50%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.31%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.19%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.29%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Wednesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.36% to $550.90, and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) slid 0.60% to $459.05, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
A tech tumble that morphed into a broader market weakness dragged stocks sharply lower on Tuesday, with a trio of weak data serving as a trigger. The Institute for Supply Management&#8217;s manufacturing purchasing managers&#8217; index and S&amp;P Global&#8217;s final manufacturing PMI came in worse than expected and the Commerce Department said construction spending fell more than expected in July. The string of negative data reignited recession talks, pushing traders on the defensive.
The averages opened lower and fell sharply in early trading. The sell-off continued despite a slower momentum for the remainder of the session. The tech-heavy Nasdaq Composite settled at the lowest level since Aug. 12 and the S&amp;P 500 at a two-week low. All three indices fell by the most since the Aug. 5 global sell-off.
IT, communication services, energy, industrial and material stocks came under intense selling pressure, while defensive real estate and consumer staple stocks bucked the downtrend.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-3.26%</td>
<td>17,136.30</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-2.12%</td>
<td>5,528.93</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-1.51%</td>
<td>40,936.93</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-3.09%</td>
<td>2,149.21</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Morgan Stanley&#8217;s U.S. equity strategy team recommends focusing on defensive businesses that prioritize operational efficiency or have durable pricing power, or both. The team led by the firm&#8217;s Chief Equity Strategist Mike Wilson noted that cyclical and defensive stocks have failed to rebound materially, while lower-beta stocks continued to show very &#8220;resilient performance&#8221; amid the mixed data on both the macro and micro front.
Wilson called for better-than-expected non-farm payroll gains of 185,000 for August and a dip in the jobless rate to 4.2%.
Carson Group Chief Investment Strategist Ryan Detrick shared a premonitory historical trend. Sharing data that showed the second half of September grossly outperforming, he said, &#8220;September isn&#8217;t usually a good month for stocks, but remember it is the second half when the real trouble starts.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Yes, September isn&#39;t usually a good month for stocks, but remember it is the second half when the real trouble starts. <a href="https://t.co/lyCshvkUmT">pic.twitter.com/lyCshvkUmT</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1830957875541483874?ref_src=twsrc%5Etfw">September 3, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Fund Strat&#8217;s Tom Lee said investors should be cautious about the next eight weeks, from September until the election day. In an interview with CNBC, he said he sees the weakness as a &#8220;chance to buy,&#8221; and said investors should be ready to buy the dip.
Upcoming Economic Data:
<ul>
<li>The Commerce Department is due to release the trade balance report for July at 8:30 a.m. EDT, with economists calling for a deficit of $79.1 billion compared to a deficit of $73.1 billion in June.</li>
<li>The Bureau of Labor Statistics will release the results of the July Job Openings and Labor Turnover Survey, or JOLTS, at 10 a.m. EDT. The consensus calls for job openings to be at 8.1 million compared to 8.18 million in June.</li>
<li>The Commerce Department is scheduled to release the factory goods orders report for July at 10 a.m. EDT. Economists, on average, expect a 5.5% month-over-month jump in factory goods orders for July compared to a 3.3% drop in June.</li>
<li>The Fed will release the Beige Book report at 2 p.m. EDT, which gives anecdotal evidence of economic conditions in the 12 Federal Reserve districts.</li>
</ul>
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Stocks In Focus:
<ul>
<li>GitLab Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GTLB#NASDAQ">GTLB</a>) jumped nearly 17% <a href="https://www.benzinga.com/premarket">in premarket trading </a>on the company&#8217;s quarterly results, while PagerDuty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PD#NYSE">PD</a>) and Zscaler, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) fell over 14% each.</li>
<li>Ciena Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>), DICK&#8217;S Sporting Goods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKS#NYSE">DKS</a>), Dollar Tree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>), and Hormel Foods Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) are among the companies reporting <a href="https://www.benzinga.com/earnings">quarterly results ahead of the market open.</a></li>
<li>Those reporting after the close include AeroVironment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVAV#NASDAQ">AVAV</a>), C3.ai, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AI#NYSE">AI</a>), Casey&#8217;s General Stores, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CASY#NASDAQ">CASY</a>), ChargePoint Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHPT#NYSE">CHPT</a>) and Hewlett Packard Enterprise Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets
Crude oil futures extended their slide and dropped below the psychological support of $70-a-barrel and gold futures also slipped. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) plunged to the $56.5K level. The yield on the 10-year Treasury note edged down 2.6 points to 3.818%.
The Asian markets had another down day on Wednesday, with the Japanese Nikkei 225 average sliding by over 4% on the yen&#8217;s strength. The South Korean and Taiwanese markets, heavily weighted with tech stocks, also pulled back sharply. Traders were reacting to the sell-off seen on Wall Street overnight. On the other hand, the New Zealand and Indonesian markets bucked the downtrend.
European stocks traded lower in early trading. 
Read Next:
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<li><a href="https://www.benzinga.com/24/08/40667108/magnificent-7-miss-out-2-cybersecurity-stocks-stand-firm-retailers-lag-in-volatile-august-here-are-t">Magnificent 7 Miss Out, 2 Cybersecurity Stocks Stand Firm, Retailers Lag In Volatile August: Here Are The Top S&amp;P 500 Gainers And Losers</a></li>
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No Respite For US Stocks As Futures Sag, VIX Spikes 10%, Bitcoin Slides: Strategist Warns Of Further Pain In September, But Recommends Buying Dip

