Rakuten Investment Management Inc. bought a new position in shares of Hormel Foods Corporation (NYSE:HRL – Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 30,921 shares of the company’s stock, valued at approximately $814,000.
Several other hedge funds have also recently added to or reduced their stakes in HRL. Empowered Funds LLC purchased a new position in Hormel Foods in the second quarter worth approximately $1,129,000. United Capital Financial Advisors LLC acquired a new position in Hormel Foods during the 2nd quarter worth approximately $406,000. Equitable Holdings Inc. purchased a new stake in shares of Hormel Foods in the 2nd quarter valued at approximately $484,000. Jefferies Financial Group Inc. purchased a new stake in shares of Hormel Foods in the 2nd quarter valued at approximately $558,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Hormel Foods in the 2nd quarter valued at $2,050,000. Institutional investors and hedge funds own 40.99% of the company’s stock.
Hormel Foods Stock Performance
NYSE HRL opened at $21.84 on Tuesday. The firm has a market cap of $12.02 billion, a P/E ratio of 34.67, a P/E/G ratio of 2.49 and a beta of 0.34. Hormel Foods Corporation has a 52-week low of $19.70 and a 52-week high of $26.60. The business’s 50-day moving average price is $24.72 and its 200 day moving average price is $23.35. The company has a quick ratio of 0.92, a current ratio of 1.88 and a debt-to-equity ratio of 0.30.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on the stock. BNP Paribas Exane lowered their target price on shares of Hormel Foods from $27.00 to $26.00 and set a “neutral” rating for the company in a research note on Friday. Weiss Ratings cut Hormel Foods from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday. JPMorgan Chase & Co. lifted their price target on Hormel Foods from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Friday, August 14th. The Goldman Sachs Group set a $25.00 price objective on Hormel Foods in a research report on Thursday, May 21st. Finally, Bank of America increased their price objective on Hormel Foods from $25.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday, June 30th. Two research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $26.14.
Check Out Our Latest Research Report on HRL
Insider Activity at Hormel Foods
In related news, Director Gary C. Bhojwani sold 20,200 shares of the stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $24.51, for a total transaction of $495,102.00. Following the completion of the sale, the director directly owned 32,002 shares of the company’s stock, valued at $784,369.02. This trade represents a 38.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.58% of the stock is owned by company insiders.
Hormel Foods Company 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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