Shell Asset Management Co. cut its stake in shares of Hormel Foods Corp (NYSE:HRL) by 7.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 134,449 shares of the company’s stock after selling 11,608 shares during the period. Shell Asset Management Co.’s holdings in Hormel Foods were worth $6,271,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Bessemer Group Inc. raised its stake in Hormel Foods by 73.2% during the 1st quarter. Bessemer Group Inc. now owns 634 shares of the company’s stock valued at $30,000 after acquiring an additional 268 shares during the last quarter. Royal Fund Management LLC purchased a new stake in Hormel Foods during the 1st quarter valued at approximately $31,000. Parkside Financial Bank & Trust raised its stake in Hormel Foods by 248.8% during the 1st quarter. Parkside Financial Bank & Trust now owns 701 shares of the company’s stock valued at $32,000 after acquiring an additional 500 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in Hormel Foods during the 1st quarter valued at approximately $38,000. Finally, MBM Wealth Consultants LLC purchased a new stake in Hormel Foods during the 4th quarter valued at approximately $45,000. 44.18% of the stock is owned by hedge funds and other institutional investors.
Several research firms have issued reports on HRL. Piper Sandler cut Hormel Foods from an “overweight” rating to a “neutral” rating and set a $47.00 target price on the stock. in a research report on Tuesday, April 28th. Barclays boosted their target price on Hormel Foods from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 31st. Cfra boosted their target price on Hormel Foods from $38.00 to $45.00 and gave the stock a “hold” rating in a research report on Thursday. Finally, Goldman Sachs Group upgraded Hormel Foods from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $35.00 to $45.00 in a research report on Thursday, March 26th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $43.60.
Shares of HRL traded up $0.92 on Friday, reaching $46.93. The stock had a trading volume of 2,458,502 shares, compared to its average volume of 2,702,442. The firm has a market capitalization of $24.74 billion, a PE ratio of 27.44, a PEG ratio of 4.32 and a beta of -0.06. The company has a quick ratio of 1.31, a current ratio of 1.70 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average of $47.78 and a 200 day moving average of $45.56. Hormel Foods Corp has a twelve month low of $37.00 and a twelve month high of $51.53.
Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Thursday, May 21st. The company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.01). The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.40 billion. Hormel Foods had a return on equity of 15.38% and a net margin of 9.64%. The business’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 EPS. On average, sell-side analysts anticipate that Hormel Foods Corp will post 1.74 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, July 13th will be issued a $0.2325 dividend. This represents a $0.93 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Friday, July 10th. Hormel Foods’s dividend payout ratio is currently 53.45%.
In other Hormel Foods news, VP Jana L. Haynes sold 18,550 shares of the stock in a transaction on Monday, April 6th. The stock was sold at an average price of $48.29, for a total transaction of $895,779.50. Following the sale, the vice president now owns 18,259 shares in the company, valued at approximately $881,727.11. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Thomas R. Day sold 46,213 shares of the stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $49.02, for a total value of $2,265,361.26. Following the sale, 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. In the last 90 days, insiders sold 111,380 shares of company stock worth $5,391,665. Insiders own 1.15% 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, 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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