First Trust Advisors LP decreased its holdings in shares of Hormel Foods Corp (NYSE:HRL) by 4.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,410,633 shares of the company’s stock after selling 64,817 shares during the quarter. First Trust Advisors LP owned approximately 0.26% of Hormel Foods worth $55,579,000 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. Macquarie Group Ltd. increased its position in shares of Hormel Foods by 45,760.7% in the second quarter. Macquarie Group Ltd. now owns 6,191,200 shares of the company’s stock worth $230,375,000 after purchasing an additional 6,177,700 shares during the period. Victory Capital Management Inc. increased its position in shares of Hormel Foods by 25.4% in the second quarter. Victory Capital Management Inc. now owns 3,817,032 shares of the company’s stock worth $142,031,000 after purchasing an additional 773,545 shares during the period. Morgan Stanley increased its position in shares of Hormel Foods by 60.5% in the second quarter. Morgan Stanley now owns 1,255,467 shares of the company’s stock worth $46,716,000 after purchasing an additional 473,239 shares during the period. Virginia Retirement Systems ET AL increased its position in shares of Hormel Foods by 308.5% in the second quarter. Virginia Retirement Systems ET AL now owns 592,976 shares of the company’s stock worth $22,065,000 after purchasing an additional 447,800 shares during the period. Finally, BlackRock Inc. increased its position in shares of Hormel Foods by 1.8% in the second quarter. BlackRock Inc. now owns 20,547,912 shares of the company’s stock worth $764,587,000 after purchasing an additional 358,834 shares during the period. 41.95% of the stock is owned by institutional investors and hedge funds.
Shares of HRL stock opened at $43.76 on Tuesday. The company has a market capitalization of $23.03 billion, a price-to-earnings ratio of 27.87, a price-to-earnings-growth ratio of 2.80 and a beta of 0.14. The company has a quick ratio of 0.78, a current ratio of 1.69 and a debt-to-equity ratio of 0.12. Hormel Foods Corp has a fifty-two week low of $30.69 and a fifty-two week high of $44.49.
Hormel Foods (NYSE:HRL) last issued its earnings results on Thursday, August 23rd. The company reported $0.39 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.39. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. Hormel Foods had a return on equity of 17.44% and a net margin of 10.18%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.34 earnings per share. On average, research analysts anticipate that Hormel Foods Corp will post 1.75 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 22nd will be issued a dividend of $0.1875 per share. The ex-dividend date of this dividend is Friday, October 19th. This represents a $0.75 annualized dividend and a dividend yield of 1.71%. Hormel Foods’s dividend payout ratio is 47.77%.
In related news, insider Deanna T. Brady sold 48,000 shares of the company’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $41.05, for a total transaction of $1,970,400.00. Following the completion of the sale, the insider now owns 83,102 shares in the company, valued at $3,411,337.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman James P. Snee sold 21,923 shares of the company’s stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $37.85, for a total value of $829,785.55. Following the sale, the chairman now owns 49,326 shares of the company’s stock, valued at approximately $1,866,989.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 138,632 shares of company stock valued at $5,556,981. Corporate insiders own 1.48% of the company’s stock.
Several analysts recently weighed in on HRL shares. ValuEngine raised Hormel Foods from a “hold” rating to a “buy” rating in a research note on Thursday, September 6th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Hormel Foods in a research note on Wednesday, August 29th. Piper Jaffray Companies set a $50.00 price target on Hormel Foods and gave the company a “buy” rating in a research note on Tuesday. Stephens lowered Hormel Foods from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 17th. They noted that the move was a valuation call. Finally, Barclays lowered Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 price target on the stock. in a research note on Friday, August 24th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $39.67.
About Hormel Foods
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, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
Recommended Story: Return on Equity (ROE)