For fiscal year 2024, the Company is:
•Updating its net sales range expectations to $11.8 billion to $12.1 billion, reflecting lower-than-expected commodity markets, production disruptions at its Suffolk, Virginia, facility, and declines in its contract manufacturing business.
•Narrowing its expected diluted net earnings per share range to $1.45 to $1.51 (previously $1.45 to $1.55) and its adjusted diluted net earnings per share1 range to $1.57 to $1.63&#x2A; (previously $1.55 to $1.65).
•Including an updated estimate of $0.06 per share impact related to production disruptions at its Suffolk, Virginia, facility. Furthermore, the Company is assessing the financial impact related to storm damage at its Papillion, Nebraska, facility.
•Assuming continued benefits to net earnings from its transform and modernize initiative. &nbsp;
<figure class="table"> 
<table>
<tbody>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td colspan="3">Fiscal 2024 Outlook</td>
<td colspan="3">Current</td>
<td colspan="3">Previous</td>
</tr>
<tr>
<td colspan="3">Net Sales</td>
<td colspan="3">$11.8 - $12.1 billion</td>
<td colspan="3">$12.2 - $12.5 billion</td>
</tr>
<tr>
<td colspan="3">Adj. Diluted Net Earnings per Share&#x2A;</td>
<td colspan="3">$1.57 - $1.63</td>
<td colspan="3">$1.55 - $1.65</td>
</tr>
<tr>
<td colspan="3">Effective Tax Rate</td>
<td colspan="3">22.0 - 23.0%</td>
<td colspan="3">22.0 - 23.0%</td>
</tr>
</tbody>
</table>
</figure>

Hormel Foods Corp Expects FY24 Net Sales Of $11.8B-$12.1B (Prior $12.2B-$12.5B) Vs $12.14B Est, Adj EPS Of $1.57-$1.63 (Prior $1.55-$1.65) Vs $1.60 Est

Hormel Foods (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) reported quarterly earnings of $0.37 per share which beat the analyst consensus estimate of $0.36 by 2.78 percent. This is a 7.5 percent decrease over earnings of $0.40 per share from the same period last year. The company reported quarterly sales of $2.898 billion which missed the analyst consensus estimate of $2.95 billion by 1.82 percent. This is a 2.19 percent decrease over sales of $2.96 billion the same period last year.

Earnings Beats

Earnings Misses

Hormel Foods Q3 2024 Adj EPS $0.37 Beats $0.36 Estimate, Sales $2.898B Miss $2.95B Estimate

