Why Are Hormel Foods (HRL) Shares Soaring Today

Adam Hejl /
2024/02/29 12:28 pm EST

What Happened:

Shares of packaged foods company Hormel (NYSE:HRL) jumped 13.7% in the morning session after the company reported first-quarter results that exceeded analysts' revenue and EPS expectations. The topline growth benefitted from strong volume growth (up 4% year on year). Hormel highlighted the strong demand for its foodservice products as well as the Planters® snack nuts business. While raising guidance after beating a quarter is always icing on the cake, Hormel's maintenance of guidance shows that it's staying on track. Overall, this was a really good quarter that should please shareholders.

Is now the time to buy Hormel Foods? Access our full analysis report here, it's free.

What is the market telling us:

Hormel Foods's shares are not very volatile than the market average and over the last year have had only 2 moves greater than 5%. Moves this big are very rare for Hormel Foods and that is indicating to us that this news had a significant impact on the market's perception of the business.

Hormel Foods is up 6.6% since the beginning of the year, but at $34.95 per share it is still trading 21.3% below its 52-week high of $44.38 from February 2023. Investors who bought $1,000 worth of Hormel Foods's shares 5 years ago would now be looking at an investment worth $806.04.

Do you want to know what moves the business you care about? Add them to your StockStory watchlist and every time a stock moves more than 5%, we provide you with a timely explanation straight to your inbox. It's free and will only take you a second.