Mitsubishi UFJ Asset Management Co. Ltd. Makes New $14.52 Million Investment in Hormel Foods Corporation $HRL

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Hormel Foods Corporation (NYSE:HRL) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 584,917 shares of the company’s stock, valued at approximately $14,518,000.

Other hedge funds have also added to or reduced their stakes in the company. MUFG Securities EMEA plc acquired a new stake in Hormel Foods during the 2nd quarter worth approximately $26,000. Strive Financial Group LLC bought a new stake in Hormel Foods in the 4th quarter valued at $27,000. Motiv8 Investments LLC acquired a new position in Hormel Foods in the 4th quarter valued at $28,000. Parkside Financial Bank & Trust increased its position in Hormel Foods by 354.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company’s stock worth $31,000 after buying an additional 1,025 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in Hormel Foods by 57.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,455 shares of the company’s stock worth $33,000 after buying an additional 531 shares during the period. Institutional investors and hedge funds own 40.99% of the company’s stock.

Hormel Foods Price Performance

Shares of NYSE:HRL opened at $24.07 on Friday. The company has a market cap of $13.25 billion, a price-to-earnings ratio of 28.32, a PEG ratio of 2.81 and a beta of 0.34. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.94 and a quick ratio of 0.97. The firm has a 50 day simple moving average of $24.93 and a 200 day simple moving average of $23.44. Hormel Foods Corporation has a one year low of $19.70 and a one year high of $29.34.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings data on Wednesday, May 27th. The company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05. The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.96 billion. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.Hormel Foods’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.35 EPS. Research analysts predict that Hormel Foods Corporation will post 1.5 earnings per share for the current fiscal year.

Insider Buying and Selling at Hormel Foods

In other Hormel Foods news, Director Gary C. Bhojwani sold 20,200 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total transaction of $495,102.00. Following the completion of the sale, the director owned 32,002 shares of the company’s stock, valued at approximately $784,369.02. This represents a 38.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.58% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. The Goldman Sachs Group set a $25.00 price objective on shares of Hormel Foods in a research note on Thursday, May 21st. BNP Paribas Exane increased their target price on shares of Hormel Foods from $26.00 to $27.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Bank of America raised their target price on shares of Hormel Foods from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, June 30th. Weiss Ratings upgraded Hormel Foods from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, August 12th. Finally, JPMorgan Chase & Co. increased their price target on Hormel Foods from $25.00 to $26.00 and gave the stock a “neutral” rating in a research report on Friday, August 14th. Two analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the 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.