Hormel Foods Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) is set to release earnings results for its third quarter, after the <a href="https://www.benzinga.com/quote/HRL/earnings">closing bell on Wednesday, Sept. 4.</a>
Some investors may be eyeing potential gains from the company's dividends too. As of now, Hormel Foods offers an annual dividend yield of 3.47%. That&#8217;s a quarterly dividend amount of 28.25 cents per share ($1.13 a year).
So, how can investors exploit its dividend yield to pocket a regular $500 monthly?
To earn $500 per month or $6,000 annually from dividends alone, you would need an investment of approximately $172,841 or around 5,310 shares. For a more modest $100 per month or $1,200 per year, you would need $34,568 or around 1,062 shares.
To calculate: Divide the desired annual income ($6,000 or $1,200) by the dividend ($1.13 in this case). So, $6,000 / $1.13 = 5,310 ($500 per month), and $1,200 / $1.13 = 1,062 shares ($100 per month).
Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.
How that works: The dividend yield is computed by dividing the annual dividend payment by the stock&#8217;s current price.
For example, if a stock pays an annual dividend of $2 and is currently priced at $50, the dividend yield would be 4% ($2/$50). However, if the stock price increases to $60, the dividend yield drops to 3.33% ($2/$60). Conversely, if the stock price falls to $40, the dividend yield rises to 5% ($2/$40).
Similarly, changes in the dividend payment can impact the yield. If a company increases its dividend, the yield will also increase, provided the stock price stays the same. Conversely, if the dividend payment decreases, so will the yield.
HRL Price Action: Shares of Hormel Foods gained 1.1% to close at $32.55 on Friday.
Analysts expect the Austin, Minnesota-based company to report quarterly earnings at 36 cents per share, down from 40 cents per share in the year-ago period. Hormel Foods projects to report quarterly revenue of $2.95 billion for the quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
On Aug. 19, Hormel Foods reported the retirement of Deanna Brady, executive vice president of retail, at the end of the fiscal year on Oct. 27, 2024.
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Long Ideas

How To Earn $500 A Month From Hormel Foods Stock Ahead Of Q3 Earnings Report

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our<a href="https://www.benzinga.com/analyst-stock-ratings"> analyst ratings page.</a>
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<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/586e4055351b9b00018beea7/tim-long">Barclays analyst Tim Long</a> upgraded the rating for Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) from Underweight to Equal-Weight and announced a price target of $97. Dell shares gained 2.9% to close at $95.27 on Monday. <a href="https://www.benzinga.com/quote/DELL/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Citigroup analyst Thomas Palmer upgraded Hormel Foods Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) from Neutral to Buy and raised the price target from $33 to $37. Hormel shares fell 2.4% to close at $31.25 on Monday. <a href="https://www.benzinga.com/quote/HRL/analyst-ratings">See how other analysts view this stock.</a></li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58b59ca9b85e930001267b82/david-tarantino">Baird analyst David Tarantino</a> upgraded the rating for Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) from Neutral to Outperform and boosted the price target from $81 to $110. Starbucks shares closed at $77.03 on Monday. <a href="https://www.benzinga.com/quote/SBUX/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Ladenburg Thalmann analyst Paul Fremont upgraded Alliant Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LNT#NASDAQ">LNT</a>) from Neutral to Buy, while increasing the price target from $50 to $62.5. Alliant Energy shares closed at $55.96 on Monday. <a href="https://www.benzinga.com/quote/LNT/analyst-ratings">See how other analysts view this stock.</a></li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/59f1c1bcefacff0001706782/matthew-sheerin">Stifel analyst Matthew Sheerin</a> upgraded the rating for Littelfuse, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LFUS#NASDAQ">LFUS</a>) from Hold to Buy and increased the price target from $270 to $280. Littelfuse shares closed at $240.71 on Monday. <a href="https://www.benzinga.com/quote/LFUS/analyst-ratings">See how other analysts view this stock. See how other analysts view this stock.</a></li>
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Upgrades

