Hormel Foods Corporation $HRL Stock Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its holdings in Hormel Foods Corporation (NYSE:HRL) by 68.9% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 21,107 shares of the company’s stock after selling 46,783 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Hormel Foods were worth $421,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. SteelPeak Wealth LLC lifted its stake in Hormel Foods by 128.7% during the 3rd quarter. SteelPeak Wealth LLC now owns 22,397 shares of the company’s stock valued at $447,000 after acquiring an additional 12,603 shares during the period. IFP Advisors Inc grew its stake in shares of Hormel Foods by 31.6% in the third quarter. IFP Advisors Inc now owns 2,579 shares of the company’s stock worth $51,000 after acquiring an additional 619 shares during the period. Walser Wealth Management Company A Ltd Liability Co grew its stake in shares of Hormel Foods by 19.1% in the third quarter. Walser Wealth Management Company A Ltd Liability Co now owns 56,807 shares of the company’s stock worth $1,133,000 after acquiring an additional 9,104 shares during the period. V Square Quantitative Management LLC grew its stake in shares of Hormel Foods by 47.4% in the third quarter. V Square Quantitative Management LLC now owns 17,779 shares of the company’s stock worth $355,000 after acquiring an additional 5,721 shares during the period. Finally, Assenagon Asset Management S.A. grew its stake in shares of Hormel Foods by 186.5% in the third quarter. Assenagon Asset Management S.A. now owns 325,712 shares of the company’s stock worth $6,495,000 after acquiring an additional 212,041 shares during the period. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Insider Transactions at Hormel Foods

In other Hormel Foods news, Chairman William A. Newlands bought 10,000 shares of Hormel Foods stock in a transaction on Monday, October 5th. The stock was acquired at an average cost of $20.10 per share, with a total value of $201,000.00. Following the completion of the acquisition, the chairman owned 76,375 shares in the company, valued at approximately $1,535,137.50. This represents a 15.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.58% of the company’s stock.

Hormel Foods Trading Down 1.4%

Hormel Foods stock opened at $21.07 on Friday. The business has a 50-day simple moving average of $21.09 and a two-hundred day simple moving average of $22.50. The company has a market cap of $11.59 billion, a P/E ratio of 14.94, a P/E/G ratio of 2.51 and a beta of 0.30. Hormel Foods Corporation has a 52-week low of $18.96 and a 52-week high of $26.60. The company has a quick ratio of 0.92, a current ratio of 1.88 and a debt-to-equity ratio of 0.30.

Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Wednesday, August 26th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. Hormel Foods had a net margin of 2.82% and a return on equity of 9.91%. The firm had revenue of $2.96 billion during the quarter, compared to analyst estimates of $3.03 billion. During the same quarter in the prior year, the firm earned $0.35 EPS. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. Analysts predict that Hormel Foods Corporation will post 1.48 EPS for the current year.

Hormel Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Tuesday, October 13th will be given a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a yield of 5.6%. The ex-dividend date is Tuesday, October 13th. Hormel Foods’s payout ratio is 185.71%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on HRL shares. JPMorgan Chase & Co. boosted their price objective on shares of Hormel Foods from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Friday, August 14th. Weiss Ratings cut shares of Hormel Foods from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, August 28th. Stephens set a $23.00 target price on shares of Hormel Foods in a research report on Friday, August 28th. Bank of America boosted their target price on shares of Hormel Foods from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. Finally, BNP Paribas Exane reiterated a “neutral” rating and set a $23.00 target price (down from $26.00) on shares of Hormel Foods in a research note on Wednesday, October 7th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $25.43.

About Hormel Foods

Hormel Foods Corporation (NYSE: HRL) is a global food company headquartered in Austin, Minnesota. Founded in 1891 by George A. Hormel, the company began as a meat-processing business and has expanded into a broad portfolio of branded food products sold through retail, foodservice and international channels.

Its products include refrigerated and shelf-stable meats, meals, snacks and other prepared foods. Hormel Foods markets products under well-known brands such as Hormel, SPAM, Jennie-O, Applegate, Columbus, Skippy and Planters, although its brand portfolio and business operations may evolve over time.