Capital International Investors lifted its position in shares of Hormel Foods Corp (NYSE:HRL) by 28.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,634,975 shares of the company’s stock after purchasing an additional 2,350,000 shares during the period. Capital International Investors owned 2.01% of Hormel Foods worth $341,808,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Dupont Capital Management Corp purchased a new stake in shares of Hormel Foods during the third quarter worth about $100,000. Acrospire Investment Management LLC purchased a new stake in shares of Hormel Foods during the second quarter worth about $111,000. BB&T Investment Services Inc. purchased a new stake in shares of Hormel Foods during the second quarter worth about $118,000. Bronfman E.L. Rothschild L.P. lifted its holdings in Hormel Foods by 0.4% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 4,766 shares of the company’s stock worth $163,000 after buying an additional 19 shares during the period. Finally, Penserra Capital Management LLC purchased a new stake in Hormel Foods in the second quarter worth about $189,000. Institutional investors own 38.33% of the company’s stock.
In other Hormel Foods news, insider Steven G. Binder sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $34.18, for a total transaction of $1,709,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John L. Morrison sold 24,814 shares of the firm’s stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $31.81, for a total transaction of $789,333.34. The disclosure for this sale can be found here. Insiders have sold 163,686 shares of company stock valued at $5,625,515 in the last ninety days. Insiders own 3.54% of the company’s stock.
Several analysts have commented on HRL shares. Zacks Investment Research upgraded shares of Hormel Foods from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. Credit Suisse Group dropped coverage on shares of Hormel Foods in a report on Saturday, August 26th. They issued an “outperform” rating for the company. Stephens lowered their price objective on shares of Hormel Foods from $50.00 to $38.00 and set an “overweight” rating for the company in a report on Thursday, October 19th. Morgan Stanley started coverage on shares of Hormel Foods in a report on Friday, November 3rd. They issued an “underweight” rating and a $26.00 price objective for the company. Finally, Barclays lowered their price objective on shares of Hormel Foods from $38.00 to $35.00 and set an “overweight” rating for the company in a report on Friday, August 25th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. Hormel Foods has an average rating of “Hold” and an average price target of $35.50.
Shares of Hormel Foods Corp (NYSE:HRL) traded up $0.31 during midday trading on Monday, hitting $37.24. 1,219,100 shares of the company’s stock were exchanged, compared to its average volume of 2,401,092. Hormel Foods Corp has a fifty-two week low of $29.75 and a fifty-two week high of $38.00. The company has a market capitalization of $19,660.00, a P/E ratio of 23.57, a price-to-earnings-growth ratio of 2.42 and a beta of 0.65. The company has a quick ratio of 1.04, a current ratio of 1.91 and a debt-to-equity ratio of 0.05.
Hormel Foods (NYSE:HRL) last announced its earnings results on Tuesday, November 21st. The company reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.01. Hormel Foods had a net margin of 9.24% and a return on equity of 17.87%. The business had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.41 billion. During the same quarter last year, the firm earned $0.45 earnings per share. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. research analysts forecast that Hormel Foods Corp will post 1.65 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Tuesday, January 16th will be paid a dividend of $0.1875 per share. This is an increase from Hormel Foods’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Friday, January 12th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 2.01%. Hormel Foods’s dividend payout ratio (DPR) is currently 43.31%.
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About Hormel Foods
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