Analyst Ratings

DELL

LFUS

SBUX

This Dell Analyst Is No Longer Bearish; Here Are Top 5 Upgrades For Tuesday

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page.</a>
<ul>
<li>Baird raised the price target for Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) from $81 to $110. Baird analyst David Tarantino upgraded the stock from Neutral to Outperform. Starbucks shares gained 2.6% to close at $77.03 on Monday. <a href="https://www.benzinga.com/quote/SBUX/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Ladenburg Thalmann increased the price target for Alliant Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LNT#NYSE">LNT</a>) from $50 to $62.5. Ladenburg Thalmann analyst Paul Fremont upgraded the stock from Neutral to Buy. Alliant Energy shares fell 0.2% to close at $55.96 on Monday. <a href="https://www.benzinga.com/quote/LT/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Barclays raised Sempra (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRE#NYSE">SRE</a>) price target from $81 to $87. Barclays analyst Eric Beaumont maintained an Overweight rating. Sempra shares rose 0.7% to close at $78.99 on Monday. <a href="https://www.benzinga.com/quote/SRE/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Morgan Stanley cut the price target for DraftKings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) from $51 to $47. Morgan Stanley analyst Stephen Grambling maintained an Overweight rating. DraftKings shares fell 1.6% to close at $29.85 on Monday. <a href="https://www.benzinga.com/quote/DKNG/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Morgan Stanley slashed 10x Genomics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NASDAQ">TXG</a>) price target from $50 to $46. Morgan Stanley analyst Tejas Savant maintained an Overweight rating. 10x Genomics shares fell 3.8% to close at $19.65 on Monday. S<a href="https://www.benzinga.com/quote/TXG/analyst-ratings">ee how other analysts view this stock.</a></li>
<li>Wedbush increased KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) price target from $16 to $17. Wedbush analyst David Chiaverini maintained a Neutral rating. KeyCorp shares gained 9.1% to close at $15.94 on Monday. <a href="https://www.benzinga.com/quote/KEY/analyst-ratings">See how other analysts view this stock.</a></li>
<li>B. Riley Securities increased the price target for DoubleDown Interactive Co., Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DDI#NASDAQ">DDI</a>) from $24 to $26. B. Riley Securities analyst David Bain maintained a Buy rating. DoubleDown Interactive shares gained 1.5% to close at $12.06 on Monday. <a href="https://www.benzinga.com/quote/DDI/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Stifel raised Coherent Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COHR#NYSE">COHR</a>) price target from $68 to $75. Stifel analyst Ruben Roy maintained a Buy rating. Coherent shares gained 5.3% to close at $66.70 on Monday. <a href="https://www.benzinga.com/quote/COHR/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Stifel boosted Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) price target from $71 to $73. Stifel analyst Mark Astrachan maintained a Hold rating. Walmart shares rose 1.1% to close at $68.70 on Monday. <a href="https://www.benzinga.com/quote/WMT/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Citigroup boosted Hormel Foods Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) price target from $33 to $37. Citigroup analyst Thomas Palmer upgraded the stock from Neutral to Buy. Hormel shares fell 2.4% to close at $31.25 on Monday. <a href="https://www.benzinga.com/quote/HRL/analyst-ratings">See how other analysts view this stock.</a></li>
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Considering buying SBUX stock? Here&#8217;s what analysts think:
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Price Target

COHR

DKNG

Starbucks To Rally Around 43%? Here Are 10 Top Analyst Forecasts For Tuesday

Hormel Foods shares are trading higher after Citigroup upgraded the stock from Neutral to Buy and raised its price target from $33 to $37.

Citigroup analyst Thomas Palmer upgrades Hormel Foods (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) from Neutral to Buy and raises the price target from $33 to $37.

Citigroup Upgrades Hormel Foods to Buy, Raises Price Target to $37

Hormel Foods's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) short percent of float has risen 7.1% since its last report. The company recently reported that it has 9.11 million shares sold short, which is 1.66% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.93 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Hormel Foods Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1720191617_0_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Hormel Foods has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Hormel Foods's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Hormel Foods's peer group average for short interest as a percentage of float is 4.57%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

How Is The Market Feeling About Hormel Foods?

