Atria Investments LLC grew its stake in Hormel Foods Corp (NYSE:HRL) by 7.4% in the third quarter, Holdings Channel reports. The institutional investor owned 46,327 shares of the company’s stock after buying an additional 3,189 shares during the period. Atria Investments LLC’s holdings in Hormel Foods were worth $1,825,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Piedmont Investment Advisors LLC purchased a new position in shares of Hormel Foods in the second quarter worth $118,000. Fort L.P. purchased a new position in shares of Hormel Foods in the second quarter worth $125,000. IMS Capital Management purchased a new position in shares of Hormel Foods in the second quarter worth $130,000. Dupont Capital Management Corp purchased a new position in shares of Hormel Foods in the second quarter worth $135,000. Finally, Folger Nolan Fleming Douglas Capital Management Inc. purchased a new position in shares of Hormel Foods in the second quarter worth $205,000. 41.83% of the stock is owned by institutional investors and hedge funds.
In related news, Chairman James P. Snee sold 21,923 shares of the firm’s stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of $37.85, for a total transaction of $829,785.55. Following the completion of the transaction, the chairman now owns 49,326 shares of the company’s stock, valued at $1,866,989.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Dakota A. Pippins sold 1,750 shares of the firm’s stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $39.59, for a total transaction of $69,282.50. Following the transaction, the director now directly owns 91,797 shares of the company’s stock, valued at approximately $3,634,243.23. The disclosure for this sale can be found here. In the last three months, insiders have sold 138,632 shares of company stock valued at $5,556,981. 1.48% of the stock is currently owned by corporate insiders.
Shares of Hormel Foods stock opened at $39.69 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.69 and a quick ratio of 0.78. Hormel Foods Corp has a 1 year low of $29.75 and a 1 year high of $42.29. The firm has a market cap of $21.00 billion, a P/E ratio of 25.25, a price-to-earnings-growth ratio of 2.69 and a beta of 0.34.
Hormel Foods (NYSE:HRL) last issued its earnings results on Thursday, August 23rd. The company reported $0.39 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.39. Hormel Foods had a net margin of 10.18% and a return on equity of 17.44%. The firm had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter last year, the company posted $0.34 earnings per share. The firm’s revenue was up 6.9% compared to the same quarter last year. As a group, equities analysts anticipate that Hormel Foods Corp will post 1.76 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 22nd will be issued a dividend of $0.1875 per share. The ex-dividend date is Friday, October 19th. This represents a $0.75 annualized dividend and a dividend yield of 1.89%. Hormel Foods’s dividend payout ratio (DPR) is presently 47.77%.
A number of research firms have issued reports on HRL. ValuEngine raised shares of Hormel Foods from a “hold” rating to a “buy” rating in a report on Thursday, September 6th. BMO Capital Markets cut shares of Hormel Foods from an “outperform” rating to a “market perform” rating and raised their target price for the stock from $38.00 to $44.00 in a report on Monday, September 17th. They noted that the move was a valuation call. JPMorgan Chase & Co. started coverage on shares of Hormel Foods in a report on Friday, September 28th. They set a “neutral” rating and a $41.00 target price for the company. Barclays cut shares of Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 target price for the company. in a report on Friday, August 24th. Finally, Stephens cut shares of Hormel Foods from an “overweight” rating to an “equal weight” rating in a report on Tuesday, July 17th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $37.27.
Hormel Foods Company 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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