First Heartland Consultants Inc. acquired a new stake in shares of Hormel Foods Corporation (NYSE:HRL) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 8,266 shares of the company’s stock, valued at approximately $282,000.
Other institutional investors have also made changes to their positions in the company. DnB Asset Management AS increased its stake in Hormel Foods Corporation by 22.3% in the first quarter. DnB Asset Management AS now owns 43,944 shares of the company’s stock worth $1,522,000 after buying an additional 8,000 shares in the last quarter. Vicus Capital purchased a new stake in Hormel Foods Corporation during the first quarter worth approximately $641,000. Parametrica Management Ltd purchased a new stake in Hormel Foods Corporation during the first quarter worth approximately $336,000. Bank of Montreal Can increased its stake in Hormel Foods Corporation by 4.1% in the first quarter. Bank of Montreal Can now owns 429,051 shares of the company’s stock worth $14,858,000 after buying an additional 17,036 shares in the last quarter. Finally, National Pension Service increased its stake in Hormel Foods Corporation by 17.1% in the first quarter. National Pension Service now owns 289,908 shares of the company’s stock worth $9,918,000 after buying an additional 42,358 shares in the last quarter. Institutional investors and hedge funds own 38.35% of the company’s stock.
Shares of Hormel Foods Corporation (NYSE:HRL) traded up 1.04% during mid-day trading on Friday, hitting $34.01. The stock had a trading volume of 1,250,009 shares. The stock’s 50-day moving average is $33.65 and its 200 day moving average is $34.66. Hormel Foods Corporation has a 12 month low of $32.26 and a 12 month high of $40.00. The firm has a market cap of $17.98 billion, a PE ratio of 20.74 and a beta of 0.56.
Hormel Foods Corporation (NYSE:HRL) last released its quarterly earnings results on Thursday, May 25th. The company reported $0.39 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.40 by $0.01. The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.22 billion. Hormel Foods Corporation had a net margin of 9.42% and a return on equity of 19.57%. Hormel Foods Corporation’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.40 earnings per share. Equities research analysts predict that Hormel Foods Corporation will post $1.66 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, July 17th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Thursday, July 13th. Hormel Foods Corporation’s payout ratio is 41.46%.
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Several brokerages have weighed in on HRL. BidaskClub cut Hormel Foods Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday. Barclays PLC started coverage on Hormel Foods Corporation in a research note on Tuesday, June 6th. They set an “overweight” rating and a $38.00 price objective on the stock. Jefferies Group LLC reaffirmed a “hold” rating and set a $34.00 target price on shares of Hormel Foods Corporation in a research note on Monday, June 12th. Mizuho started coverage on Hormel Foods Corporation in a research note on Wednesday, June 7th. They set a “neutral” rating and a $35.00 target price on the stock. Finally, Zacks Investment Research raised Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, June 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $40.27.
In related news, insider Thomas R. Day sold 11,139 shares of the firm’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $33.43, for a total transaction of $372,376.77. Following the completion of the sale, the insider now directly owns 24,838 shares of the company’s stock, valued at approximately $830,334.34. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Luis G. Marconi sold 1,300 shares of the firm’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $34.81, for a total transaction of $45,253.00. Following the transaction, the insider now directly owns 22,532 shares of the company’s stock, valued at $784,338.92. The disclosure for this sale can be found here. 3.54% of the stock is currently owned by company insiders.
About Hormel Foods Corporation
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