Hormel Foods Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) reported mixed financial results for its <a href="https://www.benzinga.com/news/earnings/24/05/39085453/hormel-foods-sales-decline-in-q2-misses-expectations-with-mixed-segment-performance">second quarter last week</a>.
On May 30, the Austin, Minnesota-based company said second-quarter fiscal 2024 sales declined 3% year-over-year to $2.887 billion, missing the consensus of $2.967 billion. Adjusted EPS was 38 cents, down from 40 cents YoY and above the consensus of 36 cents, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Hormel revised its adjusted EPS expectation to $1.55 – $1.65 from $1.51 – $1.65, versus consensus of $1.58.
On May 31, JPMorgan analyst Thomas Palmer upgraded Hormel Foods from Underweight to Neutral and raised the price target from $28 to $29.
With the recent buzz around Hormel Foods, some investors may be eyeing potential gains from the company's dividends too. As of now, Hormel Foods offers an annual dividend yield of 3.68% — a quarterly dividend amount of 28.25 cents per share ($1.13 a year).
So, how can investors exploit its dividend yield to pocket a regular $500 monthly?
To earn $500 per month or $6,000 annually from dividends alone, you would need an investment of approximately $163,229 or around 5,310 shares. For a more modest $100 per month or $1,200 per year, you would need $32,646 or around 1,062 shares.
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To calculate: Divide the desired annual income ($6,000 or $1,200) by the dividend ($1.13 in this case). So, $6,000 / $1.13 = 5,310 ($500 per month), and $1,200 / $1.13 = 1,062 shares ($100 per month).
Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.
How that works: The dividend yield is computed by dividing the annual dividend payment by the stock&#8217;s current price.
For example, if a stock pays an annual dividend of $2 and is currently priced at $50, the dividend yield would be 4% ($2/$50). However, if the stock price increases to $60, the dividend yield drops to 3.33% ($2/$60). Conversely, if the stock price falls to $40, the dividend yield rises to 5% ($2/$40).
Similarly, changes in the dividend payment can impact the yield. If a company increases its dividend, the yield will also increase, provided the stock price stays the same. Conversely, if the dividend payment decreases, so will the yield.
HRL Price Action: Shares of Hormel Foods fell 0.6% to close at $30.74 on Tuesday.
Check This Out: <a href="https://www.youtube.com/watch?v=pVF0O2lsEH4">How to Find Dividend Stocks: Scan, Analyze, and Capture with Benzinga Pro</a>

Dividends

How To Earn $500 A Month From Hormel Foods Stock Following Q2 Results

These ten large-cap stocks were the worst performers in the last week. Are they in your portfolio?
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<li>MongoDB, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>) shares tumbled 31.63% after the company issued <a href="https://www.benzinga.com//node/39099984" target="_blank" rel="noreferrer noopener">weak Q2 and FY25 guidance</a>. Analysts slashed the price <a href="https://www.benzinga.com/quote/mdb/analyst-ratings" target="_blank" rel="noreferrer noopener">target on the stock</a>.</li>
<li>Nutanix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTNX#NASDAQ">NTNX</a>) shares tumbled 22.56% <a href="https://www.benzinga.com//node/39089104" target="_blank" rel="noreferrer noopener">following Q3 FY24 results</a>. Several analysts <a href="https://www.benzinga.com//node/39083277" target="_blank" rel="noreferrer noopener">boost their forecasts on the stock</a>.</li>
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<li>Samsara Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IOT#NYSE">IOT</a>) shares declined 13.77%.</li>
<li>Celsius Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CELH#NASDAQ">CELH</a>) shares dived 13.44% after recent Nielsen data <a href="https://www.benzinga.com//node/39065803" target="_blank" rel="noreferrer noopener">showed a slowdown in sales growth</a>.</li>
<li>Agilent Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/A#NYSE">A</a>) shares declined 13.36% following mixed <a href="https://www.benzinga.com//node/39075050" target="_blank" rel="noreferrer noopener">Q2 earnings and weak guidance</a>. Several analysts lowered the <a href="https://www.benzinga.com/quote/A/analyst-ratings" target="_blank" rel="noreferrer noopener">price target on the stock</a>.</li>
<li>Snowflake Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) stock lost 12.40% in value last week amid the circulation of a HudsonRock <a href="https://www.benzinga.com//node/39117783" target="_blank" rel="noreferrer noopener">report suggesting</a> the company suffered a breach. The stock also fell on pin action from Salesforce&#8217;s weak guidance.</li>
<li>ServiceNow, Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) shares declined 12.04%, possibly on pin action due to weak guidance from Salesforce.</li>
<li>Hormel Foods Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) shares were down 11.33% <a href="https://www.benzinga.com//node/39085453" target="_blank" rel="noreferrer noopener">following Q2 earnings</a>.</li>
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Also Read: <a href="https://www.benzinga.com/news/large-cap/24/06/39127263/nio-and-best-buy-were-among-10-stocks-that-shined-the-brightest-last-week-are-they-in-your-portfol" target="_blank" rel="noreferrer noopener">NIO And Best Buy Were Among 10 Stocks That Shined The Brightest Last Week: Are They In Your Portfolio?</a>
Photo via Company

CELH

NTNX

SNOW

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Citigroup analyst Thomas Palmer maintains Hormel Foods (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) with a Neutral and lowers the price target from $35 to $33.

