Why Hormel Foods Corp got downgraded?

Hormel Foods Corp (NYSE:HRL) received a stock rating downgrade from BB&T Capital Mkts on Apr-05-16. In a note to investors, the firm issued an Underweight rating. The analysts previously had a Hold rating on the stock.

Analysts have a consensus target price of $42.75 in the 12-month period. The price objective is 1.21% higher than the recent closing price of $42.24. The 52-week price range is $26.75-$45.72 and the company has a market capitalization of $22.04 billion. Analysts covering the shares maintain a consensus Hold rating, according to Zacks Investment Research. Zero analyst has rated the stock with a sell rating, 5 has assigned a hold rating, 0 says it’s a buy, and 0 have assigned a strong buy rating to the company.

Hormel Foods Corp (HRL) on March 30, 2016 announced the upcoming retirements of Roland G. Gentzler, vice president of finance and treasurer, and James R. Schroeder, vice president of engineering. As a result, Gary L. Jamison, vice president and chief financial officer at Jennie-O Turkey Store, will advance to vice president and treasurer, and Tyler L. Hulsebus, director of purchasing, will advance to vice president of engineering.

Additionally, the company announced the advancement of James N. Sheehan, vice president and controller, to vice president and chief accounting officer reporting to Jody H. Feragen, chief financial officer. As a result, Jana L. Haynes, director of investor relations, will advance to vice president and controller, reporting to Sheehan. Sheehan will also oversee the IT organization in addition to his current reports.

Congratulations and best wishes to Rollie Gentzler on his upcoming retirement,” commented Feragen. “His leadership in the finance area, coupled with a dedication to continuous improvement in all areas of the company, will be missed. We are fortunate to have a strong team, including Jim Sheehan, Jana Haynes and Gary Jamison. Their deep knowledge and experience will ensure continued success and we look forward to their leadership.”

“Jim Schroeder led the engineering group with a high degree of professionalism through numerous projects throughout his career. I would like to thank him for his many years of service and congratulate him on his retirement,” said Bryan D. Farnsworth, senior vice president of supply chain at Hormel Foods. “In addition, congratulations to Tyler Hulsebus on his advancement. His track record of success and leadership at Hormel Foods will be an asset in this role.”

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