Duality Advisers LP Takes $470,000 Position in Hormel Foods Co. (NYSE:HRL)

Duality Advisers LP acquired a new stake in Hormel Foods Co. (NYSE:HRL) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 14,629 shares of the company’s stock, valued at approximately $470,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Invesco Ltd. boosted its stake in shares of Hormel Foods by 2.8% in the third quarter. Invesco Ltd. now owns 6,014,570 shares of the company’s stock valued at $228,734,000 after purchasing an additional 165,563 shares during the period. Northern Trust Corp lifted its stake in Hormel Foods by 6.0% in the third quarter. Northern Trust Corp now owns 3,059,847 shares of the company’s stock worth $116,366,000 after acquiring an additional 172,110 shares during the last quarter. Stifel Financial Corp lifted its stake in Hormel Foods by 7.2% in the third quarter. Stifel Financial Corp now owns 2,510,004 shares of the company’s stock worth $95,455,000 after acquiring an additional 167,920 shares during the last quarter. Tandem Investment Advisors Inc. lifted its stake in Hormel Foods by 28.0% in the third quarter. Tandem Investment Advisors Inc. now owns 1,959,077 shares of the company’s stock worth $74,504,000 after acquiring an additional 428,100 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Hormel Foods by 2.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,626,471 shares of the company’s stock worth $61,855,000 after acquiring an additional 35,731 shares during the last quarter. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Hormel Foods Stock Performance

Shares of Hormel Foods stock opened at $35.27 on Friday. The firm’s fifty day simple moving average is $33.71 and its 200-day simple moving average is $32.41. The stock has a market capitalization of $19.32 billion, a price-to-earnings ratio of 24.16, a PEG ratio of 3.43 and a beta of 0.27. Hormel Foods Co. has a 12 month low of $28.51 and a 12 month high of $41.73. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.49 and a quick ratio of 0.79.

Hormel Foods (NYSE:HRL) last announced its earnings results on Thursday, February 29th. The company reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.07. The business had revenue of $3 billion for the quarter, compared to analysts’ expectations of $2.91 billion. Hormel Foods had a net margin of 6.55% and a return on equity of 11.51%. The company’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the company posted $0.40 EPS. As a group, equities analysts forecast that Hormel Foods Co. will post 1.59 earnings per share for the current year.

Hormel Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, March 25th will be issued a $0.2825 dividend. The ex-dividend date is Friday, April 12th. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.20%. Hormel Foods’s payout ratio is 77.40%.

Insider Activity

In other Hormel Foods news, VP Mark A. Coffey sold 15,400 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $34.18, for a total value of $526,372.00. Following the transaction, the vice president now directly owns 68,029 shares of the company’s stock, valued at approximately $2,325,231.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Hormel Foods news, VP Mark A. Coffey sold 15,400 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $34.18, for a total value of $526,372.00. Following the transaction, the vice president now directly owns 68,029 shares of the company’s stock, valued at approximately $2,325,231.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kevin L. Myers sold 10,000 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $34.95, for a total transaction of $349,500.00. Following the completion of the transaction, the senior vice president now directly owns 38,708 shares in the company, valued at $1,352,844.60. The disclosure for this sale can be found here. Insiders have sold 40,800 shares of company stock valued at $1,414,872 in the last ninety days. 0.69% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on HRL shares. The Goldman Sachs Group lifted their price target on shares of Hormel Foods from $26.00 to $28.00 and gave the stock a “sell” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. boosted their price objective on shares of Hormel Foods from $27.00 to $28.00 and gave the stock an “underweight” rating in a research report on Friday, March 1st. Citigroup started coverage on shares of Hormel Foods in a research report on Thursday, February 1st. They set a “neutral” rating and a $31.00 price objective for the company. Barclays boosted their price objective on shares of Hormel Foods from $33.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, March 1st. Finally, Piper Sandler boosted their price objective on shares of Hormel Foods from $31.00 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, January 12th. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, Hormel Foods presently has a consensus rating of “Hold” and an average price target of $31.00.

About Hormel Foods

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.