Hormel shares fall after J.P. Morgan downgrade on rising hog prices [MarketWatch]
Hormel Foods Corporation (HRL)
Last hormel foods corporation earnings: 2/20 06:30 am
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Source: MarketWatch
Hormel shares fall after J.P. Morgan downgrade on rising hog prices Hormel Foods Corp. HRL, -2.15% stock fell 4% in Tuesday premarket trading after the company was downgraded to underweight from neutral at J.P. Morgan due to rising hog prices. J.P. Morgan cut its price target to $36 from $40. "Hormel is heavily reliant upon pork as an input for its products (17%+ of total cost of goods sold by our estimate), and we do not think the company will be able to fully offset these cost increases through pricing," analysts wrote. Hormel products include Black Label Bacon, Real Bacon Toppings and Spam. In addition to hog prices, Jennie-O has lost more than 10% of its distribution thanks to a salmonella-related recall, and prices of Skippy peanut butter will likely come down after J.M. Smucker Co. SJM, +0.41% lowered the price of Jif. Hormel stock is down 5.3% for the year to date while the the S&P 500 index SPX, +0.19% is up 16%. Have breaking news sent to your inbox. Subscribe to Ma
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HRL
News
- Hormel Foods Corporation Declares Quarterly DividendPR Newswire
- Hormel Foods: Buy, Sell, or Hold? [Yahoo! Finance]Yahoo! Finance
- Can Hormel Foods Corporation's (NYSE:HRL) Weak Financials Pull The Plug On The Stock's Current Momentum On Its Share Price? [Yahoo! Finance]Yahoo! Finance
- After Another Successful Showing at International Pizza Expo, the Experts at Hormel Foods Identify Top-5 Pizza Trends of 2024 [Yahoo! Finance]Yahoo! Finance
- After Another Successful Showing at International Pizza Expo, the Experts at Hormel Foods Identify Top-5 Pizza Trends of 2024PR Newswire
HRL
Earnings
- 2/29/24 - Beat
HRL
Sec Filings
- 3/18/24 - Form 144
- 3/12/24 - Form 4
- 3/8/24 - Form 144
- HRL's page on the SEC website