Kinloch Capital LLC lessened its holdings in Hormel Foods Corporation (NYSE:HRL – Free Report) by 32.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 82,302 shares of the company’s stock after selling 39,610 shares during the period. Kinloch Capital LLC’s holdings in Hormel Foods were worth $1,951,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Corient Private Wealth LLC boosted its position in Hormel Foods by 61.6% during the 4th quarter. Corient Private Wealth LLC now owns 46,506 shares of the company’s stock worth $1,102,000 after acquiring an additional 17,721 shares during the period. Alberta Investment Management Corp acquired a new position in shares of Hormel Foods in the 4th quarter valued at about $1,503,000. Strive Financial Group LLC acquired a new position in shares of Hormel Foods in the 4th quarter valued at about $27,000. Vident Advisory LLC lifted its position in shares of Hormel Foods by 303.0% in the fourth quarter. Vident Advisory LLC now owns 61,735 shares of the company’s stock worth $1,463,000 after purchasing an additional 46,415 shares in the last quarter. Finally, Empowered Funds LLC purchased a new stake in shares of Hormel Foods in the fourth quarter worth approximately $1,168,000. Hedge funds and other institutional investors own 40.99% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts recently commented on HRL shares. Stephens raised their price target on shares of Hormel Foods from $22.00 to $25.00 and gave the stock an “equal weight” rating in a report on Friday, May 29th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Hormel Foods in a research note on Tuesday, April 21st. The Goldman Sachs Group set a $25.00 target price on shares of Hormel Foods in a research report on Thursday, May 21st. JPMorgan Chase & Co. reissued a “neutral” rating and set a $23.00 target price (down from $28.00) on shares of Hormel Foods in a research note on Thursday, April 9th. Finally, Bank of America boosted their price target on shares of Hormel Foods from $23.00 to $25.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Hormel Foods presently has a consensus rating of “Hold” and an average price target of $25.67.
Hormel Foods Stock Down 0.8%
HRL opened at $24.14 on Friday. The company has a market capitalization of $13.29 billion, a PE ratio of 28.40, a price-to-earnings-growth ratio of 2.80 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.94 and a quick ratio of 0.97. Hormel Foods Corporation has a fifty-two week low of $19.70 and a fifty-two week high of $31.86. The business has a 50-day moving average of $21.85 and a 200-day moving average of $23.11.
Hormel Foods (NYSE:HRL – Get Free Report) last announced its quarterly earnings results on Wednesday, May 27th. The company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.35 by $0.05. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.The business had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $2.96 billion. During the same quarter in the previous year, the business posted $0.35 EPS. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities research analysts forecast that Hormel Foods Corporation will post 1.5 EPS for the current fiscal year.
Hormel Foods Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, July 13th will be given a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Monday, July 13th. Hormel Foods’s payout ratio is currently 137.65%.
Hormel Foods Profile
Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.
Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.
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