Advisors Asset Management Inc. cut its holdings in Hormel Foods Corp (NYSE:HRL) by 67.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,786 shares of the company’s stock after selling 98,976 shares during the quarter. Advisors Asset Management Inc.’s holdings in Hormel Foods were worth $6,433,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Piedmont Investment Advisors LLC purchased a new stake in shares of Hormel Foods in the 2nd quarter worth $118,000. Fort L.P. purchased a new stake in shares of Hormel Foods in the 2nd quarter worth $125,000. IMS Capital Management purchased a new stake in shares of Hormel Foods in the 2nd quarter worth $130,000. Dupont Capital Management Corp purchased a new stake in Hormel Foods in the 2nd quarter worth $135,000. Finally, IBM Retirement Fund purchased a new stake in Hormel Foods in the 1st quarter worth $203,000. 41.83% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on HRL shares. Mizuho lowered Hormel Foods from a “neutral” rating to an “underperform” rating and set a $33.00 price target for the company. in a research note on Wednesday, July 25th. Jefferies Financial Group reiterated a “buy” rating and issued a $44.00 price target on shares of Hormel Foods in a research note on Wednesday, August 29th. Zacks Investment Research upgraded Hormel Foods from a “sell” rating to a “hold” rating in a research report on Tuesday, August 21st. Buckingham Research raised their price objective on Hormel Foods from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Thursday, August 16th. Finally, JPMorgan Chase & Co. initiated coverage on Hormel Foods in a research report on Friday, September 28th. They set a “neutral” rating and a $41.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $37.27.
NYSE HRL traded up $0.01 during trading on Friday, hitting $39.69. The stock had a trading volume of 2,322,575 shares, compared to its average volume of 2,656,172. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.69 and a quick ratio of 0.78. The company has a market cap of $21.00 billion, a P/E ratio of 25.28, a PEG ratio of 2.69 and a beta of 0.34. Hormel Foods Corp has a one year low of $29.75 and a one year high of $42.29.
Hormel Foods (NYSE:HRL) last announced its quarterly earnings data on Thursday, August 23rd. The company reported $0.39 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.39. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. Hormel Foods had a net margin of 10.18% and a return on equity of 17.44%. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.34 earnings per share. As a group, equities research analysts expect that Hormel Foods Corp will post 1.76 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 22nd will be paid a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend is Friday, October 19th. Hormel Foods’s dividend payout ratio is presently 47.77%.
In other news, Director Dakota A. Pippins sold 1,750 shares of Hormel Foods stock in a transaction that occurred on Wednesday, September 19th. The shares were sold at an average price of $39.59, for a total transaction of $69,282.50. Following the completion of the sale, the director now owns 91,797 shares of the company’s stock, valued at $3,634,243.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Thomas R. Day sold 11,856 shares of Hormel Foods stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $38.52, for a total transaction of $456,693.12. Following the sale, the vice president now directly owns 4,964 shares of the company’s stock, valued at approximately $191,213.28. The disclosure for this sale can be found here. Insiders have sold 138,632 shares of company stock valued at $5,556,981 in the last ninety days. Insiders own 1.48% of the company’s stock.
Hormel Foods Company Profile
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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