Citigroup Maintains Neutral on Hormel Foods, Lowers Price Target to $33

Stephens &amp; Co. analyst Ben Bienvenu reiterates Hormel Foods (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) with a Equal-Weight and maintains $32 price target.

Reiteration

Stephens & Co. Reiterates Equal-Weight on Hormel Foods, Maintains $32 Price Target

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
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<li>Piper Sandler analyst Brent Bracelin upgraded the rating for Asana, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASAN#NYSE">ASAN</a>) from Underweight to Neutral, but slashed the price target from $18 to $16. Asana shares fell 4.9% to close at $13.13 on Thursday. <a href="https://www.benzinga.com/quote/ASAN/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Piper Sandler analyst Stephen Scouten upgraded Independent Bank Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBTX#NASDAQ">IBTX</a>) from Underweight to Overweight, while raising the price target from $38 to $58. Independent Bank shares rose 2.4% to settle at $45.98 on Thursday. <a href="https://www.benzinga.com/quote/IBTX/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Wolfe Research analyst Bill Carcache upgraded the rating for Fifth Third Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FITB#NASDAQ">FITB</a>) from Peer Perform to Outperform and announces $43 price target. Fifth Third Bancorp shares rose 1.4% to settle at $36.75 on Thursday. See how other analysts view this stock. <a href="https://www.benzinga.com/quote/FITB/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Keefe, Bruyette &amp; Woods analyst Damon Delmonte upgraded Heartland Financial USA, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTLF#NASDAQ">HTLF</a>) from Market Perform to Outperform and boosted the price target from $51 to $54. Heartland Financial shares rose 2.6% to close at $43.07 on Thursday. <a href="https://www.benzinga.com/quote/HTLF/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>JP Morgan analyst Thomas Palmer upgraded the rating for Hormel Foods Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) from Underweight to Neutral, while raising the price target from $28 to $29. Hormel Foods shares fell 9.7% to settle at $30.79 on Thursday. <a href="https://www.benzinga.com/quote/HRL/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/05/39109738/how-to-earn-500-a-month-from-pfizer-stock">How To Earn $500 A Month From Pfizer Stock</a>

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This Hormel Foods Analyst Is No Longer Bearish; Here Are Top 5 Upgrades For Friday

JP Morgan analyst Thomas Palmer upgrades Hormel Foods (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) from Underweight to Neutral and raises the price target from $28 to $29.

