Bank of New York Mellon Corp grew its holdings in shares of Hormel Foods Corp (NYSE:HRL) by 3.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,809,511 shares of the company’s stock after purchasing an additional 56,399 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.34% of Hormel Foods worth $67,331,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in HRL. CIBC Asset Management Inc grew its holdings in Hormel Foods by 3.0% during the 2nd quarter. CIBC Asset Management Inc now owns 47,782 shares of the company’s stock valued at $1,778,000 after buying an additional 1,383 shares in the last quarter. Amalgamated Bank boosted its position in shares of Hormel Foods by 4.2% during the 2nd quarter. Amalgamated Bank now owns 34,914 shares of the company’s stock valued at $1,299,000 after acquiring an additional 1,400 shares during the last quarter. Synovus Financial Corp boosted its position in shares of Hormel Foods by 2.8% during the 2nd quarter. Synovus Financial Corp now owns 52,252 shares of the company’s stock valued at $1,944,000 after acquiring an additional 1,402 shares during the last quarter. HL Financial Services LLC boosted its position in shares of Hormel Foods by 9.7% during the 2nd quarter. HL Financial Services LLC now owns 17,691 shares of the company’s stock valued at $658,000 after acquiring an additional 1,563 shares during the last quarter. Finally, Wetherby Asset Management Inc. lifted its position in Hormel Foods by 19.7% in the 2nd quarter. Wetherby Asset Management Inc. now owns 10,049 shares of the company’s stock worth $374,000 after buying an additional 1,653 shares during the last quarter. 42.28% of the stock is owned by hedge funds and other institutional investors.
Several analysts have weighed in on HRL shares. Zacks Investment Research reiterated a “sell” rating on shares of Hormel Foods in a research report on Tuesday, November 13th. Credit Suisse Group set a $39.00 target price on Hormel Foods and gave the stock a “hold” rating in a research note on Wednesday, November 21st. Barclays set a $40.00 price target on Hormel Foods and gave the company a “hold” rating in a report on Wednesday, November 21st. ValuEngine raised Hormel Foods from a “hold” rating to a “buy” rating in a report on Thursday, September 6th. Finally, BMO Capital Markets cut Hormel Foods from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $38.00 to $44.00 in a research report on Monday, September 17th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $40.56.
Shares of HRL stock traded up $0.03 on Thursday, hitting $44.94. The company had a trading volume of 4,978,727 shares, compared to its average volume of 2,784,597. The stock has a market cap of $23.94 billion, a PE ratio of 23.78, a price-to-earnings-growth ratio of 2.94 and a beta of 0.13. The company has a quick ratio of 0.95, a current ratio of 1.80 and a debt-to-equity ratio of 0.11. Hormel Foods Corp has a twelve month low of $31.71 and a twelve month high of $46.26.
Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Tuesday, November 20th. The company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. The company had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.57 billion. Hormel Foods had a return on equity of 18.01% and a net margin of 10.60%. Hormel Foods’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 EPS. Sell-side analysts anticipate that Hormel Foods Corp will post 1.84 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Shareholders of record on Monday, January 14th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.87%. This is a boost from Hormel Foods’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, January 11th. Hormel Foods’s dividend payout ratio is 39.68%.
In related news, Director Robert Nakasone sold 9,034 shares of the stock in a transaction on Monday, November 26th. The stock was sold at an average price of $45.59, for a total value of $411,860.06. Following the transaction, the director now owns 106,681 shares of the company’s stock, valued at $4,863,586.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Susan K. Nestegard sold 4,517 shares of the stock in a transaction on Tuesday, December 4th. The shares were sold at an average price of $45.52, for a total value of $205,613.84. Following the completion of the transaction, the director now directly owns 84,903 shares in the company, valued at approximately $3,864,784.56. The disclosure for this sale can be found here. Insiders have sold 218,161 shares of company stock worth $9,563,359 over the last 90 days. 3.54% of the stock is owned by insiders.
Hormel Foods Profile
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.
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