Nomura Asset Management Co. Ltd. raised its holdings in Hormel Foods Corp (NYSE:HRL) by 5.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 358,087 shares of the company’s stock after acquiring an additional 18,600 shares during the period. Nomura Asset Management Co. Ltd. owned 0.07% of Hormel Foods worth $16,702,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Fort L.P. boosted its holdings in Hormel Foods by 0.4% during the first quarter. Fort L.P. now owns 62,825 shares of the company’s stock worth $2,930,000 after buying an additional 220 shares in the last quarter. Legal & General Group Plc boosted its holdings in Hormel Foods by 5.5% during the first quarter. Legal & General Group Plc now owns 2,196,331 shares of the company’s stock worth $102,404,000 after buying an additional 115,306 shares in the last quarter. Aviva PLC boosted its holdings in Hormel Foods by 23.7% during the first quarter. Aviva PLC now owns 175,207 shares of the company’s stock worth $8,172,000 after buying an additional 33,523 shares in the last quarter. APG Asset Management N.V. boosted its holdings in Hormel Foods by 165.5% during the first quarter. APG Asset Management N.V. now owns 4,216,152 shares of the company’s stock worth $168,068,000 after buying an additional 2,627,997 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Hormel Foods by 2.2% during the first quarter. Alliancebernstein L.P. now owns 602,233 shares of the company’s stock worth $28,088,000 after buying an additional 13,215 shares in the last quarter. Institutional investors own 43.03% of the company’s stock.
A number of analysts recently weighed in on HRL shares. Cfra raised their target price on shares of Hormel Foods from $38.00 to $45.00 and gave the stock a “hold” rating in a report on Thursday, May 21st. Goldman Sachs Group raised shares of Hormel Foods from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $35.00 to $45.00 in a research note on Thursday, March 26th. Piper Sandler lowered shares of Hormel Foods from an “overweight” rating to a “neutral” rating and set a $47.00 price objective for the company. in a research note on Tuesday, April 28th. Finally, Barclays raised their price objective on shares of Hormel Foods from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 31st. One equities research analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company. Hormel Foods presently has a consensus rating of “Hold” and an average target price of $44.38.
Shares of NYSE:HRL traded down $0.73 during trading on Thursday, reaching $47.30. 58,007 shares of the company traded hands, compared to its average volume of 2,883,717. The firm has a fifty day simple moving average of $47.58 and a 200 day simple moving average of $46.12. The firm has a market cap of $25.82 billion, a P/E ratio of 28.02, a price-to-earnings-growth ratio of 3.83 and a beta of -0.05. Hormel Foods Corp has a 1-year low of $39.01 and a 1-year high of $51.53. The company has a quick ratio of 0.91, a current ratio of 1.70 and a debt-to-equity ratio of 0.01.
Hormel Foods (NYSE:HRL) last issued its earnings results on Thursday, May 21st. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.01). The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.40 billion. Hormel Foods had a net margin of 9.64% and a return on equity of 15.38%. The company’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period last year, the business earned $0.46 EPS. As a group, research analysts anticipate that Hormel Foods Corp will post 1.67 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, July 13th will be paid a dividend of $0.2325 per share. This represents a $0.93 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend is Friday, July 10th. Hormel Foods’s dividend payout ratio (DPR) is currently 53.45%.
In other news, EVP Thomas R. Day sold 13,787 shares of the firm’s stock in a transaction on Friday, April 3rd. The shares were sold at an average price of $48.50, for a total transaction of $668,669.50. Following the transaction, the executive vice president now owns 46,643 shares in the company, valued at approximately $2,262,185.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas R. Day sold 46,213 shares of the firm’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $49.02, for a total transaction of $2,265,361.26. Following the transaction, the executive vice president now owns 79,010 shares in the company, valued at approximately $3,873,070.20. The disclosure for this sale can be found here. Insiders have sold a total of 154,825 shares of company stock valued at $7,458,949 in the last three months. Company insiders own 1.15% of the company’s stock.
Hormel Foods 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, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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