Shares of Hilton Food Group plc (LON:HFG) experienced a significant decline on Tuesday, falling by 22.7% during trading. The stock hit a low of GBX 480 before closing at GBX 495.50. This downturn came as 3,336,975 shares changed hands, marking a dramatic increase of 599% compared to the average trading volume of 477,579 shares. The stock had previously closed at GBX 641.
Analyst Ratings and Market Impact
The decline in Hilton’s stock price follows a series of analyst reports that have affected investor confidence. Shore Capital reiterated a “house stock” rating for Hilton Food Group on Tuesday. Conversely, Royal Bank of Canada lowered its target price from GBX 1,050 to GBX 750, assigning a “sector perform” rating in its report on September 3, 2023. Berenberg Bank also revised its price target, reducing it from GBX 1,100 to GBX 1,090, while maintaining a “buy” rating.
Currently, the stock has mixed ratings from analysts, with one rating it a Buy and another giving it a Hold. According to MarketBeat.com, the average rating for Hilton Food Group is “Moderate Buy,” with a consensus target price of GBX 920.
Recent Earnings and Insider Activity
Hilton Food Group disclosed its quarterly earnings data on September 3, 2023, reporting earnings of GBX 26.50 per share for the quarter. The company recorded a net margin of 1.22% and a return on equity of 15.15%. Analysts predict that Hilton Food Group will post an earnings per share of approximately 62.33 for the current year.
In a notable insider transaction, Steve Murrells acquired 12,049 shares of Hilton Food Group on September 30, 2023, purchasing them at an average price of GBX 659 each. This transaction totaled approximately £79,402.91, and insider ownership currently stands at 4.34% of the company’s stock.
About Hilton Food Group
Hilton Food Group plc is recognized as a prominent international food and supply chain services partner. The company collaborates with leading retailers, brands, and food service partners globally, offering a diverse range of protein products, including meat, seafood, and vegetarian options. The firm aims to provide convenient meal solutions, enhancing its offerings across multiple categories.
As the market digests these developments, investors will be keen to see how Hilton Food Group responds in the coming quarters.