JP Morgan Upgrades Hormel Foods to Neutral, Raises Price Target to $29

The most oversold stocks in the consumer staples sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the <a href="https://www.benzinga.com/topic/rsi">RSI is below 30</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
<h3 class="wp-block-heading">Molson Coors Beverage Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>)</h3>
<ul>
<li>On May 22, Molson Coors Beverage Company announced the pricing of its public offering of euro-denominated senior notes. The company's stock fell around 7% over the past month and has a <a href="https://www.benzinga.com/quote/TAP">52-week low of $52.60</a>.</li>
<li>RSI Value: 23.78</li>
<li>TAP Price Action: Shares of Molson Coors Beverage gained 0.4% to close at $53.22 on Thursday.</li>
<li>Benzinga Pro's real-time newsfeed alerted to <a href="https://pro.benzinga.com/dashboard">latest TAP news</a>.</li>
</ul>
<figure class="wp-block-image size-large"><a href="https://pro.benzinga.com/dashboard"><img loading="lazy" decoding="async" width="1024" height="560" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31041808/Screenshot-2024-05-31-at-1.47.59-PM-1024x560.png" alt="" class="wp-image-364744" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31041808/Screenshot-2024-05-31-at-1.47.59-PM-1024x560.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31041808/Screenshot-2024-05-31-at-1.47.59-PM-300x164.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31041808/Screenshot-2024-05-31-at-1.47.59-PM-768x420.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31041808/Screenshot-2024-05-31-at-1.47.59-PM.png 1369w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
<h3 class="wp-block-heading">Adecoagro S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGRO#NYSE">AGRO</a>)&nbsp;&nbsp;&nbsp;&nbsp;</h3>
<ul>
<li>On May 16, Adecoagro posted better-than-expected quarterly sales. The company's stock fell around 10% over the past month. It <a href="ttps://www.benzinga.com/quote/AGRO">has a 52-week low</a> of $8.82.</li>
<li>RSI Value: 29.47</li>
<li>AGRO Price Action: Shares of Adecoagro gained 0.8% to close at $9.78 on Thursday.</li>
<li><a href="https://pro.benzinga.com/dashboard">Benzinga Pro's charting tool</a> helped identify the trend in Adecoagro's stock.</li>
</ul>
<figure class="wp-block-image size-large"><a href="https://pro.benzinga.com/dashboard"><img loading="lazy" decoding="async" width="1024" height="536" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31041948/Screenshot-2024-05-31-at-1.49.40-PM-1024x536.png" alt="" class="wp-image-364748" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31041948/Screenshot-2024-05-31-at-1.49.40-PM-1024x536.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31041948/Screenshot-2024-05-31-at-1.49.40-PM-300x157.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31041948/Screenshot-2024-05-31-at-1.49.40-PM-768x402.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31041948/Screenshot-2024-05-31-at-1.49.40-PM.png 1380w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
<h3 class="wp-block-heading">The Kroger Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KR#NYSE">KR</a>)</h3>
<ul>
<li>On May 15, GoodRx Holdings announced a new direct contracting agreement with Kroger. The company's stock fell around 3% over the past five days and has a 52-week l<a href="https://www.benzinga.com/quote/KR">ow of $42.10.</a></li>
<li>RSI Value: 29.17</li>
<li>KR Price Action: Shares of Kroger rose 0.2% to close at $51.98 on Thursday.</li>
<li>Benzinga Pro's earnings calendar was used to track <a href="https://pro.benzinga.com/dashboard">Kroger's upcoming earnings report</a></li>
</ul>
<figure class="wp-block-image size-large"><a href="https://pro.benzinga.com/dashboard"><img loading="lazy" decoding="async" width="1024" height="561" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31042054/Screenshot-2024-05-31-at-1.50.47-PM-1024x561.png" alt="" class="wp-image-364749" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31042054/Screenshot-2024-05-31-at-1.50.47-PM-1024x561.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31042054/Screenshot-2024-05-31-at-1.50.47-PM-300x164.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31042054/Screenshot-2024-05-31-at-1.50.47-PM-768x421.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31042054/Screenshot-2024-05-31-at-1.50.47-PM.png 1378w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
<h3 class="wp-block-heading">The Boston Beer Company, Inc.. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAM#NYSE">SAM</a>)</h3>
<ul>
<li>On April 25, Boston Beer reported better-than-expected first-quarter financial results and issued FY24 GAAP EPS guidance. &#8220;We were pleased to see flat depletion trends in the first quarter and to deliver revenue growth,&#8221; said Chairman and Founder Jim Koch. &#8220;We remain committed to investing across our portfolio of brands to drive long-term revenue growth while also expanding our margins.&#8221; The company's shares lost around 8% over the past month. The company's 52-week low is $254.40.</li>
<li>RSI Value: 29.37</li>
<li>SAM Price Action: Shares of Boston Beer rose 0.2% to close at $256.41 on Thursday.</li>
<li><a href="https://pro.benzinga.com/dashboard">Benzinga Pro's signals feature</a> notified of a potential breakout in Boston Beer shares.</li>
</ul>
<figure class="wp-block-image size-large"><a href="https://pro.benzinga.com/dashboard"><img loading="lazy" decoding="async" width="1024" height="577" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31042205/Screenshot-2024-05-31-at-1.51.55-PM-1024x577.png" alt="" class="wp-image-364751" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31042205/Screenshot-2024-05-31-at-1.51.55-PM-1024x577.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31042205/Screenshot-2024-05-31-at-1.51.55-PM-300x169.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31042205/Screenshot-2024-05-31-at-1.51.55-PM-768x433.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31042205/Screenshot-2024-05-31-at-1.51.55-PM.png 1370w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
<h3 class="wp-block-heading">Hormel Foods Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>)</h3>
<ul>
<li>On May 30, Hormel Foods reported second-quarter fiscal 2024 sales declined 3% year-over-year to $2.887 billion, missing the consensus of $2.967 billion. "To reflect our solid first-half performance and our expectations for continued growth from our Foodservice and International segments, ongoing improvements across our supply chain, and further benefits from our transform and modernize initiative, we are updating our full-year earnings outlook," stated Jim Snee, chairman of the board, president and chief executive officer. The company's shares fell around 13% over the past five days. The company <a href="https://www.benzinga.com/quote/HRL">has a 52-week low</a> of $28.51.</li>
<li>RSI Value: 22.95</li>
<li>HRL Price Action: Shares of Hormel Foods fell 9.7% to close at $30.79 on Thursday.</li>
<li><a href="https://pro.benzinga.com/dashboard">Insider trades for Hormel Foods</a> were monitored using Benzinga Pro.</li>
</ul>
<figure class="wp-block-image size-large"><a href="https://pro.benzinga.com/dashboard"><img loading="lazy" decoding="async" width="1024" height="566" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31042332/Screenshot-2024-05-31-at-1.53.25-PM-1024x566.png" alt="" class="wp-image-364752" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31042332/Screenshot-2024-05-31-at-1.53.25-PM-1024x566.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31042332/Screenshot-2024-05-31-at-1.53.25-PM-300x166.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31042332/Screenshot-2024-05-31-at-1.53.25-PM-768x424.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31042332/Screenshot-2024-05-31-at-1.53.25-PM.png 1378w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Read More: <a href="https://www.benzinga.com/news/earnings/24/05/39104172/dell-asana-and-3-stocks-to-watch-heading-into-friday">Dell, Asana And 3 Stocks To Watch Heading Into Friday</a>

