1,307,234 Shares in Hormel Foods Corporation $HRL Bought by Deutsche Bank AG

Deutsche Bank AG bought a new position in shares of Hormel Foods Corporation (NYSE:HRL) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,307,234 shares of the company’s stock, valued at approximately $32,446,000. Deutsche Bank AG owned 0.24% of Hormel Foods at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Invesco Ltd. raised its holdings in Hormel Foods by 66.5% during the 3rd quarter. Invesco Ltd. now owns 11,331,941 shares of the company’s stock worth $280,352,000 after purchasing an additional 4,526,167 shares during the last quarter. Norges Bank acquired a new position in shares of Hormel Foods during the 4th quarter worth approximately $85,840,000. Epoch Investment Partners Inc. acquired a new stake in shares of Hormel Foods in the first quarter valued at approximately $44,733,000. Freestone Grove Partners LP bought a new position in Hormel Foods in the 4th quarter valued at about $43,340,000. Finally, Two Sigma Investments LP grew its stake in shares of Hormel Foods by 126.2% in the third quarter. Two Sigma Investments LP now owns 3,174,553 shares of the company’s stock valued at $78,538,000 after acquiring an additional 1,770,852 shares in the last quarter. 40.99% of the stock is owned by institutional investors.

Hormel Foods Trading Down 0.7%

NYSE HRL opened at $23.90 on Friday. Hormel Foods Corporation has a fifty-two week low of $19.70 and a fifty-two week high of $29.34. The stock has a market cap of $13.15 billion, a P/E ratio of 28.12, a price-to-earnings-growth ratio of 2.77 and a beta of 0.34. The stock has a 50 day simple moving average of $24.91 and a two-hundred day simple moving average of $23.45. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.97 and a current ratio of 1.94.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.05. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.The business had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.96 billion. During the same period in the previous year, the firm posted $0.35 EPS. The business’s revenue was up 2.6% on a year-over-year basis. On average, analysts forecast that Hormel Foods Corporation will post 1.5 earnings per share for the current year.

Insider Buying and Selling at Hormel Foods

In other news, Director Gary C. Bhojwani sold 20,200 shares of the company’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $24.51, for a total transaction of $495,102.00. Following the transaction, the director directly owned 32,002 shares of the company’s stock, valued at $784,369.02. This represents a 38.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.58% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Stephens restated an “equal weight” rating and set a $25.00 price objective on shares of Hormel Foods in a research report on Thursday, July 9th. Bank of America increased their target price on shares of Hormel Foods from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. upped their target price on shares of Hormel Foods from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Friday, August 14th. BNP Paribas Exane upped their price objective on Hormel Foods from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Finally, Weiss Ratings raised Hormel Foods from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, August 12th. Two investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $26.57.

About Hormel Foods

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.