AGRO

Top 5 Defensive Stocks That May Explode This Quarter

Goldman Sachs analyst Adam Samuelson has maintained their bearish stance on HRL stock, giving a Sell rating today. Adam Samuelson has given his Sel...

Hormel Foods: Sell Rating Maintained Amid Valuation and Earnings Discrepancy

In a report released today, Benjamin Theurer from Barclays maintained a Hold rating on Hormel Foods (HRL – Research Report), with a price target of...

Barclays Keeps Their Hold Rating on Hormel Foods (HRL)

Hormel Foods Corporation (HRL) Presents Barclays 17th Annual Global Consumer Staples Conference (Transcript)

Hormel Foods' Q3 Earnings Cook, But Revenue Misses The Plate

3 out of 5 companies miss revenue estimates this week - Earnings Scorecard

Buy 4 September Dividend Aristocrats And Watch 6

CPI read: Food at home prices were up less than 1% in August

Buy 7 September Dividend Kings, Watch 9 More

Buy 9 Sustainable Dividend Dogs From Barron's August 100

Short bets for consumer staples rise in August across industries

ADBE

AMCR

AVGO

BRBR

BRFS

CALM

CDUAF

COST

FAST

INGR

INTC

JJSF

KVUE

LANC

MNST

MSEX

ORCL

POST

SMPL

SOLV

TROW

UBSI

Press Releases

Hormel Foods Corporation to Participate in the 2024 Barclays Global Consumer Staples Conference

Makers of HORMEL® BLACK LABEL® Bacon Launch First-Ever Co-Branded Bacon with CINNAMON TOAST CRUNCH™

HORMEL FOODS REPORTS THIRD QUARTER FISCAL 2024 RESULTS

Makers of HORMEL® Pepperoni Encourage and Reward Fans for Taking PTO to Celebrate National Pepperoni Pizza Day

Celebrate National Peanut Day with the Exclusive Release of PLANTERS® Special Reserve Peanuts

Hagens Berman: $200.2 Million in Settlements Reached in Lawsuit Accusing Red Meat Processing Industry of Wage-Fixing

The Makers of the SPAM® Brand Bring the Heat with the New SPAM® Gochujang Flavored Variety

MegaMex Foods Launches 3 New WHOLLY® GUACAMOLE Flavors for Foodservice Operators

New National Guacamole Day Survey Reveals Guacamole as a Key Part of Football Game Day Rituals

Makers of the Jennie-O® Brand Share New State-By-State Consumer Insights on All Things Thanksgiving

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Comments

Hormel Foods

Hormel Foods (HRL) Forecast

Hormel Foods (NYSE:HRL) Stock, Quote.Headers.trade-ideas